- $13 million FY2027 exploration program underway at Foster-Baker
- Benmore is first conceptual target tested under FY2027 program
- New mineralised structure, estimated at 40m true width intersected
- Assays remain pending for remainder of shear zone and other holes
Lunnon Metals (ASX: LM8) has identified a new mineralised zone in its FY2027 exploration program at the Benmore target within the Foster-Baker gold project (FBA) in WA.
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The assay result for the prioritised zone was 17.86m at 0.61 grams per tonne (g/t) gold. Gold grades were variable across the multiple breccia/vein structures and associated host rock, ranging from 0.03 g/t gold up to 8.37 g/t gold (over 0.36m) and 7.26 g/t gold (over 0.32m).
Once the core was cut, visible gold was logged within the central zone at 302.25m downhole although the assay for that interval was just 0.92 g/t gold, highlighting the potential for a nugget effect.
Assays remain pending for the remainder of the shear zone and DD hole.
FBA is located in the middle of the prospective St Ives gold camp, a district that has now recorded more than 18 million ounces of gold mined.
The company’s $13 million FY2027exploration program represents the first part of a two-year program to test its previously reported exploration target.
Drilling commenced at the first target, Benmore where there has been limited gold exploration given the historical focus on nickel mining by WMC Resources between the 1970s and the mid-1990s and the subsequent location of the St Ives gold processing plant/infrastructure adjacent to the relevant area.
“The FY2027 drill program is self-funded by the successful Lady Herial open pit, to the tune of $13 million, allowing us to explore our ground at St Ives, an area at the heart of one of Australia’s great gold camps,” MD, Edmund Ainscough, said.
“This first drilling at Benmore has identified a new gold mineralised structure in an area where extensive surface infrastructure has hindered exploration in the past.
“Benmore is still an early-stage conceptual target and further work is required to determine the orientation, extent and significance of the mineralisation intersected.
“However, these framework holes are not necessarily designed or expected to intersect gold mineralisation, which makes the identification of a new, gold mineralised structure in just the third hole drilled so much more satisfying.”
LM8 is steady at 30.0¢ with a Mkt cap of $67.00M prior to markets opening.
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