Labyrinth receives Canada tax credit
Australia’s Labyrinth Resources said on Friday it had received a tax credit of C$415 453 (about A$470 000) from Revenue Quebec, in Canada, stemming from its resources-related expenditure in the year to June 30, 2023.
Labyrinth announced earlier this month that it had agreed to sell the Labyrinth and Denain gold projects in Quebec, along with related assets and mining information, for $3.5-million.
This sale is in line with Labyrinth’s decision to step up its exploration focus at its Comet Vale tenement package, in Western Australia.
“We know there is immense exploration upside at Comet Vale, including strong scope to grow the resource,” said Labyrinth CEO Jennifer Neild.
“The geology is extremely prospective and this is supported by early-stage geophysics and sampling results. There is also clearly multi-commodity potential.
“We are now reviewing our exploration strategy for Comet Vale and aim to expand our Western Australia assets.”
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