Labyrinth Resources Limited (ASX: LRL) (‘Labyrinth’ or ‘the Company’) has exercised its termination right under the Sale and Purchase Agreement (“SPA”) for its Labyrinth Gold Project in Canada (first announced on 8 January 2024) on the basis that Gold Projects WA Pty Ltd (“GPWA”) (Purchaser) has failed to comply with its obligations. Notice of termination has been provided to GPWA and International Precious Metals Refiners LLC (Purchaser Guarantor) and will take effect on Friday, 17 May 2024.
The Company will retain the non-refundable A$255k deposit.
The Company’s Labyrinth Gold Project in Quebec, Canada boasts a JORC mineral resource of 500,000oz at 5g/t1 with significant growth potential. The Labyrinth Gold Project sits within the prolific Abitibi Greenstone Belt in proximity to multi-million ounce deposits which further showcase its potential.
Comet Vale Gold Project near Menzies, Western Australia continues to present a compelling exploration opportunity for Labyrinth, with a combined (open pit and underground) Indicated and Inferred Mineral Resource of 620Kt at 4.81g/t for 96Koz of gold (Au)2 and multiple significant drilling targets identified on the property.
Considering the termination of the SPA and the current positive gold market, Labyrinth will update the market with its strategic plan as a matter of priority.
This announcement has been authorised and approved for release by the Board.
Click here for the full ASX Release
This article includes content from Labyrinth Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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