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Gorilla Gold Mines Ltd (ASX: GG8), formerly Labyrinth Resources Limited, entered into a binding option agreement to acquire 100% ownership of the Comet Vale gold deposit in Western Australia. Here are the key details of the call option based on available information:Parties Involved: The agreement was signed with Sand Queen Gold Mines Pty Ltd, the entity holding the remaining 49% interest in the Comet Vale project. Prior to this option, GG8 (then Labyrinth Resources) already held a 51% controlling interest in the project.
Option Terms:
GG8 was granted a 12-month option period to exercise the right to purchase the remaining 49% stake, bringing its ownership to 100%.
The exercise price for the option is AUD $3 million, payable in cash to Sand Queen Gold Mines Pty Ltd.
The option period commenced upon the completion of a related acquisition (the Distilled Acquisition, involving the Vivien Gold Project), which was announced alongside this deal on July 17, 2024.
Strategic Context: This call option aligns with GG8’s strategy to consolidate and expand its portfolio of underexplored, high-grade gold mines in Western Australia’s Eastern Goldfields region, particularly along the Menzies, Leonora, and Leinster corridor. The Comet Vale project is located 32 km south of Menzies, adjacent to the Goldfields Highway, and benefits from proximity to existing infrastructure, including multiple gold processing mills within a 100 km radius.
Project Details:
The Comet Vale gold deposit is situated on granted mining leases.
An updated Mineral Resource Estimate (MRE) released on April 11, 2023, reported 96,000 ounces of gold at an average grade of 4.8 grams per tonne (g/t) on a 100% basis.
The project has shown promising exploration potential, with subsequent drilling at prospects like Lakeview and Sovereign yielding high-grade intercepts (e.g., 19m at 18.1 g/t and 11m at 24.8 g/t gold), indicating the deposit remains open for further resource growth.
Completion Status: While the option agreement was binding as of July 17, 2024, there is no explicit public confirmation as of March 22, 2025, that the option has been exercised. However, the company’s announcements and rebranding to Gorilla Gold Mines Ltd in February 2025 suggest a focus on advancing its Western Australian assets, including Comet Vale. The 12-month option period would extend to approximately July 17, 2025, meaning GG8 still has time to exercise the option as of the current date.
This call option represents a critical step for GG8 to secure full control of a high-potential gold asset, enhancing its resource base and development prospects in a well-established gold-producing region. For the most current status on whether the option has been exercised, further updates from GG8’s ASX announcements would be required beyond the data available up to this point.
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