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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Lefroy Exploration Limited    LEX   VGG5520W1023

LEFROY EXPLORATION LIMITED

(LEX)
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Lefroy Exploration Limited - Maiden Drilling Program Intersects Gold at Hang Glider Hill

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12/02/2019 | 10:58am EST

Lefroy Exploration Limited (ASX: LEX) ('Lefroy' or 'the Company') is pleased to announce results from a recently completed diamond drilling (DD) program at the Hang Glider Hill ('Hang Glider' or 'HGH') prospect, located within the Lefroy Gold Project.

The three angled holes were designed to evaluate the geology beneath the topographical feature known as Hang Glider Hill and constitute the maiden drilling by Lefroy at this developing gold prospect.

Hang Glider is located approximately 8km south west of the high-grade Daisy Milano underground mine operated by Silver Lake Resources (ASX: SLR), and central to three operating gold plants at Jubilee, St Ives and Randalls. Each of these plants is within 35km of HGH.

The Hang Glider Hill prospect is located close to the interpreted position of the regional scale Mt Monger Fault, along which (some 17km along strike to the south east) the Company continues to enhance the high-grade Lucky Strike prospect. HGH was recognised by the Company in early 2018 following the discovery of numerous gold nuggets (LEX:ASX 26 June 2018) and the definition of a north-westerly gold trend subsequently defined by surface sampling extending 2.3km from the original HGH nugget find.

Drill Program

The primary focus of the diamond drill program was to provide information for a geological model to allow planning of future diamond, RC and aircore drilling. The prominent topographic feature, known as Hang Glider Hill, consists of a shallowly south dipping, strongly deformed sequence of interpreted metasediment, intermediate volcanics and ultramafics that is intruded by feldspar porphyry. This sequence is cross cut by later upright northerly trending quartz-carbonate veins. Gold nuggets have been found in close proximity to the Hill, and also up to 2km along strike (refer LEX:ASX release 27 September 2018), and are interpreted to be derived from a primary source.

Three angled diamond holes were drilled on three drill sections spaced 80m apart. They were sited at the base of the south side of the hill and evaluated 160m of strike. The first hole, 19HGDD001, was drilled to a depth of 258.6m. The rock sequence intersected guided the depths in the subsequent holes drilled on sections 80m either side. Diamond core drilling was commenced from surface for each hole to ensure collection of core through the shallow oxide (saprolite) zone.

Each of the holes intersected a similar geological sequence comprising a shallow oxide zone, and a strongly deformed or sheared zone. These are in contact with a lower, relatively undeformed sequence of biotite altered intermediate volcanic and sedimentary rocks, that includes black shale.

The sheared zone comprises a highly deformed and altered mixed rock sequence that includes interpreted intermediate volcanic rocks, talc-altered ultramafic and feldspar porphyry over a downhole width of approximately 40m. This south flat dipping sheared sequence has a relatively sharp contact with the underlying relatively undeformed intermediate volcanic package and is interpreted to represent a thrust.

The shear zone is also characterised by later stage cross cutting, near vertical quartz veins. Visible gold (VG) was found in one of these quartz veins in hole 19HGDD001. The results from this early stage diamond drilling have confirmed gold mineralisation within the sheared and quartz veined rock package in hole 19HGDD001. The diamond holes 80m along strike either side of 19HGDD001 intersected a similar geological sequence but were not significantly mineralised.

Discussion and Next Steps

The results from the three diamond drill holes have for the first time provided important geological and structural information at Hang Glider Hill that will assist in refining the geological model. In addition, the drilling has discovered a new geological setting that is gold mineralised.

The three diamond holes provide key geological information of the rock package in fresh rock (primary zone) and reinforce the gold prospectivity of the area. This information can now be placed in context with a number of other geological indicators that the Company has been acquiring and building upon since early 2018. In particular, these include the distribution and coincidence of gold nuggets with a gold anomaly defined from auger sampling over a 2km strike length north west from HGH.

The developing geological model and, in particular, the shear zone with cross-cutting gold mineralised quartz veins, provides the Company with a distinctive target horizon and opportunity to focus further exploration that will include drilling. The Company holds approximately 4km of the interpreted structure extending north west from HGH under granted title. A key target area for future drilling is at the north western nugget patch where weathered rock outcrops display similar characteristics to that observed at HGH.

Planning of the next stage of drilling activity is underway. This will include auger drilling to both infill the existing grid, but also to extend to the north west into tenure only granted this year. The auger drilling is expected to commence in the March quarter of 2020.

The Company has commenced a detailed geological mapping program focused along the trend. This work will incorporate assessment and inclusion of mapping conducted by previous exploration companies that were focused on nickel, including WMC and BHP during the 1970's and 1980's.

Integration of the results from the geological mapping, the auger drilling and incorporating knowledge from the recent diamond drilling will guide a focused drilling program along the 4km trend that will include a combination of air core, reverse circulation and diamond drilling.

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 598km2 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). The Farm-In Agreement with Gold Fields over the Western Lefroy tenement package commenced on 7 June 2018. Gold Fields can earn up to a 70% interest in the package by spending up to a total of $25million on exploration activities within 6 years of the commencement date.

Contact:

Wade Johnson

Tel: +61 8 93210984

Email: wjohnson@lefroyex.com

(C) 2019 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
GOLD FIELDS LIMITED 6.47% 113.61 End-of-day quote.6.02%
LEFROY EXPLORATION LIMITED -10.53% 0.17 End-of-day quote.0.00%
SILVER LAKE RESOURCES LIMITED -1.43% 1.72 End-of-day quote.30.22%
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Managers
NameTitle
Wade Johnson Chief Executive Officer, MD & Director
Gordon Thomas Galt Non-Executive Chairman
Michael Neil Macgregor Davies Non-Executive Director
Geoffrey Francis Pigott Non-Executive Director
Susan Patricia Hunter Secretary
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