Lefroy Exploration has received firm commitments to raise $3.5 million via a placement at $0.24 per share to progress exploration at the Burns copper gold prospect.

The equity raising comprises a $3.16m placement along with directors’ participation of $0.34m, and the issue price is at a 14.3% discount to the last closing share price of LEX (on 8 December 2022) and a 9.7% discount to the five-day VWAP of LEX shares.

The company’s immediate priority is to deliver a maiden Mineral Resource Estimate for Burns in March 2023.

However, the funds will also be used for additional exploration programs at Coogee South, Hang Glider Hill and Havelock prospects – all within the Eastern Lefroy Gold Project.

Targeting a maiden resource estimate

Lefroy (ASX:LEX) chairman Gordon Galt said the company is gearing up for another year of intensive exploration at the Lefroy East project.

“In the next three months we will get in all the outstanding results from the Burns drill-out program and deliver our Burns maiden Mineral Resource Estimate and plan our initial follow up programs to extend this as soon as possible,” he said.

“In the remainder of 2023, our intention is to continue to explore the Burns area, further delineate the gold and copper-gold mineralisation and commence a Scoping Study for future mine development.

“As usual, all this will be done with the efficiency and scientific focus which we have always displayed at LEX.”

 

 

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.

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