Join our daily newsletter At The Bell to receive exclusive market insights
- Lefroy Exploration (LEX) has announced a maiden indicated and inferred mineral resource estimate at Lucky Strike
- Lucky Strike is situated in the Eastern Lefroy tenement package which is part of the Lefroy Gold Project in Western Australia
- The maiden mineral resource estimate sits at 1.27 million tonnes at 1.95g/t gold containing 79,600 ounces of gold
- This mineral resource estimate also defined a significant proportion of oxidised banded iron formation hosted ore with 78 per cent of the resource being oxide or partially oxidised ore
- Lefroy has ended the day with no change and shares trading for 20 cents each
Lefroy Exploration (LEX) has announced a maiden indicated and inferred mineral resource estimate at Lucky Strike.
The maiden mineral resource estimate sits at 1.27 million tonnes at 1.95g/t gold containing 79,600 ounces of gold.
It also remain open along strike and at depth, and is part of a corridor of gold mineralisation that was previously defined by aircore drilling.
Lucky Strike is situated in the Eastern Lefroy tenement package which is part of the Lefroy Gold Project.
This project is located 50 kilometres southeast of Kalgoorlie in Western Australia.
The new mineral resource estimate was prepared by Stephen Godfrey from Resource Evaluation Services and it was calculated based off information from 193 drill holes.
However, only samples from reverse circulation (RC) and diamond drill holes were used, and from 2017 to 2020, Lefroy completed 24,057 metres of RC and diamond drilling at Lucky Strike.
This mineral resource estimate also defined a significant proportion of oxidised BIF (banded iron formation) hosted ore with 78 per cent of the resource being oxide or partially oxidised ore.
This oxide ore remains open along strike to the southeast and at depth.
This maiden Lucky Strike resource estimate has increased the total mineral resource inventory at the Lefroy Gold Project to 1.75 million tonnes at 1.8g/t gold for 99,200 ounces of gold.
“The delivery of the maiden resource for Lucky Strike is a very pleasing outcome for the company, especially given the system is a greenfields gold discovery,” Managing Director Wade Johnson commented.
“The shallow oxide resource is open at depth, and along strike, and gives sufficient encouragement to continue exploration to not only build the resource base, but to also focus early stage drilling along the 3000 metre mineralised corridor,” he added.
Lefroy has ended the day with no change and shares trading for 20 cents each in a $20.09 million market cap.
