Exceptional result from first hole of maiden surface drilling program highlights the immense scale and scope to grow high grade Labyrinth deposit

Labyrinth Resources Limited (ASX: LRL) (‘Labyrinth’ or ‘the Company’) is pleased to announce that the first hole of the 3,000m maiden surface exploration program at its flagship Labyrinth Gold Project in Quebec, Canada has delivered a high-grade result grading up to 44g/t from significant 125m down dip of the currently defined Front-West lode.

Key Points

  • Partial assays received for first surface hole at Labyrinth has returned an outstanding intersection 125m down-dip of the currently defined Front-West lode, with assay result of:
    • 2.2m @ 10.67g/t from 143.5m including 0.5m @ 44.12g/t and
    • 1.0m @ 7.43g/t from 147.8m in hole LABS-22-01A as part of a broader mineralised interval of 8.1m @ 4.05g/t from 143.5m
  • Visual quartz and pyritic mineralisation observed in LABS-22-01A and hole 2 (LABS-22-02) indicates mineralisation extends down dip for at least a significant 375m
  • Visual intersections reveal typical Labyrinth style mineralisation and indicate a significant extension to the many defined lodes, both at depth and along strike, and a potentially substantial step change in project scale
  • Labyrinth only shallowly drilled in comparison to other significant projects in the region which are host to multi-million ounce deposits (refer Figure 2)
  • Assays pending on remainder of hole 1 and hole 2, hole 3 of 3,000m program currently underway
  • All assays from underground drilling received; Maiden JORC Mineral Resource Estimate on track for release in current quarter

Figure 1 – Maiden surface exploration targeting mineralisation extensions to depth of up to ~700m below surface

Assays are pending for the remainder of hole LABS-22-01A and for all of LABS-22-02, with drilling of LABS- 22-03 underway.

Quartz and pyritic mineralisation characteristic to Labyrinth has been observed across multiple lodes, indicating the mineralisation extends up to ~375m down plunge and to a depth of ~550m below surface.

Labyrinth Chief Executive Matt Nixon said: “To hit 44g/t in the first hole is an outstanding start to our surface drilling program. And we are highly encouraged by what we see in the second and third holes.

“We now eagerly await results for the rest of the surface campaign, which will test vertical lode extensions down to approximately 700m and across the majority of the 1.6km strike.

“At the same time, we are completing the maiden JORC resource estimate, which is set for release later this quarter.

“To consider that we are only just beginning to test the comparatively shallow extents of this highly prospective gold system in the prolific Abitibi Belt is very exciting.”

Figure 2 - Significant Gold Projects within 100km radius of Labyrinth1

Labyrinth Exploration Update

The maiden surface diamond drilling program at Labyrinth Gold Project commenced in late June 2022 and consists of approximately 3,000m across 5 holes targeting extension of the known resource mineralisation to depths of up to ~700m across ~1.2km of the currently defined 1.6km in strike.

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