Lefroy Exploration : Exploration Update - RC Drilling Underway at Burns

ASX RELEASE-17 March 2022

only	Exploration Update
		RC Drilling Underway at Burns
• An RC drilling program is underway at the Burns Cu Au prospect to follow up a recently
use	discovered gold intersection within the Lefroy Palaeochannel
The program is designed to evaluate and expand the footprint of the recently reported
•
		multiple gold intersections from hole LEFR307 that tested the centre of the large Burns
		intrusion located 1600m to the west of the established Burns Cu Au system. That intersected
		an altered monzodiorite porphyry beneath palaeochannel sediments. Those results outlined:
personal	• A new palaeochannel hosted intercept of 17m @ 1.70g/t Au from 75m
including 7m @ 3.68g/t Au from 80m that is open
• The first intersection within the monzodiorite basement of 11m @ 0.42g/t
		Au from 100m, that supports this as a new host and is also open
•	A total of 20 vertical holes for an estimated 2000m will cover approximately 1.5km of the
		palaeochannel at Burns on a broad 320m-by-80m pattern, the results from which will guide
		follow up detailed pattern RC drilling
•	An additional two angled RC holes are also planned to evaluate 20m to the north and south
		of the Burns discovery hole LEFR260 which intersected 38m @ 7.63g/t Au & 0.56% Cu from
		134m. The two holes will provide improved control of this high-grade zone in advance of
		planning of a +1000m deep EIS co-funded diamond hole targeting the depth extension to
		and geological character of the intrusion related Cu Au system
•	Samples from this program will be prioritised for analysis based on lithologies intersected
For	with initial results expected in May 2022

Lefroy Exploration Managing Director, Wade Johnson said "We are very keen to be back out RC drilling at Burns firstly with an initial broad test of the palaeochannel system to follow up the intersection in LEFR307, and secondly to focus on the high-grademineralisation adjacent to discovery hole LEFR260. We will prioritise selected samples from this program for analysis, the results from which will assist in planning further RC drilling along the channel, and the siting of the +1km EIS co-fundeddiamond hole to probe the depth of this unique intrusion related Cu Au system"

ASX Code: LEX	Australian Registered Office	E: [e-mail]
T: [phone]
Shares on Issue: 146M	Level 3, 7 Rheola St
ARBN: 052 123 930
Market Capitalisation: $46m	West Perth, 6005

www.lefroyex.com

ASX Announcement

17 March 2022

onlyuse		RC drilling at Burns hole LEFR313
personal
Lefroy Exploration Limited (ASX: LEX) ("Lefroy" or "the Company") is pleased to announce that a
	reverse circulation (RC) drilling program is underway at the Burns Cu Au prospect located within
	the Company's wholly owned Eastern Lefroy Project, 70km's southeast of Kalgoorlie.
	The RC drilling is primarily following up and testing the extensions of a new gold zone and opportunity
	discovered approximately 1600m to the west of the established Burns Cu Au system in an RC drill
	program in late 2021 (Figure 1). Two holes (LEFR306 & 307) in that program were drilled to evaluate
	the untested core and margin to the large Burns Intrusion.
	Vertical hole LEFR307 was designed to evaluate the intrusion but also follow up a prior subtle gold
	anomaly hosted in transported cover in an historical aircore hole. The single RC hole intersected a
	broad gold interval at the base of the transported cover (palaeochannel sediments) and established
	gold mineralisation in the monzodiorite basement (LEX ASX release 25 January 2022). The results
	include: -
	• A new palaeochannel hosted intercept of 17m @ 1.70g/t Au from 75m including
	7m @ 3.68g/t Au from 80m that is open
	• The first intersection within the monzodiorite basement of 11m @ 0.42g/t Au from
	100m, that supports this as a new host and is also open
	This single hole established that the basal sediments in the palaeochannel at Burns can host
Forsignificant gold mineralisation and that the monzodiorite basement beneath is also a host to primary

gold mineralisation. The Burns palaeochannel (channel) is part of the larger Lefroy palaeodrainage that extends east from the St Ives gold operation and where gold mining is conducted at the Neptune pit, hosted by palaeochannel sediments (Figure 2).

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ASX Announcement

17 March 2022

For personal use only

The Company has commenced a wide spaced RC drill program to assess the interpreted deeper part of the channel at Burns where the gold mineralised basal gravels are interpreted to occur. The program will involve drilling 20 vertical holes totalling 2000m on a nominal 320m by 80m pattern to evaluate approximately 1500m of the channel (Figure 1). Each hole has a planned downhole depth of 100m to both test the channel sediments and the underlying bedrock.

Selected one metre samples from the interval containing the basal gravels will be prioritised for analysis. Assay results are expected in May 2022. The results from this initial broad evaluation of the channel at Burns will provide the base for follow up more detailed pattern RC drilling.

Figure 1 Location of planned RC holes along the interpreted Lefroy Palaeodrainage at Burns, relative to the Burns Prospect and extent of drilling in Lake Randall

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ASX Announcement

17 March 2022

For personal use only

In addition to the Burns channel program, two angled RC holes are planned to evaluate the along strike continuity of the high-grade copper gold mineralisation in LEFR260 located on the 0N or baseline section at Burns. That RC hole, known as the Burns discovery hole intersected 38m @ 7.63g/t Au & 0.56% Cu from 134m provided the base for subsequent follow up diamond and RC drilling on 40m or wider step out drill sections.

The two angled RC holes are planned to evaluate the continuity and dimensions of this high-grade zone 20m to the north (20N) and 20m to south (20S) of LEFR260. The results from these holes when interrogated with existing drill data will provide further support for the planning of a single +1000m diamond hole into the Burns System. Co-funding for this hole is provided under the Exploration Incentive Scheme (EIS) managed by the Department of Mines, Industry Regulation and Safety (DMIRS) (refer LEX ASX release 29 October 2021).

The diamond hole is scheduled to be commenced in June 2022.

Figure 2. Location of the Lefroy Gold Project, Burns and the extent of the Lefroy Palaeochannel (refer to Figure 1 for inset)

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ASX Announcement

17 March 2022

For personal use only

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 southeast 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). 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.

Location of the Lefroy Gold Project relative to Kalgoorlie. The Western Lefroy tenement package subject to the Gold Fields joint venture, and Gold Fields tenure are also highlighted

For Further Information please contact:

Wade Johnson

Managing Director

Telephone: [phone]

Email:[e-mail]

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