Exploration Review and Acquisition Update

Labyrinth Resources Limited (ASX:LRL) has reported initial findings of the review of historical Vivien and Comet Vale databases in preparation for the Extraordinary General Meeting (EGM) on 13 September 2024. The review has highlighted substantial exploration upside and underexplored nature of the Vivien and Comet Vale projects. The company has also entered into a binding option agreement to acquire Sand Queen's 49% interest in Comet Vale and a share sale agreement to acquire 100% of Distilled Analytics Pty Ltd, which owns the Vivien Gold Project.

Executive Commentary

CEO Jennifer Neild expressed excitement about the high-grade intercepts near the surface at Vivien and Comet Vale projects. She emphasized the potential of these projects and their significance in unlocking value and consolidating high-grade gold projects within the region. Neild also mentioned plans to share further details in the coming days and weeks.

Exploration Potential and Strategic Outlook

The review of historical databases has revealed significant exploration upside and underexplored nature of the Vivien and Comet Vale projects. The acquisition of 100% ownership of Comet Vale and the Vivien Gold Project presents a strategic opportunity for Labyrinth Resources to recommence exploration activities and leverage high-grade, highly prospective projects. The projects, located close to existing infrastructure and with ample untested prospectivity, position the company for potential growth. The untapped potential and high-grade intercepts near the surface at both projects underscore the opportunities for value creation. Labyrinth Resources aims to fast track growth and capitalize on the exceptional exploration potential of the Vivien and Comet Vale projects.