Lefroy Exploration Limited (ASX: LEX) ('Lefroy' or 'the Company') is pleased to announce results from a combined reverse circulation (RC) and diamond tails program that evaluated the Burns copper (Cu) gold (Au) prospect during the March 2021 quarter.

Burns is within the Eastern Lefroy tenement package, which is part of the wholly owned greater Lefroy Gold Project (LGP) located 50km south east of Kalgoorlie.

The Burns prospect is situated on the eastern margin of a large interpreted felsic intrusion, termed the Burns Intrusion. The intrusion does not outcrop and has been identified from its distinctive annular aeromagnetic and gravity geophysical signature (Burns anomaly).

On the eastern side of the Burns anomaly broad high-grade mineralisation has been discovered (refer LEX ASX release 23 February 2021) hosted within a hematite-pyrite-chalcopyrite-magnetite altered porphyry. This porphyry, termed the Eastern Porphyry, is open to the north and south and its eastern extent is unknown. The mineralisation is also open at depth.

In March 2021 six angled RC holes, designed as pre collars for later diamond tails, were completed at Burns. These holes were drilled on five 40m spaced, east west sections along strike from the discovery section that hosts LEFR260. The holes are named LEFR281 to LEFR286 and have hole depths from 60m to 204m (refer LEX ASX release 26 March 2021).

Final assay results from the four diamond tail holes, twenty-two RC holes and 6 RC pre-collar holes (totalling 4955m) have now been received, validated, and compiled and incorporated into the geological model. Interpretation and assessment of the results has delivered the outcomes noted below for each part of the program.

For ease of reference the east-west cross section containing hole LEFR 260 is now titled 0N (zero north). Other sections are titled north and south of this section, e.g., the section which is 40m north of section 0N is now titled 40N, and the section which is 80m south of section 0N is titled - 80N.

Diamond Tails Program

Four diamond tails were completed at Burns in February 2021. The holes were designed to follow up an historical (2014) hole OBUDD001 (refer-Lefroy Exploration Limited-Prospectus: 8 September 2016) which intersected Cu Au mineralisation in a strongly fractured highmagnesium basalt intruded by multiple feldspar porphyritic rocks.

The four recent diamond tails (LEFR266, 268, 272 and 273) were drilled on 40m spaced sections along strike to the north and south of OBUDD001. The final diamond tails terminated at depths ranging from 303.7m to 330.8m. The results from two of the four holes have defined two new, separate, and significant intervals of Cu-Au mineralisation that remain open.

Hole LEFR 272 (section -80N) intersected multiple broad zones of Cu-Au mineralisation within a magnetite pyrite altered basalt. Significant new intersections from that hole include: 65m @ 0.13g/t Au & 0.33% Cu from 24m, 48m @ 0.39g/t Au & 0.41% Cu from 146m

This mineralisation is interpreted to be the down dip position of the very wide interval of mineralisation intersected in RC hole LEFR271 located 20m to the east and to be related to the mineralisation in OBUDD001. This new system is open at depth and along strike.

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). 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

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