Special Report: The Lucky Strike prospect is shaping up very nicely, bolstered by fresh hits like 9m grading 8.6 grams per tonne (g/t) gold. Lefroy Exploration is now aiming to deliver a maiden resource (and a lot more) in 2020.

Thick, shallow and high grade – these are the key things that investors should be looking for in drilling results.

A recent 19-hole reverse circulation (RC) and diamond drilling campaign at Lefroy’s (ASX:LEX) Lucky Strike prospect, part of the Lefroy Gold Project (LGP) near Kalgoorlie, ticks all these boxes.

Significant new shallow gold intersections include 19m at 4.52g/t gold from 45m, which included a 9m section grading 8.67g/t.

Another hole, which returned 17m at 2.41g/t from 111m (including 3m at 10.4g/t), highlights the discovery of a new ore position, Lefroy says.

The Lucky Strike system has now yielded consistent high-grade gold intersections over the 740m strike length evaluated so far.

And yet the system remains ‘open’ to the south east. That means drilling is yet to find the edges of the gold mineralisation.

The path to production

Lefroy is already planning the next stage of drilling, scheduled to kick off in January next year. This drilling will be incorporated into a maiden Lucky Strike resource for delivery in the March quarter.

The area near Lucky Strike is a continued high priority exploration focus for the company, with gold anomalies identified at Havelock, Neon, Capstan and Erinmore highlighting “district scale gold prospectivity”, the company says.

Lefroy is now evaluating options to rapidly develop the Lucky Strike and Red Dale Prospects into production, either via a local mill or via a toll treatment facility.

Lucky Strike, wholly within a recently granted mining lease, is just 35km north east of Gold Fields St Ives processing plant and 5km south west of the Randalls Processing Plant operated by Silver Lake Resources (ASX:SLR).

“Lease applications for haulage routes are being actively pursued and the company could be in a position to be mining before the end of 2020,” the company says.

 

 

This story was developed in collaboration with Lefroy Exploration, a Stockhead advertiser at the time of publishing.
This story does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

 

Featured Companies

You might be interested in