Labyrinth Resources (ASX:LRL) - CEO, Matt Nixon
CEO, Matt Nixon
Source: Matt Nixon/LinkedIn
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  • Labyrinth Resources (LRL) receives further high-grade results from its namesake gold project in Quebec, Canada
  • The company completed an initial underground drilling program to target mineralisation and convert the foreign resource estimate to a JORC-compliant MRE
  • Results include 2.75 metres at 7.25 g/t gold at the Boucher lode with the highest grade being 43.06 g/t gold over a 0.3-metre interval at the Talus lode
  • CEO Matt Nixon says the results are “outstanding” and will support the upcoming JORC resource which is targeted for the September quarter
  • LRL shares are trading flat at 2.6 cents at 1:58 pm AEST

Labyrinth Resources (LRL) has received more high-grade results from its namesake gold project in Quebec, Canada.

The company completed a maiden underground diamond drilling program which included 5000 metres for 17 holes.

Drilling targeted the known resource mineralisation over a 500-metre strike and to 450 metres below surface, to convert the NI43-101 Resource to a JORC classification.

The company saw more positive results at the Boucher lode which include 2.75 metres at 7.25 grams per tonne (g/t) gold from 239 metres including one metre at 18.43 g/t gold.

Additional results include 3.65 metres at 5.41 g/t gold from 30 metres including 0.3 metres at 43.06 g/t gold at the Talus lode, and 0.3 metres at 26.86 g/t gold from 90 metres at the McDowell lode.

Labyrinth said the results support the presence of high-grade gold in discrete veins existing with broader intervals of pervasive mineralisation across 1.6 kilometres of strike.

Notably, the results have reportedly aligned with, or improved on, the grade distribution indicated by historical data used to generate the foreign resource estimate.

“Drilling continues to return outstanding results with both width and grade, giving us every confidence in the upcoming JORC Resource,” CEO Matt Nixon said.

“Importantly, we are intersecting high-grade gold in the five individual lodes as well as outside the currently modelled zones,” Mr Nixon added.

The company expects to announced the JORC-compliant mineral resource estimate in the September quarter.

LRL shares were trading flat at 2.6 cents at 1:58 pm AEST.

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