Burns offering up more tasty hits in WA’s Valley of the Giants for Lefroy
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Lefroy Exploration’s hunt for an intrusion-related discovery in the valley of the giants between Kalgoorlie’s Super Pit and the St Ives gold camp has continued to deliver.
New drilling at the Burns prospect at Lefroy Exploration’s (ASX: LEX) namesake gold project in Western Australia’s multi-million ounce Goldfields region has extended the mineralised porphyry zone to at least 100m below an impressive earlier strike.
That one came in at 38m at 7.63g/t of gold and 0.56 per cent copper from 134m, demonstrating the potential of the Burns system to host high-grade gold.
The current campaign has expanded the eastern porphyry at Burns to over 140m in width, along with including the deepest hole drilled at the program to date.
A 246m interval of the eastern porphyry unlocked basalt from 244m to 490m downhole, with massive basalt mineralisation ending in the hole at 522.5m.
That will be bettered by a fourth hole to be drilled to a depth of 560m, with assays expected from a number of core samples in June.
A 72m interval in hole LEFR260 hinted at something interesting, with a 72m interval containing magnetite and sulphide veining from 244.4m to 316.5m, right where geologists expected it.
It is the first news flow from a 14-hole, 3000m diamond drill program the Wade Johnson-led explorer is set to accelerate on the back of early results.
Lefroy is looking to shift its crew from a single shift operation to double shift to speed up the process.
It is also maintaining its flexibility to shift as the results come through, with the volume of existing RC drilling allowing it to use those holes as pre-collars for the diamond program.
It follows strong investor sentiment, which has sent Lefroy’s share price spiralling upwards since announcing a tasty high-grade intercept of 60m at 5.22g/t gold and 0.38 per cent copper in late February.
Since that announcement they have climbed fivefold to value the gold junior at more than $100 million.
While Lefroy is locked up in a $25 million earn-in with South African major and St Ives camp owner Gold Fields on the western end of its extensive Lake Lefroy tenement package, its exploration success thus far has come on its wholly owned tenements to the east.
It is bounded on the other side Silver Lake Resources’ reliable Mount Monger gold project, which includes high-grade Daisy Milano complex.
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.