Special Report: A new tenement application over the desirable Burns copper-gold prospect gives Lefroy Exploration (ASX:LEX) 40km of contiguous mineral-rich strike along the Mount Monger fault near Kalgoorlie.

Guided by managing director Wade Johnson — former WA exploration manager for enormous US gold miner Newmont — Lefroy’s approach to greenfields (underexplored or untouched) exploration has already paid off in spades.

Exciting early success at the Lefroy Gold Project (LGP), 50km south east of Kalgoorlie, has been driven by some very savvy tenement acquisitions during the exploration downturn between 2013 and 2015.

READ: LEX now has 3 separate drilling programs underway at the Lefroy Gold Project

Lefroy has now secured a new tenement which covers a prime land position, known as Burns, within the wholly owned Eastern Lefroy tenement package.

This was a highly sought-after piece of ground.

Because there were so many competing applications, the Kalgoorlie Mining Warden held a ‘ballot’ on November 29 – and Lefroy’s name was pulled out of the hat first.

The 21sqkm area is important for a couple of reasons. One — it seals a former gap in the LGP tenement package, giving Lefroy a commanding prospective land position in this area:

This non-JV Eastern Lefroy tenement package now covers 249sqkm and spans 40 strike kilometres from the Hang Glider Hill prospect, through Lucky Strike to Lake Randall in the south east.

Two – it includes the fascinating Burns gold-copper prospect, discovered by former explorer Octagonal Resources in 2011.

Shallow drilling by Octagonal defined a 1sqkm area of gold anomalism (low-grade mineralisation) and a 2km-long copper anomaly.

Between 2012 and 2016 the project was subjected to a number of geophysical surveys and drilling programs which intersected many broad zones of copper-gold — like 50m at 0.9 grams per tonne (g/t) gold and 0.5 per cent copper, just 24m from surface.

Lefroy will now dial in on the potential high-grade source of this anomalous mineralisation.

The explorer is currently compiling previous exploration data by Octagonal, Western Mining Corporation and Newmont and integrating this into its extensive drilling and geophysical database.

This will help Lefroy improve the area’s ‘geological model’ ahead for further exploration at the Burns anomaly.

 

This story was developed in collaboration with Lefroy, 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