Lefroy’s new Havelock gold system is looking like the duck’s guts

Lefroy is poised to grow its Eastern Lefroy project after aircore drilling outlined a new bedrock gold anomaly along the Havelock banded iron formation trend.

Importantly, the discovery – located about 1,500m southwest of the Lucky Strike resource – enhances the potential for the company to make further discoveries along the remaining 2km strike of the Havelock trend and along the untested parallel Erinmore BIF trend about 900m to the south.

Notable results from the 127-hole program that was completed by Lefroy Exploration (ASX:LEX) in December over the Lucky Strike and Havelock BIF trends are 1m grading 5.37 grams per tonne (g/t) gold from 20m, 4m at 0.78g/t gold from 27m and 3m at 1.04g/t gold from 57m.

lefroy exploration havelock drill section — Havelock aircore drill section highlighting BIF hosted gold mineralisation. Pic: Supplied

“We are very pleased with the results from the initial phase of aircore drilling along the Havelock BIF trend that has discovered a new gold system,” managing director Wade Johnson said.

“The larger aim of the BIF drill program was to find and add another discovery in close proximity to the Lucky Strike deposit that had the potential to deliver a resource.

“The 1000m strike length, high grade intersection and sulphide altered BIF are early indicators of such a system and we are keen to get the next phase of drilling underway”.

Planning for a follow-up aircore and reverse circulation program is underway and is scheduled to begin in March.

Drilling results

The aircore drilling program was aimed at evaluating multiple targets at the Havelock-Lucky Strike-Erinmore BIF trends to the south and along strike of the Lucky Strike gold deposit that were generated from the interpretation of aeromagnetic data.

This evaluated two of the five targets along a 2.7km corridor centred over the interpreted Havelock BIF target, leading to the discovery of the new gold anomaly.

Mineralisation at the new Havelock discovery is hosted in sulphide altered BIF, supporting the company’s view that it is a similar style gold system to Lucky Strike.

Gold mineralisation at the 79,600oz Lucky Strike deposit is hosted within multiple northwest trended BIF units interbedded with shale.

lefroy exploration havelock location — Havelock and Lucky Strike drill hole plan showing the new gold discovery. Pic: Supplied

Drilling also evaluated a 900m corridor at the southeastern end of the Lucky Strike trend with holes establishing continuity of the host geology a further 700m along strike, under 10-15m of transported cover.

This provides confidence the deeply weathered BIF package continues a further 400m to the southeast toward the tenement boundary, increasing the length of the Lucky Strike BIF trend in Lefroy’s tenure to 3.8km.

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.