Labyrinth Gold Project
Labyrinth Gold Project (100% ownership) located in Quebec Canada approximately 40km NW of Rouyn-Noranda and 13km NE of Kerr-Addison Mine which had historic production of 11MOz at 9g/t.
The current JORC MRE of 500koz at 5.0g/t is on an approved mining lease. The resource is open in all directions, supported by numerous high-grade intersections. There is limited drilling below 300m vertical depth across the prospective portfolio with a small number of intercepts confirmed below 500m.
The Company is assessing strategic options at the Project, including leveraging the geological skill set of the Company to further evaluate the prospectivity of the deposit at depth and along strike
Annual holding cost of ~$300k per annum making the asset a low cost option on further exploration success
Geology
The high-grade Labyrinth Gold Project is located in the prolific Abitibi Greenstone Belt and was last mined in the early 1980s, when production stopped amid the depressed gold price. Very limited exploration has been conducted on the project since.
The host rocks exist within a 600m thick differentiated sill that grades from gabbro through to granodiorite with the mineralisation predominantly hosted in the diorite/andesite. The mineralisation at Labyrinth Gold Project is hosted within east-west trending quartz veins that can be traced for at least 1.6km along strike and run parallel with the trend of the lithology. The quartz veins show lamination and host sulphides associated with the mineralising event.
Labyrinth’s Existing 500koz at 5.0 g/t and represents a low-cost option on further exploration success
Table 1: Labyrinth Mineral Resource Estimate Summary by Lode
Inferred
| Lode | Tonnage (Mt) | Au Grade (g/t) | Au Ounces |
| Boucher | 1.0 | 5.7 | 190,000 |
| McDowell | 1.0 | 4.5 | 150,000 |
| Talus | 0.7 | 5.3 | 110,000 |
| Front West | 0.2 | 2.7 | 20,000 |
| Shaft | 0.1 | 5.5 | 30,000 |
| Total | 3.0 | 5.0 | 500,000 |