Maiden JORC Resource 500,000oz – Labyrinth Resources (ASX:LRL)

Matt Nixon (CEO) and Andrew Chirnside (Chief Geologist) from Labyrinth Resources (ASX:LRL) join Life Of Mine to discuss their maiden Inferred JORC Resource for the Labyrinth Gold Project in Quebec, Canada.

Announcement details

• Initial Inferred Mineral Resource of 3 Mt @ 5.0 g/t Au for 500,000 oz (at 3 g/t.m cut-off)

• Mineral Resource prepared by an independent Competent Person and classified and reported in accordance with the JORC Code (2012)

• Notable high-grade component of 150,000 oz at 10 g/t (above 6 g/t cut-off)

• Mineral Resource for the key Boucher Lode totals 1 Mt @ 5.7 g/t for 190,000 oz and remains open along strike and at depth

• The estimate is based on an extensive drilling database and rigorous modelling by independent consultants RSC

• The Mineral Resource exceeds the foreign estimate of 479,000 oz published in 2010

• The Resource is open in all directions, supporting substantial Mineral Resource growth potential through both near-mine and regional drilling

• The growth potential is supported by numerous recent high-grade intersections outside the Mineral Resource extent; these include 1.4 m @ 13.32 g/t, incl 0.9 m @ 20.53 g/t, in LABS 22-02 and 2.9 m @ 5.63 g/t, incl 0.9 m @ 7.9 g/t, in LABS 22-042

• This extensive known mineralisation provides a pathway to significant, rapid growth in the Resource  

• Strong project outlook also underpinned by exceptional metallurgical results, with an initial bulkleach extractable gold (BLEG) test returning 97.1% recovery

• BLEG result demonstrates that the material is free milling, which would significantly reduce capital and operating costs of any potential future operation