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- Update a 2.0% uplift in Lady Lyla deposit JORC MRE
- Maiden indicated MRE of 25,500 ounces
- MRE supported by a recent 63 hole drill program
- Resource extension drilling along strike planned
Forrestania Resources (ASX: FRS) has lifted its maiden indicated mineral resource estimate (MRE) to 61% of the total MRE at the Lady Lyla deposit at the Forrestania Gold Hub in WA. The indicated MRE has been recorded at 478,000 tonnes at 1.66 grams per tonne (g/t) for 25,500 ounces of gold.
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The total JORC compliant MRE for Lady Lyla is up now two percent, to 922,000 tonnes at 1.41 g/t Au for 41,700 ounces at a 0.5g/t cut off.
Chairman David Geraghty said building on regional exploration success from geochemical and historic drilling in and around the Forrestania Hub region, the recent 63-hole drilling campaign at Lady Lyla consisted of RC and DC tail of 8,379m, delivering strong results, which have supported an MRE update.
“This latest resource update at Lady Lyla has delivered a higher level of confidence in the Mineral Resource, in conjunction with a higher head grade. Forrestania remains diligent with drilling programs and will continue to further define the orebody with future programs,” Mr Geraghty said.
“Lady Lyla supports our broader strategy of building scale across the Forrestania Hub, leveraging the extensive regional infrastructure, which provides multiple potential processing options for mining operations in future.”
The MRE update was based on the infill and step-out drilling program, which was focused on testing areas immediately adjacent to the existing resource envelope, targeting down-dip and along-strike extensions identified from previous drilling and geological modelling.
Lady Lyla sits within mining lease M77/1325, seven km south-west of the historic more than one million ounce Bounty gold mine, 120km south of Southern Cross in WA.
FRS is down -5.05% to 47¢. Mkt cap $641.9M.
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