Labyrinth Resources Limited (ASX: LRL) (‘Labyrinth’ or ‘the Company’) is pleased to advise that it has received a payment of CAD$698,171 (AUD$795,915) from Revenu Quebec following the Company’s submission for a resources tax credit (CIRR) earlier this year.
Revenu Quebec has also confirmed that Labyrinth will receive a further payment of CAD$141,537 (AUD$161,352) on 29 June 2023 under the refundable duties credit for loss (CDRP) process.
The refund relates to the Company’s exploration expenditure on its Labyrinth gold project in Quebec.
The increased cash balance ensures Labyrinth is well placed to continue advancing its high- grade gold projects in Canada and Western Australia, which boast JORC 2012 Mineral Resources of 500,000oz @ 5g/t and 96,000oz @ 4.8g/t1 respectively. Both deposits remain open at depth and along strike with very limited exploration conducted in over 15 years.
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