Lefroy powers ahead with exploration on two fronts in highly prospective WA goldfields
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Special Report: Lefroy Exploration has been busy with serious exploration programs at both its gold projects, located 50km to the southeast of one of Australia’s most fertile gold regions — Kalgoorlie.
Lefroy’s (ASX:LEX) gold project is a big, contiguous package of land – 598 sq km to be exact, so it has to be tackled on two fronts.
Firstly, at the company’s wholly owned Eastern Lefroy project, Lefroy has completed a 24-hole drilling program at the Lucky Strike prospect and has intersected further multiple shallow zones of oxide gold mineralisation.
On top of that, Lefroy has uncovered a new zone, with drilling returning a hit of 9m at 4.45 grams per tonne from 110m.
While anything over 5g/t is generally considered high-grade, even grades as low as 2g/t in Australia are considered good, especially at the current Aussie dollar gold price of over $1,850 an ounce.
Lefroy has now confirmed the presence of gold mineralisation over a 300m strike length and the company hasn’t yet hit the end.
The system is open along strike and at depth, indicating that the current discovery is part of a larger system that could be multiples the size of the current strike length and depth.
An RC and diamond drilling program to evaluate the system to a depth of 200m from surface is scheduled to commence shortly.
While Lefroy is making great strides at Eastern Lefroy, over at Western Lefroy, heavyweight Gold Fields has been busy undertaking a major drilling program as part of a $25m farm-in and joint venture.
Gold Fields isn’t just a joint venture partner, it also owns an 18 per cent stake in Lefroy.
This is a good indicator of the confidence Gold Fields has in the potential for discovery within Lefroy’s large land package in the highly prospective Eastern Goldfields.
The Lefroy project is located near Gold Fields’ St Ives gold camp, which contains the Invincible gold mine, located in Lake Lefroy, and is also immediately south of Silver Lake Resources’ (ASX:SLR) Daisy Milano gold mining operation.
Gold Fields’ foundational drilling program at Western Lefroy is well underway, with 157 holes covering 8,125m completed by early March.
Drilling will continue into June, but Lefroy expects to have the first validated drilling database extract from Gold Fields by the end of March.
Gold Fields and Lefroy are also well advanced with extensive geophysical surveys, which are very close to completion.
As of early March, about 13,000 gravity points and 7,750-line kilometres of aeromagnetic data had been collected.
The integration of this data and the drilling results will advance the geological model of the area and provide targets for deeper drilling later this year.