Announcement Date: 2022-09-27
Announcement Type: Deposit Estimation
Announcement Code: JORC
Company name: Labyrinth Resources Limited
Project name: Labyrinth
Location: Canada
Commodities: Gold
Highlight: Initial Resource Estimate for Project
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: Labyrinth Resources Limited (ASX: LRL) is pleased to announce an initial Inferred Mineral Resource of 3 Mt @ 5.0 g/t Au for 500,000 oz at its Labyrinth Gold Project in Quebec, Canada. The Mineral Resource was prepared by a Competent Person and classified and reported in accordance with the JORC Code (2012). The Labyrinth project is situated within the prolific Abitibi Greenstone Belt and has been historically mined, most recently in the 1980s. The Company rapidly progressed ~7,800 m of underground and surface diamond drilling to facilitate the conversion of the Project’s foreign estimate (reported under NI 43-101 in 2010) into a Mineral Resource reported in accordance with the JORC Code (2012). The Inferred Mineral Resource includes mineralisation within five lodes: Boucher, McDowell, Talus, Shaft and Front West (Table 1). In addition to the known mineralisation, there is also immense potential to grow the Mineral Resource given that the key lodes remain open along strike and at depth (Figure 1). Several of the recently reported high-grade results2 from the surface drilling campaign fall outside of the Inferred Mineral Resource reported here, due to the drill spacing, indicating the immediate potential for scale increases following infill and step-out drilling.
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