Lefroy spins the drill bit with Lucky Strike resource in mind
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Special Report: Lefroy Exploration is looking to start its 2020 exploration campaign with more of the same cracking results that it reported from its Lucky Strike prospect last year.
Lefroy Exploration’s (ASX:LEX) Lucky Strike prospect near Kalgoorlie earned its name last year with drilling returning thick, shallow and high-grade hits including a 9m section grading 8.67 grams per tonne (g/t) gold from a depth of just 49m.
This was contained within a broader intersection of 19m at 4.52g/t gold from 45m while another hole returned 17m at 2.41g/t from 111m including 3m at 10.4g/t.
Anything above 5g/t is generally considered high grade.
The company has now kicked off its 2020 activities with a new 4000m reverse circulation drilling program aimed at infilling the previous high-grade hits over a 480m strike length of shallow oxide mineralisation to support the delivery of a maiden resource estimate.
Oxide mineralisation is easier to mine and process, which is likely to lead to lower mining costs.
“The new year is upon us, the holidays are over, the gold price is back over AUD$2200 and we are pleased to have our field and drilling crew back out at the Lucky Strike prospect near Kalgoorlie, to follow up the exciting shallow high-grade oxide intersections reported in late 2019,” managing director Wade Johnson told Stockhead.
“We discovered Lucky Strike in 2017 in an unusual BIF host rock along a 3000m trend and our current focus is to complete this campaign of 4000m of RC drilling that will facilitate the delivery of a maiden resource estimate thereafter.
“But the field activity will not stop there as we have more drilling to be completed at Red Dale and Hang Glider Hill to compliment the activities by our JV partner Gold Fields at Western Lefroy.”
Its previous wide-spaced drilling had extended the strike of banded iron formation-hosted gold mineralisation by 480m to a total strike length of 740m.
There is also potential for further growth as the system remains open to the southeast.
Last year, Lefroy noted that the area near Lucky Strike was a continued high priority exploration focus for the company, with gold anomalies identified at Havelock, Neon, Capstan and Erinmore highlighting “district scale gold prospectivity”.
Defining a resource could also pave the way for early cash flow as Lucky Strike is just 35km northeast of Gold Fields’ St Ives processing plant and 5km south west of the Randalls processing plant operated by Silver Lake Resources (ASX:SLR).