ASX-listed Labyrinth Resources has announced the sale of its Canadian assets as its focus switches to exploration and resource extension at its Comet Vale tenement package in Western Australia.
The company acquired the Labyrinth and Denain gold projects in the Abitibi region of Quebec in September 2021, after entering into a project acquisition agreement with GETT Gold.
As part of the process to sell the assets, Labyrinth has entered into a sale and purchase agreement with Gold Projects WA (GPWA) – a special purpose vehicle set up to facilitate the transaction.
The shareholders of GPWA are First Nation company Carey Group, holding 51% and Dubai-based precious metals trading company Erasano with a 49% stake.
Labyrinth will sell the projects for $3.5-million in cash, which CEO Jennifer Neild said would provide the company with significant optionality in the WA goldfields region.