Labyrinth Resources (ASX: LRL) has received further positive drilling results from Reverse Circulation (RC) drilling at the Comet Vale Project, north of Kalgoorlie, Western Australia.
The results relate to 31 Reverse Circulation holes that have been drilled at the Cheer and Sovereign prospects. Further results are expected in the coming weeks.
Notable intercepts include 14m @ 4.9 g/t Au from 32m in CVEX028, infilling historic drilling at Cheer and 2m @ 8.5 g/t Au from 11m in CVEX021, infilling and improving near surface mineralisation at Cheer
“Following on from corporate activity earlier in the month, Labyrinth is now well positioned to execute its strategy of building and growing high-quality, high-grade gold resources close to transport and milling infrastructure in the Goldfields of Western Australia,” CEO, Charles Hughes, said.
“Shallow high grade gold results keep coming in from the Cheer prospect and now also from the Sovereign prospect, with the 3m @ 10.8 g/t Au intercept in STEX014 from 32m really demonstrating shallow high grade growth upside in a 250m long zone north of the current MRE that has only had a handful of drill holes into
“The company is now ramping up so we can grow our mineral resources in WA quickly. To this end, an additional drill rig has been contracted at Comet Vale and the Labyrinth Team is being bolstered by high quality additions, with Matt Crowe joining as Exploration Manager this week, that are required to execute the aggressive drilling plans the company has for the next 12 months.”
Growth activities at Comet Vale
The Comet Vale Project has seen historical production of >200koz @ >20g/t Au, with underground operations occurring as recently as 2018. The Project hosts a Mineral Resource Estimate (‘MRE’) of 96koz @ 4.8 g/t Au and lies within granted mining leases, adjacent to the Goldfields Highway in a region with multiple operational gold mills within a 100km radius of the Project area.
Previous operators of the Project employed strategies to get the Comet Vale mine into production as quickly as possible which has left the Project with significant growth upside. Labyrinth’s objective is to grow the high-grade gold resource base at the Comet Vale Project.
Drilling commenced at the Cheer Prospect, within the Comet Vale Project on the 7th of October 2024 utilising one RC rig. Labyrinth has added an additional drill rig as of 29th November 2024 and has begun drilling the Sovereign prospect. Further drilling programmes for the Cheer prospect and also the Lakeview prospect are planned.