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Labyrinth Resources (ASX:LRL) - CEO, Matt Nixon
CEO, Matt Nixon
Source: Matt Nixon/LinkedIn
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  • Labyrinth Resources (LRL) reports “outstanding” initial results from a maiden diamond drilling program at the Denain Gold Project in Canada
  • Assays included a visible gold intercept at a depth of 23.04 metres in a 360-metre hole, occurring within a wider silicified division
  • Once an initial 1200-metre diamond drill program is complete this month, the company will initiate a second phase of exploration at Denain of around 3400 metres
  • Meanwhile, the company has appointed a new President of Labyrinth Resources Canada, General Manager of Operations in Canada, and Chief Geologist
  • Labyrinth Resources is up 11.4 per cent, trading at 3.9 cents at 1:53 pm AEDT

Labyrinth Resources (LRL) has reported “outstanding” initial results from a maiden diamond drilling program at the Denain Gold Project in Canada.

The company said the intersections could potentially indicate a much wider zone of pervasive mineralisation than previous interpretations in the North and South veins.

The returned intersections included a visible gold intercept at a depth of 23.04 metres in a 360-metre hole, occurring within a wider silicified division.

Once an initial 1200-metre diamond drill program is complete this month, the company will initiate a second phase of exploration at Denain of around 3400 metres. This has been pencilled in for the first week of December 2021.

This second phase will involve a further 15 holes to test the vertical and strike extensions of the North and South veins in the area, as well as to follow up intersections of previously undefined new mineralisation identified in the current exploration program.

Additionally, Labyrinth has also completed a structured channel sample program in which eight additional samples were taken from the surface outcrops of the North and South veins to follow up a 33.2-gram-per-tonne (g/t) result received from a 4.5-kilogram rock chip sample of the North vein.

Meanwhile, the company has appointed Jean-Yves Thérien as President of Labyrinth Resources Canada and Sylvain Plante as General Manager of Operations in Canada.

Andrew Chirnside has also been appointed to the role of Chief Geologist. He will step into the role in January 2022.

Commenting on the appointments, CEO Matt Nixon said the company is very well-placed to rapidly grow its project.

“Through the appointments of Andrew, Jean-Yves and Sylvain, we have set a foundation team that brings considerable and proven expertise in gold mining and exploration,” Mr Nixon said.

“Labyrinth can now confidently and rapidly implement our growth strategy, leveraging off of the exciting recent acquisitions in Quebec and delivering maiden JORC resources for both projects in 2022.”

Labyrinth Resources was up 11.4 per cent, trading at 3.9 cents at 1:53 pm AEDT.

LRL by the numbers
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