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- Lucky Strike toll milling campaign recovers 1,392 ounces gold, with additional 13K ore tonnes added to stockpile for future parcels.
- Significant shallow assay results returned from grade control drilling.
- Lefroy has strengthened cash position with new instalment from BML Ventures.
Lefroy Exploration (ASX:LEX) continues to make impressive strides with its development of the Lucky Strike gold mine near Kalgoorlie in Western Australia, with the company’s maiden toll milling campaign at Lucky Strike recovering 1392 ounces of gold to date, while its stockpiles continue to grow with a further 13,069 tonnes of ore prepared for future toll milling parcels.
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The company’s MD, Graeme Gribbin, said Lucky Strike is proving a valuable operation where Lefroy has achieved positive resource growth through drilling.
“We are especially pleased that the mine resource grade and mine claim grades strongly reconcile with the mill, which is a strong endorsement not only of the company’s mineral resource estimate but of the grade control practices undertaken by BML Ventures,” Mr Gribbin told shareholders today.
“With ore stockpiles growing on site in support of subsequent toll milling parcels, and with the company securing an additional $0.5 million in funding from our profit cash advance facility agreement with BML, we are well placed to recover more gold ounces from Lucky Strike, and grow our cash balance through future profit share distributions at Lucky Strike, and through our ongoing exploration and resource expansion activities, particularly at Mt Martin and Burns.”
The company’s second phase of grade control drilling commenced in February, and assay results have now broadly confirmed the existing Lucky Strike resource model, while additionally further validating the geological and mineralisation interpretation of the southern Lucky Strike deposit.
Notable intersections include 16m at 3.39 grams per tonne (g/t) from 127m, including 2,0m at 11.09 g/t from 138m; 11m at 2.92 g/t from 41m, including 5.0m at 4.55 g/t from42m; and 17m at 1.64 g/t from 43m, including 1.0m at 10.9 g/t from 46m.
Grade control and exploration drilling to the south was designed to confirm and refine the known mineralisation envelopes, while helping understand the potential for additional mineralisation corridors along the north and eastern flanks of the proposed South Pit, predominantly within the top 50-70m from surface.
Current mine activities are centred around completing waste cutbacks to enable mining of higher-grade ore panels over the coming months.
Since mining commenced in December CY25, some 1,136,265 bank cubic metres have been extracted, allowing access to greater volumes of ore in the coming months.
The Lucky Strike deposit contains an MRE of 1.27 million tonnes (Mt) at 1.95 g/t for 79,600 ounces at 0.70 Mt at 1.93 g/t for 43,400 ounces.
LEX is up +2.50% today, to 20.5¢ a share. Mkt cap $48.15M.
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