Connect with us

Hi, what are you looking for?

Economy

High-Grade Gold and Copper Assays Open Up Immense Potential

Labyrinth Resources Limited (ASX: LRL) (‘Labyrinth’ or ‘the Company’) is pleased to announce high-grade gold and coper assays from sampling in a new area at its Comet Vale Project in WA’s Eastern Goldfields.

Assays of 34 samples reveal very high grades of gold and copper as well as silver, cobalt and nickelThe samples span a ~3km corridor running north-south and located ~1.5km east of the Sand Queen gold mineThe results include:LCV0029: 129 g/t Au, 0.1% CuLCV0033: 39.1g/t Au, 6.3% Cu and 271 g/t AgLCV0028: 28.9 g/t Au, 3.0% Cu, 0.07% Co and 0.5% NiLCV0017: 3.6 g/t Au, 8.4% Cu and 9.2 g/t AgLCV0021: 8.5 g/t Au, 0.3% CuLC0032: 1.2% Ni and 0.06% CoElevated Au, Cu, Ni, Co, W, Bi, Zn and Li are indicative of a rich mineralogical systemNine of the samples ran significantly over limits of analysis method requiring secondary analysis of Au, Ag, Cu, Ni, Fe and CrComet Vale hosts a Resource of 619,000t @ 4.8g/t for 95,710oz; This sits around the Sand Queen Mine1In light of these outstanding results, Labyrinth intends to devise follow-up exploration; All options will be considered, including geophysics, further sampling and drilling

The particularly high-grade gold and copper grades highlight the under-explored potential of the Comet Vale tenements, most of which have never been exposed to modern exploration techniques.

A NNW-SSE trending corridor of interest has been defined from the recent samples. The corridor lies ~1.5km from Sand Queen Mine.

Labyrinth Chief Executive Jennifer Neild said: “We suspected that these samples would come back with high grade copper based on the primary and secondary minerals present, but these results are truly exceptional.

“Our strategy has been to go back to basics and to leave no stone unturned. Importantly, many of the mineralised samples lie outside previous work areas.

“The results clearly show the immense potential of Comet Vale, not just for gold but also for copper. Given that these were the first samples taken 1.5km from the mined trend and the fact that there has been no focused, modern exploration conducted there until now, we are extremely encouraged.

“As a result, we are moving quickly to devise the follow-up exploration program in this area.

“We are also awaiting assays from the recently completed 386-sample soil program on the western side of Comet Vale where multiple small pits exist”.

Click here for the full ASX Release

This post appeared first on investingnews.com

You May Also Like

Editor's Pick

Real gross domestic product rose at a revised 3.2 percent annualized rate in the third quarter versus a 0.6 percent rate of decline in...

Editor's Pick

In Risky Business: Why Insurance Markets Fail and What to Do About It (Yale University Press, 2023), economists Liran Einav (Stanford), Amy Finkelstein (MIT),...

Editor's Pick

For years the North Korean playbook was obvious to the world. The Democratic People’s Republic of Korea wanted to be the center of attention....

Editor's Pick

After the final lecture of my Fall 2022 International Economic Policy course (an undergraduate offering meant to introduce non-economics majors to the economics of...



Disclaimer: impactofincome.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


Copyright © 2023 impactofincome.com