More than a ‘Lucky Strike’ for Lefroy which could have a much bigger gold system than first thought
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Special Report: The Lucky Strike prospect is living up to its namesake as it continues to yield more shallow, high-grade gold for Lefroy Exploration (ASX:LEX).
Lucky Strike in Western Australia is getting much bigger with a 24-hole 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 nearly $1,820 an ounce.
This is because in Australia it has become much harder and costlier to find high-grade gold, especially near surface, given miners’ past penchant for “high-grading” during the downturn.
High-grading is where only the higher grades are mined and the low-grade stuff is left in the ground.
The good grades also continue down deeper, with intersections like 9m at 4.45g/t from 110m, including 4m at 7.71g/t from 115m — which has also been identified as a new zone.
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.
Managing director Wade Johnson says the Lucky Strike gold system just continues to evolve with every drilling program.
“We’ve been doing focused drilling programs over the last 12 months at Lucky Strike and each time we go out to test an idea, we find more, and it just keeps growing,” he told Stockhead.
“We are excited by the recent results, and especially when they are placed in a regional context, they demonstrate the emergence of a larger regolith gold anomaly along the trend.”
This latest find prompted Lefroy to revisit a lower grade hole it drilled back in 2017 located about 130m from one of the recent holes to assess the geology.
And as it turns out the older hit of 4m at 0.46g/t is also hosted in the same geology as the latest gold intersections.
“We think this system has actually got legs, it could be bigger than we first thought,” Mr Johnson said.
“We’ve now got the confidence to put down some big deep holes.”
Lefroy plans to start deeper drilling in late March, with at least two holes to be drilled and possibly a third.
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.