Lefroy Exploration : AC Drill Results Continue to Expand the Burns Au-Cu System

• 11m @ 0.24g/t Au from 16m to EoH in LEFA1319

• 8m @ 0.28g/t Au from 16m to EoH in LEFA1328

• 4m @ 0.50g/t Au from 16m in LEFA1332

• 20m @ 0.24g/t Au from 16m in LEFA1387

ASX RELEASE-4 July 2022

AC Drill Results Continue to Expand the Burns

Gold-Copper System Beneath Lake Randall

only• Assay results have been received for the final 449 holes of a major 577 hole/21,485m aircore (AC) geochemical drill program that evaluated multiple targets on Lake Randall including the Burns Au Cu system.

• At Burns, multiple infill drill holes intersected gold mineralisation that define a robust anomaly that

extends the system 500m north of discovery hole LEFR260. Significant assay results include:

use	• 12m @ 3.43g/t Au & 0.20% Cu from 40m in LEFA1498
	Including 8m @ 4.89g/t Au & 0.22% Cu from 44m to EoH
•	8m @ 1.28g/t Au from 28m in LEFA1113
	• 8m @ 1.60g/t Au from 64m in LEFA1156

personal• The combined RC and AC drill results at Burns have extended the Au-Cu anomaly to 900m in length which remains open, and which will provide the framework for a follow up land and lake-based RC drill program to deliver a maiden shallow resource.

• At the Neon target, 3500m to the northwest of Burns, encouraging early-stage results were returned from an initial wide spaced drill pattern which intersected diorite porphyry similar to Burns to define a broad 1km by 1km intrusion-related gold anomaly. Better results include: -

• The new results at Neon demonstrate the larger footprint of the gold mineralised diorite porphyry interpreted as part of a larger Burns Igneous Complex (BIC) consisting of multiple porphyry and

Forassociated comagmatic intrusions each with potential to host Au-Cu mineralisation.

• The delay in rig availability has provided the Company the opportunity to integrate the recent drill data into the Burns Au-Cu model to assist and refine the planned +1000m EIS supported diamond drill hole, now scheduled to commence in early July.

Lefroy Exploration Managing Director, Wade Johnson said "the new results from Burns and now the emerging Neon prospect from aircore drilling beneath Lake Randall adds further support to the growing lateral dimensions of mineralisation surrounding the Burns Intrusion. We are now very keen and prepared to commence the deep diamond drill hole at Burns to test the vertical extent of the system which is about to get underway"

ASX Code: LEX	Australian Registered Office	E: [e-mail]
T: [phone]
Shares on Issue: 146M	Level 3, 7 Rheola Street Avenue	ARBN: 052 123 930
Market Capitalisation: $35m	West Perth, 6005

www.lefroyex.com

ASX Announcement

4 July 2022

For personal use only

Lefroy Exploration Limited (ASX: LEX) ("Lefroy" or "the Company") is pleased to report results from the final 449 holes of a 577 hole-21,485m aircore (AC) drill program that evaluated multiple targets including Burns in Lake Randall. Burns is within the Eastern Lefroy tenement package, which is part of the wholly owned greater Lefroy Gold Project (LGP) located 50km southeast of Kalgoorlie (Figures 1 & 4). The major drilling program commenced in November 2021 with results reported for the initial 128 holes on 21 February 2022. The program recommenced on 25 February 2022 and was drilled in stages due to rig availability and weather conditions hampering access to Lake Randall.

The Burns prospect is situated on the eastern margin of a large interpreted felsic intrusion, termed the Burns Intrusion (Figure 2). The intrusion does not outcrop but features a distinctive annular aeromagnetic and gravity geophysical signature. Immediately to the north, three parallel linear magnetic features known as Lucky Strike, Havelock and Erinmore are interpreted to radiate out from the Burns intrusion. The Company is working towards establishing the association between the larger Burns intrusion, the magnetic anomalies and the diorite porphyry intrusions intersected at Burns, but research is ongoing to source evidence to support a view on the genetic relationship.

Broad high-grade gold mineralisation is hosted within a newly discovered hematite-pyrite-chalcopyrite-magnetite altered diorite porphyry (refer LEX ASX release 23 February 2021) that intrudes high Mg basalt at Burns. The gold and copper mineralisation hosted by both the diorite porphyry, basalt and massive magnetite veins is considered to be a new and unique style of Au- Cu mineralisation near Kalgoorlie, within a land position dominated by LEX (Figure 1).

Figure 1 Lefroy Gold Project, highlighting the location of the Burns prospect. Refer to Figure 2 for the Lake Randall drill hole plan

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ASX Announcement

4 July 2022

	Lake Randall AC Drill program-background
	The Company developed a geological model based on diamond drilling at Burns and a wider
	detailed airborne magnetic survey, both of which were completed in mid-2021. These provided
	the initial geological framework to commence a staged drilling program to assess the broader
	limits of the Burns mineral system and surrounding geology in October 2021. The staged
	drilling program aimed to evaluate the multiple magnetic anomalies to place Burns in the
onlygeological context of the wider area and to expand the geological framework to increase the
use	exploration search space. Stage 1 of the program involved drilling land-based targets using an
RC rig, with results reported earlier in 2022 (LEX ASX release 25 January 2022).
The Stage 2 program used a specialised lake aircore rig to evaluate aeromagnetic targets (e.g.,
	Lovejoy, Kenny's Dream) in Lake Randall (offshore) immediately adjacent to and along the
	Burns Corridor. This work was completed in December 2021, with a total of 128 holes
	completed for 7989m of drilling on a nominal broad 160m by 80m hole centre pattern. Results
personal	from that initial program were reported on 21 February 2022.
The lake AC program was expanded with drilling recommencing on 25 February 2022 (LEX
ASX release 25 February 2022). This program was initially designed to follow up and expand
	the footprint of significant high-grade results (e.g. 8m @ 7.31g/t Au from 20m in LEFA1088)
	that were returned from two vertical AC holes located approximately 180m to the north of the
	Burns discovery hole LEFR260. The high-grade holes (LEFR1088 &1089) are 40m apart on
	the same drill section, both intersecting altered Eastern Porphyry (Figure 3), which is the key
	host to Au-Cu mineralisation at Burns. This initial program involved drilling vertical AC holes on
	a 40m-by-40m grid pattern to expand the geochemical footprint around LEFA1088 and
	LEFA1089 and along the interpreted trend of the Eastern Porphyry.
	The program was expanded to include additional drill targets in Lake Randall generated from
	the results from the 2021 drill campaign integrated with geophysical (gravity & aeromagnetic)
	datasets.
	Multiple drill targets were generated in Lake Randall (Figure 2) and designed to discover new
For	gold and/or gold-copper mineral systems, peripheral and parallel to the Burns corridor beneath
Lake Randall and to infill the geological knowledge gap in this largely unexplored area.
The key areas of focus were: -

• Extension of the Burns diorite complex northwest of Lovejoy out to Neon

• Demagnetised zones within the strike extensions of the Lucky Strike, Havelock and Erinmore linear magnetic trends (Targets 2 & 5-Figure 2)

• Targets (e.g., Homers Inlet) associated with the convergence of the regional Mt Monger and Randall Faults (Target 6-Figure 2)

• Immediate southeast strike extension of the sequence that hosts the gold mineralisation at Lucky Bay (Target 4-Figure 2)

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Significant gold results (Table 1) were returned from two vertical AC holes (LEFA1113 & 1498) that were part of the 40m by 40m infill program evaluating an area approximately 500m to the north of the 0N section (Refer Figure 3). The results of the combined AC drilling in this area define a robust gold anomaly (plus 0.1g/t Au) supported by copper anomalism that extends 500m to the north of discovery hole LEFR260. The dimensions of the Burns gold anomaly now extend to 900m north-southand 200m east-westand is open for growth (Figure 3).

Assay results have been received, validated and interpreted for the final 449 vertical aircore holes drilled to evaluate the 6 priority Au-Cutargets including Burns all located within Lake Randall.

Results

onlyuse

personalFigure 2 Grey scale satellite image of the location of Burns relative to Lake Randall highlighting the extent of the recent AC drilling and targets evaluated and the interpreted three linear magnetic features The inset area refers to the area of detailed RC & diamond drilling at the Burns Au-Cuprospect and the location of LEFA1088 and LEFA1089 (Figure 3).

For

The extent of drill hole coverage from these campaigns is shown on Figure 2.

ASX Announcement

4 July 2022

ASX Announcement

4 July 2022

only	Significant results from this program include:
	• 11m @ 0.96g/t Au from 28m in LEFA1113
		Including 8m at 1.28g/t Au from 28m
		• 8m @ 1.60g/t Au from 64m and 1m @1.02g/t Au from 76m to EoH in
		LEFA1156
For personal use		• 12m @ 3.43g/t Au & 0.20% Cu from 40m in LEFA1498
	Including 8m @ 4.89g/t Au & 0.22% Cu from 44m to EOH
	Figure 3 Inset map of Burns highlighting the extent of the recent AC drilling on Lake Randall and interpreted extent of
	the Eastern Porphyry and gold anomaly (>0.10g/t Au) at Burns. Drill holes completed in 2022 are symbolised by stars
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