Lefroy, Gold Fields JV accelerate Lake Lefroy gold drilling
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Special Report: Lefroy Exploration (ASX:LEX) and its partner have started diamond drilling to accelerate and support the multi-target program underway at Lake Lefroy.
The initial 9,000m reverse circulation program was kicked off in July to test six big gold anomalies – in similar rocks to the neighbouring 10 million oz St Ives gold camp – that were identified by partner Gold Fields after two years of methodical early stage exploration.
Now, the first diamond hole is underway to evaluate the LLT08 target that was generated from wide spaced aircore drilling results beneath transported cover.
While planned drill hole depths are variable, this hole is expected to be about 400m deep.
Drill core from the diamond drilling will provide valuable geological, geochemical and structural information to integrate with the ongoing development of the geological framework beneath Lake Lefroy.
This new information will be used to refine and add targets to the existing portfolio and drill program.
“The addition of a second drill rig and the commencement of diamond drilling in Lake Lefroy to accelerate exploration is exciting news,” Lefroy managing director Wade Johnson said.
“The multiple large regolith gold anomalies over a prospective stratigraphic rock package in the vast area of Lake Lefroy requires the drill-based commitment and experience that Gold Fields can bring.
“We are very supportive of the exploration methodology being undertaken by our partner and keen to see the outcome from this phase of drilling.”
The current phase of drilling is expected to be completed in October 2020.
The LLT08, LLT06, LLT04, Eastern Shoreline Trend and Zanex North targets are distributed over a 15km strike length in Lake Lefroy with Eastern Shoreline – a linear 7km trend where previous shallow geochemical drilling has intersected gold – being the largest.
These have been assessed and ranked according to observed geology, multi-element geochemical signature, geophysical response (aeromagnetics and gravity), tenor of gold anomalism and host rock geochemical signature.
Gold Fields is earning up to 70 per cent in the Western Lefroy Joint Venture (Lake Lefroy) by spending up to $25m in exploration over six years from mid-2018.
The South African mid-cap has already completed the $4m minimum exploration spend and is required to fund a further $6m in the current financial year to earn a 51 per cent stake in the JV.
Western Lefroy covers 372 sq km and is part of the greater Lefroy gold project just 50km southeast of Kalgoorlie.
Lefroy’s exploration on its wholly-owned tenements in the eastern part of the project have returned some intriguing results.
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.