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66.7%
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0.105
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0.125
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62.5%
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0.036
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0.025
56.3%
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0.02
-20%
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0.03
50%
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0.004
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50%
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0.01
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Labyrinth Resources (ASX:LRL) adds to its project book

Labyrinth Resources (ASX:LRL) has undertaken two transactions that have expanded its project book. One of these was an agreement to acquire the Vivien gold project in Western Australia. Both deals are consistent with the Company’s strategy to consolidate and grow under-explored high grade gold mines across the Menzies, Leonora and Leinster corridor that are close to infrastructure.

  • Labyrinth Resources Limited (“Labyrinth” or “the Company”) has signed:
    • a binding option agreement with Sand Queen Gold Mines Pty Ltd whereby Labyrinth has been granted a 12-month option to acquire Sand Queen’s 49% interest in Comet Vale for $3m in cash; and
  • a binding share sale agreement to acquire 100% of Distilled Analytics which owns the Vivien Gold Project located 6km from the Agnew Gold Mine
  • Both transactions are consistent with the Company’s strategy to consolidate and grow underexplored high grade gold mines across the Menzies, Leonora and Leinster corridor that are close to infrastructure.
  • Exercise of the Comet Vale Option will allow the Company to increase its existing controlling interest in Comet Vale from 51% to 100%.
  • The Company’s Comet Vale gold project (on granted mining leases) is located 32km south of Menzies next to the Goldfields highway. The Company released an updated Mineral Resource of 96koz at 4.8g/t Au (100% basis) on 11 April 2023.
  • Vivien, previously owned and operated by Ramelius Resources Limited (ASX:RMS), will provide Labyrinth a near-term opportunity to define a JORC mineral resource across the Vivien Main Pit and Vivien Gem Prospect from the existing project drill database.

Read the ASX announcement here