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- Hustler mineral resource increased by 20% (gold) and 21% (tonnes)
- Deposit total now 826,000 tonnes at 1.4 g/t for 36,200oz
- Investigating opportunity to integrate Hustler with open pit mining at Lady Heria
- Group gold mineral resource currently 1.48 million tonnes at 1.7 g/t for 79,300oz
Lunnon Metals (ASX:LM8) has highlighted the potential to develop its Hustler gold deposit with the release of an updated mineral resource estimate (MRE) for the Western Australia discovery. Hustler was discovered by Lunnon Metals in late CY21, with its very first drill hole after listing on the ASX.
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The Hustler mineral resource has increased by 20% in gold and 21% in tonnes, with the deposit total now estimated at 826,000 tonnes at 1.4 grans per tonne (g/t) for 36,200 ounces. The Husterv upgrade was partnered by an MRE for fellow Kambalda gold and nickel project Lady Herial.
The company is mining the adjacent Lady Herial open pit, with gold ore being purchased by its major 30.15% shareholder, St Ives Gold Mining (SIGM), a wholly owned subsidiary of Gold Fields, under an ore purchase agreement (OPA).
As at June 30, CY26, the effect of mining depletion on the otherwise unchanged Lady Herial MRE and with approximately two months of mining remaining, the Lady Herial gold ore reserve at 30 June 2026 of 82,700 tonnes at 2.1 g/t for 5,600 ounces.
“Hustler and a possible cut-back at Lady Herial are sitting in pole position as the next potential development opportunities,” MD Edmund Ainscough said.
“The current Lady Herial open pit has been a big success and financial enabler. We will continue to fast-track the permitting… and, in parallel, discuss ongoing collaboration with our current partners; SIGM, Hampton Mining & Civil and Goldfields Technical Services, with a view to reproducing that success in FY27.
“With a strong and growing cash balance, and a $13 million drill campaign already underway, shareholders can expect robust news flow throughout the coming months.”
The St Ives gold camp has recorded over 18 million ounces of gold mined from the early 1980s to the present day, which together with over 1.6 million tonnes of nickel metal mined since WMC Resources discovered this world-famous nickel belt in 1966, makes the Kambalda/St Ives district a uniquely endowed and globally significant precious and base metal belt.
Gold has been produced in the area since the discovery of the Red Hill gold mine in 1896 (adjacent to the company’s historical Silver Lake nickel mine at Kambalda).
LM8 is steady at 30¢ this morning.
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