Lefroy Exploration Limited (ASX: LEX) ('Lefroy' or 'the Company') is pleased to provide and update to activities on the Western Lefroy JV tenement package.
Importantly, Gold Fields Limited (NYSE: GFI) ('Gold Fields') has provided an export of validated drill results from the aircore (AC) drilling program completed in April 2020 on the Company's tenements over Lake Lefroy and the adjacent Lake Randall.
The recent drilling program complements the major phase of foundation aircore drilling that commenced in late January 2019 and is part of the $25million Farm-In and Joint Venture (JV) agreement between Lefroy and Gold Fields that commenced in June 2018.
The tenements form part of the Western Lefroy tenement JV package that cover 372km2 adjoining the St Ives gold camp. Western Lefroy is part of the wholly owned greater Lefroy Gold Project (LGP) located 50km south east of Kalgoorlie. The Company maintains exploration at the non-JV Eastern Lefroy which covers priority prospects at Lucky Strike, Red Dale and Hang Glider Hill.
Drill Program
Gold Fields commenced the major full field aircore (AC) drilling program in late January 2019 (refer: LEX ASX release 31 January 2019). That initial program involved completing approximately 350 vertical holes spaced 200m apart on broad traverses up to 1km apart to cover most of the JV tenure in Lake Lefroy, and the adjacent Lake Randall using a specialised lake drilling rig.
In August 2019 Gold Fields completed the aircore (AC) drilling program on tenements within Lakes Lefroy and Randall with 776 vertical air core holes totaling 40,421m being completed. The program yielded foundation geological and geochemical information that has been interrogated in conjunction with the geophysical data to deliver specific drill targets for deeper drill testing and hence termed foundation drilling.
The results of that foundation drilling program yielded multiple new gold anomalies in Lake Lefroy and expanded the footprint of the anomalies identified by the Company during its 2017 lake drilling campaign. These include the Zanex, LLT04, and the LLT06 prospects. New areas of regolith hosted gold mineralisation were outlined in Lake Lefroy but also from wide spaced initial drilling in the adjacent Lake Randall. The key new anomaly in Lake Lefroy is known as Eastern Shoreline where a linear gold trend has now been defined over a 7000m strike. Better results from this trend include 7m at 0.70g/t Au from 74m in SAL1467 and 6m at 1.53g/t Au from 88m in SAL1533.
In April 2020 Gold Fields initiated and completed an aircore drill program designed to improve and extend the Eastern Shoreline, and a number of other anomalies with both infill and extensional drilling in both Lake Lefroy and Lake Randall (refer LEX ASX release 30 March 2020). That program resulted in the drilling of 66 vertical for 4300m evaluating seven target areas. The drill density is still considered wide spaced with infill drill traverses at 200m or 400m spacings and holes centres at a nominal 200m apart. The wide spacing of the drill holes is designed to conduct effective first pass reconnaissance to screen large areas. All holes were drilled to blade refusal and penetrate a variable thickness of transported cover and oxidised bedrock.
Background to the Western Lefroy JV (WLJV)
The Western Lefroy tenement package is a Joint Venture with Gold Fields which commenced on 7 June 2018 (ASX: LEX 7 June 2018). Gold Fields can earn up to a 70% interest in the Western Lefroy tenements by spending up to a total of AUD$25million on exploration activities within 6 years of the commencement date. This includes a minimum expenditure requirement of $4 million within 2 years before Gold Fields can elect to withdraw. Gold Fields has met the minimum exploration commitment of $4million before withdrawal. This was a requirement of the Stage 1 earn in commitment to sole fund $10million to earn a 51% interest in the joint venture. Gold Fields are required to fund an additional $6million for AFY2021 to earn that 51% WLJV interest.
Gold Fields is globally diversified gold producer with nine operating mines in Australia, Peru, South Africa and West Africa (including the Asanko JV), as well as one project in Chile. It has a total attributable annual gold-equivalent production of 2.2million ounces, attributable gold-equivalent Mineral Reserves of 51.3Moz and Mineral Resources of 115.7Moz. Mining assets in Australia include a 100% interest in the St Ives, Agnew and Granny Smith mines in the Eastern Goldfields of Western Australia, with a combined annual production of approximately 935koz. Gold Fields also has a 50% interest in the Gruyere mine with Gold Road Resources (ASX: GOR) also in the Eastern Goldfields.
Gold Fields commenced exploration on Western Lefroy in July 2018 involving multidisciplinary ground and airborne geophysical surveys (gravity and magnetics) primarily located on or near Lake Lefroy. Those surveys built upon the data collected by the Company in 2017 to deliver a foundation detailed geophysical dataset used for target identification. To complement this foundation geophysical data, Gold fields commenced a large full field aircore drill program on Lake Lefroy within the Western Lefroy JV tenements between January and August 2019.
About Lefroy Exploration Limited and the Lefroy Gold Project
Lefroy Exploration Limited is a WA based and focused explorer taking a disciplined methodical and conceptual approach in the search for high value gold deposits in the Yilgarn Block of Western Australia. Key projects include the Lefroy Gold Project to the south east of Kalgoorlie and the Lake Johnston Project 120km to the west of Norseman.
The 100% owned Lefroy Gold Project contains mainly granted tenure and covers 621km2 in the heart of the world class gold production area between Kalgoorlie and Norseman. The Project is in close proximity to Gold Fields' St Ives gold camp, which contains the Invincible gold mine located in Lake Lefroy and is also immediately south of Silver Lake Resources' (ASX: SLR) Daisy Milano gold mining operation. The Project is divided into the Western Lefroy package, subject to a Farm-In Agreement with Gold Fields and the Eastern Lefroy package (100% Lefroy owned).
Contact:
Wade Johnson
Tel: +61 8 93210984
Email: wjohnson@lefroyex.com
LEFROY EXPLORATION LIMITED 
