- Lefroy Exploration (LEX) confirms it has a half-million-ounce gold resource after reviewing the drilling database and resource model at its Mt Martin mine in WA
- The total shallow mineral resource is now 501,175 ounces of gold and is believed to have considerable resource growth potential
- Significant intersections included 12 metres at 6.65 g/t gold from 318.6 metres, as well as 33.15 metres at 3.82g/t gold from the surface
- Extensional and resource drilling will take place at Mt Martin in Q4 2023 to facilitate the optimisation of open-cut mining before the end of 2024
- Shares last traded at 21 cents
Lefroy Exploration (LEX) has substantiated its half-million-ounce gold resource and growth potential by conducting a comprehensive review of the drilling database and resource model at its Mt Martin mine in Kalgoorlie, Western Australia.
Mt Martin is situated on the western boundary of the company’s greater Lefroy gold project (LGP) and strategically resides in the highly endowed Kalgoorlie Terrane.
The total shallow mineral resource at Mt Martin now stands at 501,175 ounces of gold, and the company has identified significant potential for resource growth and exploration opportunities at the mine.
There are still significant intersections that remain open at depth and include 12 metres at 6.65 grams per tonne (g/t) gold from 318.6 metres, as well as 33.15 metres at 3.82g/t gold from the surface.
LEX Managing Director Wade Johnson urged Mt Martin had not been subject to detailed analysis nor drilling for more than 10 years.
“It is remarkable to now have such an asset in the portfolio with over 500,000 ounces of gold endowment in the Kalgoorlie-Kambalda sphere which has been left untouched for so many years,” he said.
“Since obtaining all mineral rights to Location 45 this year, the Lefroy team has audited a large volume of historical gold exploration data that tells us Mt Martin presents a considerable value-add to LEX’s growing metals portfolio in the Kalgoorlie-Kambalda region.”
The company has chosen to prioritise extensional and resource drilling at Mt Martin, which has been scheduled for Q4 2023.
It’s hoped that these activities will facilitate optimisation studies and the resumption of mining operations to focus on open-cut mining before the end of 2024.
LEX shares last traded at 21 cents.