Lefroy Exploration : Coogee South – Aircore Drilling Underway

ASX RELEASE-30 August 2021

Coogee South - Aircore Drilling underway

• A maiden 150-hole aircore drill program is underway at the Coogee South prospect to evaluate a 1500m long corridor defined from historical drilling directly along strike to the south east of the Coogee open pit.
• The close-spaced aircore drill program is aimed at defining gold and copper anomalies along the trend, which may represent the footprint of primary mineralisation to be evaluated with later, deeper penetrating RC drilling.
• The aircore drilling is expected to take 3 weeks to complete, with initial assay results expected in October 2021.
• The Coogee South prospect is wholly within the Eastern Lefroy Project, having been excised from the Western Lefroy Farmin and Joint Venture with Gold Fields in June 2021.
• The Coogee South prospect was nominated as the primary target for Lefroy at the time of its IPO prospectus in October 2016. The prospect:
• • covers 7.8km2 of a granted exploration licence,
  • adjoins and contains the immediate southern strike extension of the shallow, high-grade Coogee Open pit (20koz @ 5gpt), which was mined in 2014, and
  • has a geological/geophysical setting with similarities to Lefroy's Burns Cu Au prospect, which is 14 km to the south-east of Coogee South.
• A detailed aeromagnetic survey covering Coogee South was recently completed, with the final data currently being processed. The new data will help refine the current drill program and facilitate the generation of additional targets in addition to the existing buried felsic intrusion, which has a similar magnetic response to that of the Burns prospect.

Lefroy Exploration Managing Director, Wade Johnson said "While we wait on assay results from the diamond and RC drill holes at Burns, the other drill-readytargets in our portfolio provide us with evaluation optionality. Coogee South was the priority target in our 2016 prospectus, so we are excited to have the maiden drilling program underway now. We are keen to enhance and capitalise on the RAB drilling done nearly 30 years ago and to outline gold anomalies for follow up RC drilling later this year."

ASX Code: LEX	Australian Registered Office	E: [e-mail]
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Market Capitalisation: $51m	West Perth, 6005

www.lefroyex.com

ASX Announcement

30 August 2021

Lefroy Exploration Limited (ASX: LEX) ("Lefroy" or "the Company") is pleased to update the market on the commencement of its maiden aircore drilling program at the recently acquired Coogee South property. Coogee South is located within the wholly owned Eastern Lefroy tenement package, which is part of the wholly owned greater Lefroy Gold Project (LGP) located 50km southeast of Kalgoorlie (Figure 1).

The LGP is a commanding, semi-contiguous, granted land package that covers 637.6km2 immediately east of and adjoining the world class +10Moz St Ives Gold camp, which is owned and operated by Gold Fields. The project is also immediately south of the high-grade Mt Monger gold centre operated by Silver Lake Resources Limited (ASX:SLR) ("Silver Lake"). LGP is referenced in two packages:

• Eastern Lefroy covering 265.6km2 of wholly owned tenements (Figure 1) including Lucky Strike, Red Dale, Hang Glider Hill, Havelock, Burns, Coogee South and other sub-projects along or near the regional scale Mt Monger fault, and
• Western Lefroy Farm-in ("WLFI") tenements (Figure 1) covering 372km2 adjoining the Gold Fields tenements that make up the St Ives mining operation. Gold Fields can earn up to a 70% interest in the LEX tenements by spending up to a total of $25million on exploration activities within 6 years of the commencement date, 7 June 2018.

Figure 1 Lefroy Gold Project with location of Coogee South. Refer to Figure 2 for inset map.

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ASX Announcement

30 August 2021

Coogee South Drill Update

The Coogee South Prospect is located immediately along strike to the south of the high-grade (+5g/t Au) Coogee open pit (Figure 2 & 3), which was successfully mined by Ramelius Resources Limited ("Ramelius" and ASX: RMS) during 2014. Coogee South was excised from the Western Lefroy Farm-in and JV and returned as a 100% owned project to the Company on 18 June 2021 (refer LEX ASX release 2 August 2021).

A maiden 150-hole detailed aircore drilling program is underway to evaluate a priority target area immediately along strike to the south of the Coogee open pit (Figure 3 & 4), where a limited phase of RC drilling in 2006 recorded a best intersection of 17m at 1.67g/t Au from 99m in CSRC03 (Figure 2). This target remains open down dip and along strike. The existing drilling results are supported by gold anomalies defined by rotary air blast (RAB) drilling completed in the early 1990's that extend for approximately 1500m to the south of the VIC-LEX tenement boundary (Figure 2).

Figure 2 Inset Map showing the extent of the Coogee South excision from granted exploration licence 26/184 and proximity to the Coogee Open pit (Figure adapted from Figure 8 Independent Geologists Report in Lefroy Exploration Limited-Prospectus: 8 September 2016)

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ASX Announcement

30 August 2021

Given that the early (1980- early1990's era) RAB drilling was shallow and considered by the Company to be only partially effective, this maiden exploration program underway Coogee South will evaluate the mineralised trend with deeper penetrating aircore hammer drilling. Bedrock targets generated from this phase of drilling will be tested by RC drill follow up. RC drilling is also planned to follow up and step out from the 2006 RC intersection of 17m at 1.67g/t Au in CSRC003.

The Company believes that the Coogee deposit is part of a larger gold copper system that surrounds a buried felsic intrusion (Figure 2) with characteristics like that observed at Burns. Further evidence of this is the discovery of a new occurrence of gold and copper mineralisation by Victory Mines Limited ("Victory" and ASX: VIC) in recent 51-hole reverse circulation (RC) drill program north of the Coogee open pit (VIC ASX release 26 August 2021). Victory announced that the results from 34 of the 51 holes from that program have further strengthened the 1km strike length of the gold and copper mineralised system at Coogee.

The 150-hole air core drilling program will evaluate the 1500m corridor with close spaced (80m line & 40m centres) drilling (Figure 2). The holes are effectively a geochemical sampling program designed to outline and generate regolith (oxide rock) gold anomalies for follow up deeper RC drill evaluation. The air core program is expected to take 3 weeks to complete with initial assay results expected in October 2021.

The Company has also recently completed a detailed 25m line spaced aeromagnetic survey over the Coogee South Prospect. This will provide enhancement of the magnetic features and anomalies rimming the granitic intrusion to assist in outlining further targets with a magnetic character similar to that observed at Coogee. Processing of the aeromagnetic data is underway.

Figure 3 Photo looking north toward the Coogee open pit with the aircore drill rig in the middle foreground. Lake Lefroy is in the distant left of the scene

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ASX Announcement

30 August 2021

Drill Rig

Figure 4 Photo looking south over the Coogee open pit toward Coogee South with the aircore drill rig in the middle foreground.

This announcement has been authorised for release by the Board

Wade Johnson
Managing Director	END

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