Lefroy strikes new gold at Havelock as exploration works expand on new target

A 7-hole reverse circulation (RC) drilling program for 900m has confirmed a new gold discovery under cover at the Havelock prospect, 700m north of the Burns gold-copper system.

Lefroy Exploration (ASX:LEX) says the program evaluated a segment of a 1000m long aircore gold anomaly, which occurs along a linear magnetic trend.

These magnetic trends at Havelock, Lucky Strike, and Erinmore are parallel to each other, and extend north of the Burns Intrusion.

LEX believes there is potential for more gold discoveries along this untested 7,500m strike of the Havelock trend, as well as the untested Erinmore trend located 900m to the south.

Hits include 3m at 13.37g/t gold from 118, 13m at 1.82g/t gold from 76m, including 7m at 2.69g/t gold from 78m and 7m at 1.48g/t gold from 38m, including 2m at 2.78g/t gold from 41m.

Expanded exploration search

LEX managing director Wade Johnson says the company believes that the three linear magnetic trends are magnetite altered sedimentary rocks outboard of a large, zoned alteration system related to the Burns intrusion.

“This now expands our exploration search space along the three prospective horizons with 7500m of strike yet to be tested in the Havelock trend alone,” he says.

Havelock target background

The Havelock target was generated by Lefroy in 2018 during an assessment of the regional aeromagnetic imagery, which highlighted a 9.5km linear magnetic unit parallel to and south of the Lucky Strike trend.

A single traverse of AC drill holes, completed in July 2020 intersected strong quartz veining in an oxidised BIF unit interpreted to be similar to the host rocks at Lucky Strike.

A follow up AC drilling program in December 2020 testing multiple targets along the Havelock magnetic trend outlined a new bedrock gold anomaly (>0.25g/t Au) with a strike length of approximately 1000m.

Next steps

Planning for a follow-up combined aircore, RC and diamond drill program to accelerate exploration at Havelock is underway.

Lefroy says next steps include air core drilling to expand the gold anomaly and evaluate targets along strike at Havelock, which is set to take off in September subject to drilling availability.

Step out drilling will then be carried out to expand the mineralisation before diamond drilling to obtain geological and structural information.

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.