Labyrinth Resources’ binding term sheet to acquire Genesis Minerals subsidiary Admiral Gold will include the acquisition of the Mulwarrie Gold Project in the Eastern Goldfields.
Labyrinth Resources said it is acquiring Mulwarrie for its exceptional high-grade growth potential, which has historically been constrained by tenure. Through the acquisition, Labyrinth will become the first owner to consolidate the wider Mulwarrie Gold Project.
Labyrinth has secured the tenements that surround Mulwarrie via a call option with Olympio Metals Limited, which is expected to unlock material value and exploration opportunities for Labyrinth shareholders.
The project’s tenements are within a 10km-wide greenstone belt which forms the north-west extension of the Coolgardie Line. The structurally dominant, north-trending Mt Ida fault lies approximately 4km east of the Mulwarrie Mining Centre.
Mulwarrie also is located approximately 55km west of Labyrinth’s Comet Vale Project.
Labyrinth’s CEO, Charles Hughes, said the acquisition aligns with the company’s stated strategy objectives.
“Mulwarrie has a high-grade resource, is located on granted mining tenure and has significant resource extension and exploration potential.
“The acquisition will see Genesis become a strategic substantial holder in the company.”
