viewLefroy Exploration Ltd

Lefroy Exploration identifies gold trend during East Lefroy tenements drilling in WA

The company’s adjoining West Lefroy tenements are being farmed into by Gold Fields for $25 million.

Lefroy’s drilling programs, like this one at Lucky Strike, have proved fruitful
Lefroy’s drilling programs, like this one at Lucky Strike, have proved fruitful

Lefroy Exploration Ltd (ASX:LEX) has identified a gold trend at Havelock after drilling almost 4 kilometres during a campaign at its Eastern Lefroy tenement package in Western Australia.

Eastern Lefroy is part of the company’s greater Lefroy Gold Project (LGP) 50 kilometres southeast of the WA Goldfields mining city of Kalgoorlie-Boulder.

The WA-focused company drilled 76 holes during its aircore drilling (AC) campaign at three exploration targets, including Havelock, at the Lucky Strike Exploration Hub.

READ: Lefroy Exploration begins drilling campaign at gold project near Kalgoorlie

Three months ago West Perth-based Lefroy began the district-based exploration program to test a series of targets along the Mt Monger Fault.

Havelock Trend is 1200 metres south of Lucky Strike where reverse circulation (RC) and diamond drilling has intersected high-grade banded iron formation (BIF)-hosted gold mineralisation of up to a 5 g/t gold.

Lefroy reported today, “Havelock is represented by strong linear magnetic feature interpreted to be banded iron formation and considered analogous to Lucky Strike."

Thirty-five angled reconnaissance holes were completed at Havelock on four broad 320-metre spaced drill lines, taking in 1,358 metres.

Lefroy highlighted a number of “encouraging” gold intersections, including: 7 metres at 0.59 g/t from 24 metres, including 2 metres at 1.43 g/t from 27 metres; 1 metre at 0.45 g/t from 40 metres; and 2 metres at 0.26 g/t from 32 metres, including 1 metre at 0.53 g/t from 33 metres.

The company likened the Havelock BIF trend results to those seen ahead of the Lucky Strike discovery.

Lefroy is planning to undertake follow-up AC drilling at the Havelock trend early in 2019 to infill the existing results and further extend the trend.

READ: Gold Fields to restructure unprofitable mine in South Africa

Capstan and Lucky Strike's extended areas were also evaluated during the drilling campaign at Lucky Strike Exploration Hub.

Lefroy reported today, “The hub is a priority target area for drill-based exploration on existing and generative gold prospects located within the Eastern Lefroy sub-project, which extends approximately 17 kilometres from the recently identified Hang Glider Hill gold prospect.

“These gold prospects are located close to the interpreted position of the regional scale Mt Monger Fault, adjacent to which the company has discovered a number of gold occurrences including Lucky Strike and the emerging Hang Glider Hill.”

The hub also includes the high-grade Lucky Strike prospect and the Capstan and Red Dale prospects.

The Eastern Lefroy tenements adjoin the company’s farm-out and joint venture with Gold Fields Limited (FRA:EDGA, JSE:GFI, SWX:GOLI, NYSE:GFI) which started June 7, 2018.

Gold Fields can earn up to 70% interest in the Western Lefroy tenements by spending $25 million on exploration activities within 6 years.

A ground and airborne geophysical surveys campaign is underway at the West Lefroy tenements package.

Quick facts: Lefroy Exploration Ltd

Price: 0.245 AUD

Market: ASX
Market Cap: $24.62 m

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