Labyrinth Resources Limited (ASX: LRL) (‘Labyrinth’ or ‘the Company’) is pleased to report highly promising gold and copper assays from soil sampling and rock chips at its Comet Vale Project in WA (see Figure 1).
More than 500 soil samples and 11 rock chip samples were collected. These results, combined with historic data, have defined several compelling drilling targets outside the mine area at Comet Vale.
In July 2024, Labyrinth entered into an option to acquire 100% of the property from Sand Queen Gold Mines Pty Ltd (‘SQGM’). The additional 49% interest has been the key to commencing dedicated exploration activity. Labyrinth intends to use some of the proceeds of its recent successful capital raising to undertake further exploration work with the aim of refining the targets ahead of a drilling campaign.
Labyrinth Chief Executive Jennifer Neild said: “We have strategically positioned ourselves in the prolific Goldfields region of Western Australia, with proven gold assets that have the potential for further high-grade mineralisation.”
“These assays are indicative of this potential. We are seeing cohesive trends in both primary and associated indicator elements. The overlap of these anomalies have added weight to positions of interpreted faults and have established several high priority target areas.”
“We now have extensive data that Comet Vale may host a large mineralised system with areas of high-grade gold and potentially copper.”
Details of sampling results:
The two campaigns of soil sampling were the first full geochemical analysis completed at Comet Vale. On the eastern side of the highway, a small number of rock chips were taken to support mapping observations. Many of the higher grades exist around Long Tunnel Prospect, where shallow tungsten and gold workings exist. It is unknown the extent of activites, refer to Table 2 for a summary.
High Au, Cu, Co, Ag and Ni rock chips (Table 1) included:63.1g/t Au, 3.27 % Cu and 59g/t Ag (SE of Long Tunnel);13.9g/t Au, 0.35% Cu and 0.36 % Ni (South of Long Tunnel);2.62g/t Au in a 3m wide, N-S quartz reef, within porphyry and ultramafic schist (Figure 6);2.10g/t Au, 17.57% Fe and 1.14% S (gossan SW of Long Tunnel); and0.25% Cu, 0.38% Ni, 0.04% Co and 1.4g/t Ag (New gossan, chalcopyrite and bornite sighted).“Golden Triangle” – High Au, Cu and W are concentrated at the cross-section of the Rambo Trend and Long Tunnel/Lake View Shear/Quartz Reef (see Figure 2 and Table 2 for description of Long Tunnel).Geochemistry suggests late NE trending faults are a control on mineralisation. Potentially focusing 2nd generation Au bearing veins along these later structures causing wide, intercepts of mineralisation (see Figure 2 and Figure 3). Several samples of elevated lithium (>100ppm) proximal to Lake View/Long Tunnel trend (see Figure 7). More anomalies may exist, but sampling of Lithium was limited to this sampling program and not historic data.
Click here for the full ASX Release
This post appeared first on investingnews.com