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Lunnon Metals Ltd (ASX:LM8) has reported a suite of favourable results from its Lady Herial prospect at the Kambalda Gold & Nickel Project (KGNP) in Western Australia, and intends to expand gold exploration in another area – Fosters – based on promising interpretations there.
Rock chips taken from prospector workings at Lady Herial have shown that near surface gold is present there, with this boosting Lunnon’s hopes for growth at the prospect.
At the same time, the company is accelerating gold exploration in other areas, built on the recognition that many other prospects likely project into, or are proximate to, the same
favourable zones of the Defiance Dolerite. From this, Lunnon has put forward a suite of targets for future exploration targeting.
Lunnon’s interest in sampling Lady Herial is based on its interpretation that the prospect’s two thick mineralised structures seem part of a appear to be part of a suite of parallel stacked structures similar to the Defiance lodes at the nearby Victory Underground mine.
This prompted surface mapping in the immediate Lady Herial area, which defined a line of prospecting ‘pits’ where historic rock chip samples had revealed grades such as 2.57g/t Au and 3.61g/t Au.
Drilling at Lady Herial in early October also showed strong mineralisation, including intercepts of 23 metres at 16.61 grams per tonne of gold.
Managing director Edmund Ainscough said the results promised big things for Lady Herial.
“Again, more opportunities keep revealing themselves at Lady Herial. We are diligently going about collecting as much new data as possible and confirming the information we’ve already recorded,” he said.
“In particular, it was important to confirm the exceptional grades received from drilling as this will give us great confidence as we progress the deposit through the definition and evaluation stages.
“Recognising the strong host rock control on the better thicknesses and grade of the
gold mineralisation at Lady Herial has also encouraged us to revisit mapping of the immediate surrounds as well as further afield.
“This has highlighted that not only is Lady Herial open, but it may also be part of a family of stacked structures and at the larger belt scale that there are multiple other gold prospects with the right characteristics and potential to replicate the success enjoyed to date.”
Lunnon shares fell on the news. At 15:24 AEST, they were trading at 27 cents – a fall of 3.57% since the market opened.
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