- Measured Group appointed to lead Mt Martin scoping study.
- Study follows recently updated Mt Martin gold MRE.
- Study to assess potential development scenarios, including open pit mining.
- Well-funded on back of $3.6 million placement.
Lefroy Exploration (ASX:LEX) has initiated a scoping study for the Mt Martin gold project in the Eastern Goldfields of Western Australia on the back of a recent mineral resource estimate upgrade and a successful capital raise.
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The company has appointed the Measured Group to lead and coordinate the study of a project the company is aiming to be a future gold producer.
Last month, Lefroy Exploration announced it had received firm commitments to raise $3.6 million in a share placement to institutional and sophisticated investors to fund advancement at Mt Martin.
The successful raise came within weeks of Lefroy releasing an updated MRE of 460,000 ounces of gold at an average grade of 1.6 g/t at the Eastern Goldfields project.
Lefroy MD Graeme Gribbin said the funds raised will support the timely completion of the scoping study, ongoing technical evaluation activities and continued advancement of Lefroy’s broader exploration portfolio.
“The commencement of the scoping study represents a significant milestone for Lefroy as we continue advancing our portfolio,” he said. “With a significant mineral resource base exceeding one million ounces of contained gold, the Company is establishing a strong platform for future growth and value creation.
He continued: “The Mt Martin study will provide Lefroy with the technical and economic understandings required to make informed decisions regarding the future advancement of the project and assess its pathway towards development and production.
“This study, coupled with pending assay results from the recently completed resource extension drilling at Mt Martin and the eventual profit share distribution from Lucky Strike, sets the company on an exciting pathway for growth.”
The scoping study at Mt Martin is being undertaken at a preliminary technical and economic assessment level and is intended to evaluate the potential development options available for the project.
The study will include a range of technical inputs and assumptions, with a set of study deliverables, including:
- Pit optimisations and mine designs
- Mine production scheduling
- Economic modelling (capital and operating estimates)
- Geotechnical assessment
- Processing, metallurgical test work and recovery assumptions
- Plant and infrastructure
- Approvals and mine closure considerations
Mr Gribbin said the outcomes will assist Lefroy in assessing the pathway for Mt Martin, including whether the project can progress towards advanced studies and, ultimately, any development and production.
LEX is steady at 11.5¢. Mkt cap $27.68M.
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