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Mining
A super thick, high-grade gold intercept just sent hard-working explorer Lefroy (ASX:LEX) into the stratosphere.
Lefroy believed that Burns gold-copper prospect near Kalgoorlie could be an intrusion-related gold system like Hemi, or a porphyry system like Boddington.
These are big, big deposits.
Intrusive rock is formed when often heavily mineralised magma (lava) penetrates existing rock, crystallises, and solidifies underground.
The only deeper drilling at Burns previously was angled away from this intrusion. It still managed to get sniffs of something significant.
Lefroy’s 22-hole drilling program, designed to test both strike and depth extensions to the Burns system, now appears to have hit the motherlode.
A single traverse containing two holes targeting the under-explored eastern margin of the Burns magnetic anomaly intersected an outstanding intercept in drill hole LEFR260 containing:
The hole ended in mineralisation, which remains open on all sides.
A similar magnetic anomaly, known as Smithers, has been located 300m to the north of the current drilling. This anomaly remains untested.
The stock is up +160 per cent to an all time high of 54c in early trade Tuesday.
“The intersection in LEFR260 is outstanding by any measure and is quite exciting,” LEX chairman Gordon Galt says.
“LEX will follow up as soon as possible.
“We will need to look north, south, east and deeper from this discovery hole to establish the structure/s which have delivered this intersection.
“The next phase of drilling is being scheduled now and will include immediate diamond drilling to extend and support the mineralisation discovered in LEFR260.”
This article was developed in collaboration with Lefroy Exploration, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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