Labyrinth Resources (ASX:LRL) gains confidence in namesake project with updated historical analysis – The Market Herald
- Labyrinth Resources (LRL) acquires updated historical analyzes of its namesake project in Canada, confirming the high-grade nature of the project
- Previous historical data used to compile the 2010 non-JORC foreign estimate was above 45 grams per tonne, but raw historical data shows grades of over 100 grams per tonne.
- The company says the new results indicate a conservative upper value was used and reinforces the potential to unlock a significant gold resource.
- At the Denain project, 60% of the analyzes have been received and so far indicate the presence of potential high-grade, shallow gold mineralization
- Shares are trading in gray at 4 cents
Labyrinth Resources (LRL) has acquired updated historical analyzes of its namesake project in Canada which it says confirm the high-grade nature of the project.
The company is working to establish a significant JORC-compliant resource on the project, which is located in Quebec.
Previous historical data used to compile the 2010 non-JORC foreign estimate was above 45 grams per tonne, but raw historical data shows grades of over 100 grams per tonne.
The company said the additional high-quality historical analysis adds confidence in its strategy to generate a significant JORC resource.
Additionally, general manager Matt Nixon pointed out that the new results indicate a conservative upper cut value was used and said it “reinforces the potential to unlock a significant gold resource.”
The company is currently working to replicate some of the historical intersections which included 2.39 meters at 207.8 grams per tonne, including 0.3 meters at 619.6 grams per tonne and 0.6 meters at 505.1 grams per tonne in a borehole in Boucher.
So far, in Labyrinth’s 16-hole underground drilling program, the first three holes have hit the Boucher target revealing strong shearing, silica and sericite alteration associated with quartz veining.
The drilling also identified parallel subsidiary veins with the same mineralization and appearance as the Boucher Vein, which the company says suggests there may be elevated gold grades in the roof and wall of the structure. currently modeled.
In addition, the company received 60% of surface diamond drill results from its Denain project, located along the Cadillac-Larder Lake fault, also in Quebec.
The completion of this drilling program is part of Labyrinth’s agreement to spend C$1.085 million (approximately A$1.1 million) on exploration to satisfy the transfer commitment entered into by the former owners, the company listed on the Toronto Stock Exchange, GETT Gold.
According to RLR, compliance with this exploration commitment allows the title of the Labyrinth and Denain concessions to be legally transferred to the company once the payments for the remaining tranches have been paid in May and November.
While 1,500 assays are ongoing, results to date indicate the presence of shallow, high-grade gold mineralization beginning at surface outcrops.
Labyrinth plans to conduct a full technical assessment of the presence of mineralization and a subsequent strategy on future exploration at Denain.
Shares of the company were trading in gray at 4 cents at 2:00 a.m. AEDT.