Special Report: Lefroy has upgraded resources at the Red Dale deposit by 28 per cent to 25,230oz of gold, taking the overall resource at its namesake project up to 104,830oz.

This comes just weeks after defining a maiden resource of 79,600oz for its greenfields Lucky Strike deposit project, which is open at depth and along strike.

Lefroy Exploration (ASX:LEX) managing director Wade Johnson says that passing the 100,000oz mark at the project near Kalgoorlie is a milestone achievement for the company.

“We are now seeing the rewards from our early stage greenfields exploration that commenced in 2017 and laid the foundations for the resources and multiple drill ready targets we are now delivering,” he added.

“We are looking forward to our next drill programs, complemented by ongoing exploration by our JV partner, Gold Fields, at Western Lefroy.”

Besides delivering the resource upgrade, the recent reverse circulation drilling conducted by the company has also placed the vast majority of the Red Dale resource in the higher confidence indicated category, which provides enough geological certainty and grade continuity to support mine planning.

Location of Red Dale relative to Lucky Strike and the Hang Glider Hill gold prospect Pic: Supplied

Red Dale is also recognised as being part of a larger and extensive north-south trending gold-bearing palaeodrainage network within the company’s tenure.

The deposit is characterised by a broad horizontal gold footprint at the base of an ancient river bed, or palaeochannel, over a 900m strike length within granted mining leases immediately north of and adjoining Silver Lake Resources’ (ASX:SLR) Randall’s processing plant.

Lefroy is planning additional drilling to further increase the resource and search for the primary source to the paleochannel mineralisation.

READ: Kalgoorlie holds the promise of deep gold riches for those willing to ‘play detective’

 

This story was developed in collaboration with Lefroy Exploration, 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.

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