Labyrinth Resources

MATT NIXON

CEO

(ASX:LRL)

◾ Company Name: Labyrinth Resources ◾ Company ASX code: LRL ◾ Key Commodities: Gold ◾ Key Personnel: Matt Nixon, Chief Executive Officer | Simon Lawson, Technical Director | Andrew Chirnside, Chief Geologist ◾ Locations: Quebec and West Australia ◾ Market Cap as of 15/08/22: $23.58M ◾ FY22 Share price range – Low/High: $0.016 / $0.058 ◾ Company Website: labyrinthresources.com

COMPANY PROFILE

Labyrinth Resources has been built out of the most experienced Australian gold mining and exploration hands. Led by a team with a clear vision to generate strong and reliable growth for shareholders through ‘safe, respectful, sustainable and efficient operations.’

Focused on the highly prospective gold projects Labyrinth acquired in 2021, located in Quebec’s prolific Abitibi Greenstone Belt. The flagship Labyrinth Gold Project possesses a 2010 Ni43-101 resource of 2.1Mt @ 7.1g/t for 479koz and includes an accessible historical underground mine that remains dry, ventilated and powered.

With a mining lease approved and scope for expansion well underway within its namesake project - an historical mine where work ceased in 1983 and where Labyrinth can bring to bear the combined experience of an ex Northern Star executive. 2021 was a strong reset for LRL securing forward-facing, twin properties 230km apart in the Tier-1 Canadian jurisdiction where there’s been no genuine application of geological skillset or exploration in 15 years, until now.

Assays from the first three holes drilled under the company’s maiden surface drill program at the Labyrinth project in Quebec, Canada, indicate mineralisation intersected hundreds of metres down-dip in previously modeled zones, which could substantially increase the scale of the deposit.

Returns like a 1.4m intersection grading 13.32 grams per tonne (g/t) gold intersection from a down-hole depth of 652.3m, which is 375m down-dip of the defined Boucher lode, follow hotly on from an 8.1m at 4.05g/t gold from 143.5m including 2.2m at 10.67g/t gold with 0.5m @ 44.12g/t in the first hole.

This, along with visual quartz and visual pyritic mineralisation in the fourth and fifth holes, supports the like that further down-dip and along strike extensions to existing lodes are present.

What makes this even more exciting is that all results received to date are still relatively shallow when compared to other significant projects in the prolific Abitibi Belt, which can reach depths of over 2km with grades increasing at depth.

There are two takeaways from this - first is any potential mining at Labyrinth beckons at shallow mineralisation thereafter progressing to deeper, potentially richer ore.

The second is the potential for a huge growth in resources, a wonderful turnaround for a team which only started drilling on the project this year.

Chief executive officer Matt Nixon certainly agrees, noting that the results highlight the “scope for substantial growth in the deposit, both along strike and at depth”.

“We are in the throes of finalising our maiden JORC Resource and already we have established substantial mineralisation which sits outside these parameters, paving the way for a subsequent Resource update,” he added.

“We have barely scratched the surface at Labyrinth compared with the drilling completed at other major deposits in the Abitibi region. The scale of these endowments shows the upside we have at Labyrinth.”

Adding further interest, while Labyrinth is on track to publish its maiden JORC resource next month, it already has a clear line to further growth with the latest results and pending assays for the fourth and fifth holes in the five hole program expected to form part of the subsequent resource upgrade.

KEY INVESTMENT HIGHLIGHTS

AUGUST 10, 2022: Assays reveal highgrade mineralisation had been intersected hundreds of metres down-dip of previously modeled zones, potentially substantially increasing the scale of the Canadian deposit. JUNE 7, 2022: Drilling continues to return high-grade gold in multiple lodes in Quebec ahead of maiden JORC. APRIL 12, 2022: Labyrinth Resources strikes visual gold in maiden exploration outside its resource in Canada. The Labyrinth gold project boasts a foreign non-JORC resource of 2.1Mt at 7.1g/t at 479,000oz.