Lunnon Metals Ltd (ASX:LM8) has found gold grading up to 5.27 grams per tonne across 18 metres through a drilling program at the Lady Herial target in Western Australia, with the discovery defining a thickly mineralised zone with numerous gold intercepts.
The target – which is at Foster, part of Lunnon’s Kambalda Gold & Nickel Project (KGNP) – was subject to follow-up diamond drilling and in-fill reverse circulation (RC) drilling work throughout the 2024 financial year, with assays from these programs just beginning to come in.
From the RC program, intercepts included 18 metres at 5.27 grams per tonne (g/t) gold from 18 metres; 13 metres at 0.96g/t from 22 metres; 7 metres at 0.69g/t from 31 metres; and 11 metres at 0.89g/t from 28m.
Diamond drilling meanwhile picked up intercepts such as 22.50 metres at 0.94g/t from 8.5 metres including (with a cut-off of >1.0g/t Au) 2.50 metres at 3.82g/t from 10.5 metres; 3.49 metres at 3.05g/t from 21.5 metres (further including 0.99m @ 6.86g/t where minor visible gold was recorded); and 1.00 metres at 1.08g/t from 30.0 metres.
Managing director Edmund Ainscough said these results would set the company up to progress Lady Herial further down the track to production.
“The re-focus on gold at Foster continues to deliver exciting results. Recognising these near surface widths at good grade and also the presence of frequent visible free gold is especially encouraging for Lady Herial,” he said.
“As soon as all results are back our minds will turn to a possible Mineral Resource estimation and then open pit optimisation exercise.
“The team at Lunnon Metals has already shown it can drill, define, estimate and then optimise its discoveries rapidly, with the way the Baker nickel deposit was progressed from first drill hole to permitted Mining Proposal in a little over 2 years.
“This track record is made possible by the inherent positive aspects of our tenure at Kambalda, including abundant existing infrastructure, granted mining leases, minimal regulatory steps to permitting and low-modest start-up capital.
“Lady Herial might be the first cab off the rank for gold but the site team see many more opportunities in the short-medium term with the gold price at all-time highs in Australian dollar terms.”
Lunnon shares were trading at 16 cents at 11:04 AEST – a rise of 6.67% since the market opened.