Lefroy starts high priority drilling to uncover more gold at Lucky Strike
Link copied to
Special Report: Lefroy Exploration isn’t wasting any time to find out just how gold-rich its Lucky Strike prospect is.
The company (ASX:LEX) has started a high priority drilling program to assess shallow targets.
But it’s also going to be looking a bit deeper.
The Lucky Strike prospect is living up to its name as it continues to yield more shallow, high-grade gold.
Lucky Strike in Western Australia is getting much bigger with a previous drilling program delivering notable intersections like 8m at 3.02 grams per tonne (g/t), including 2m at 10.2g/t from 21m, and 1m at 10.5g/t from 12m.
While anything over 5g/t is generally considered high-grade, even grades of 3g/t in Australia are considered good, especially at the current Aussie dollar gold price of over $1,820 an ounce.
Lefroy is now drill undertaking a two-part drilling program comprising 10 reverse circulation (RC) holes totalling 1100m and three diamond holes totalling 950m.
RC drilling is used to gather preliminary data on minerals and is cheaper and faster than diamond drilling.
Diamond drilling is usually done to recover mineral samples from depth or from within areas that are harder to drill.
The diamond drilling is being undertaken to test the system down to 200m.
The good grades at Lucky Strike also continue down deeper, with intersections like 9m at 4.45g/t from 110m, including 4m at 7.71g/t from 115m.
These hits have revealed the potential for a large, new unexplored area along strike to the southeast.
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 with gold intersections in previous wide spaced aircore drill holes along strike, indicating that the current discovery is part of a larger system that could be multiples the size of the current strike length and depth.
Lucky Strike is part of the highly prospective Eastern Lefroy project, located 50km to the southeast of one of Australia’s most fertile gold regions — Kalgoorlie.
The prospect lies just 5km northwest of the high-grade Lucky Bay open pit, mined by Silver Lake Resources (ASX: SLR) in 2015, and 5km southwest of the Randalls processing plant operated by Silver Lake.
The area near Lucky Strike is a high priority exploration focus for Lefroy, with gold systems identified at Havelock, Neon and Erinmore highlighting district-scale gold prospectivity.
Over at Western Lefroy, heavyweight Gold Fields has also 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.