Special Report: This quarter, Kalgoorlie-based Lefroy aims to release a maiden resource estimate for its flagship Lucky Strike project, drill one of its early stage targets at Hang Glider Hill or Red Dale, and prep for an RC July drilling program at its Western Lefroy joint venture with major miner Gold Fields.

COVID-19 did not prevent hard-working greenfields explorer Lefroy (ASX:LEX) from having a highly productive, and successful, March quarter.

It’s ‘generative’ (greenfields) exploration approach is two pronged –LEX at Eastern Lefroy and Gold Fields at Western Lefroy, with drilling always maintained on at least one project.

The junior is currently dialling in on a number of early stage generative gold targets at its wholly owned Eastern Lefroy gold project, including an ancient gold-bearing river at Red Dale, the advanced Lucky Strike prospect, and an evolving high-grade discovery at Hang Glider Hill.

Thirty-seven reverse circulation (RC) holes at the flagship Lucky Strike delivered multiple thick, high-grade gold intersections, like 8m grading 18.6 grams per tonne (g/t) gold from 145m.

The drilling info will be used to prepare a maiden resource estimate which is due to be completed in the current quarter.

At the early stage Red Dale prospect — 4km from Lucky Strike — a 35-hole drill program both extended and enhanced the gold mineralisation immediately north of the existing 20,000oz gold resource, which is hosted within an ancient river system, known as a palaeochannel.

Lefroy’s main goal here is to expand the existing ~20,000oz resource while dialling in on the source of this gold in the deeper bedrock.

And the results of an auger (shallow) drill program at Hang Glider Hill extended an anomalous surface gold trend “to further enhance the gold prospectivity of this developing exploration hub”, the company says.

The 800-hole auger program has defined a 3km-long extension of the main Hang Glider Hill gold trend, and a new, “robust, high-tenor gold anomaly” called Hang Glider North.

Hang Glider North is now a high-priority target, the company says. A key early stage exploration program is to complete aircore drilling at Hang Glider Hill in May “to evaluate the auger gold anomalies”, the company says.

But there’s also the adjoining Western Lefroy project, where gold miner Gold Fields (NYSE:GFI) can earn a 70 per cent stake from Lefroy by spending up to $25m on exploration over six years commencing mid-2018.

Gold Fields commenced a 4000m air core program In Lake Lefroy designed to vector in on  geochemical targets for deeper drilling. Results are due in May.

The results of this drilling will identify targets for follow up RC drilling scheduled to commence in July.

 

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.

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