Lefroy Exploration Limited (ASX: LEX) ('Lefroy' or 'the Company') is pleased to report on the results from a 3120-hole auger drilling program completed at Eastern Lefroy.

The program covered a contiguous package of tenements covering a strike length of 17km from Hang Glider Hill (HGH) gold prospect (refer LEX ASX release 29 November 2019) to the Lucky Strike gold deposit (LEX ASX release 20 May 2020). The area is within the 100% owned non-JV Eastern Lefroy tenement package, part of the greater Lefroy Gold Project (LGP) which is located 50km to the south east of Kalgoorlie.

HGH is located in the north west region of the Company's Lefroy Gold Project ('LGP' or 'Project') and was recognised in 2018 after the discovery of multiple gold nuggets over a 2km trend. It is part of the Eastern Lefroy package of tenements which covers 249km2. Tenements are wholly owned by LEX and are not subject to any farm-in agreements.

The recent auger geochemical program was designed as a first pass exploration technique to screen a contiguous group of tenements covering 71 square kilometres that straddle the interpreted position of the regional scale Mt Monger fault. The Company considers areas around the Mt Monger Fault to be prospective for large gold deposits and hence these areas are a major focus for exploration by the Company.

Drill Program

In July 2020 the Company commenced (LEX ASX release 3 August 2020) an early stage auger drilling program as an initial exploration search tool to assess a large area (71km2 ) adjacent to the interpreted position of the Mt Monger fault. The program complemented and extended the auger drilling programs completed by the Company during 2018 and 2019 at Hang Glider Hill and HavelockLucky Strike and provide a base surface geochemical coverage over approximately 25km of strike along the Mt Monger Fault. A total of 3120 samples were collected.

The auger drill sampling technique takes a single point sample of a carbonate rich horizon from up to 2m from surface and is effectively a surficial sample. The technique is an effective first pass exploration tool to screen large areas for the surface expression of a shallow bedrock gold system. The majority of the sample points were collected on 50m centres on north east trending lines space 400m apart. A small area of the program was completed on a closer spaced (200m) east west line spacing consistent with an earlier discrete soil sampling program completed by Western Mining Corporation (WMC) in the early 1990's.

The auger drilling program was completed in early September 2020 and results from all but 300 samples have been received. The results from the remaining 300 samples are expected in 2 weeks. The Company pleased to announce the results from the program have been very successful in generating new gold exploration targets for drill testing. The general background of gold anomalism is +10ppb Au over most of the trend. The initial focus is the higher value (+50ppb Au) anomalies. Five new surface gold anomalies within the Hang Glider Hill exploration hub have been identified.

Three robust parallel north-south trending gold anomalies (termed C, D &E) that each extend over more than 400-600m in strike length have been outlined south of the Hang Glider Hill prospect. The anomalies are each constrained by results at each auger sample point that exceed 50ppb Au. A peak value of 581ppb Au (0.58g/t Au) comes from anomaly D and is the highest gold result recorded from the program.

The Company considers the anomalies C, D and E to be an exciting new development in the Hang Glider Hill area. The northerly trend of the anomalies is oblique to the westerly trend of the mafic and ultramafic stratigraphy. This may represent the surface expression to multiple northerly trending gold mineralised bedrock structures. Prior drilling (RC and diamond) in the area by WMC in the 1990's targeted the ultramafic stratigraphy for Ni mineralisation but the diamond and RC holes were not analysed for gold. The holes were orientated to the north parallel with the surface gold trends.

A further two anomalies striking roughly north-west are located approximately 2.5km along strike to the south-east of the Hang Glider Hill prospect where diamond drilling by Lefroy in late 2019 intercepted 6.8m @ 1.86g/t Au from 53.7m. The Hang glider Hill prospect is recognised by a similarly discrete +50ppbAu surface gold anomaly.

Anomaly B has strike length of 600m and varies in width from 150m to 300m. The tenor of gold at anomaly B is considered high with several samples exceeding 75ppb gold in the core of the anomaly. The two new gold anomalies are located proximal to the interpreted position of the Mt Monger and Hang Glider Hill Faults and further strengthen the gold prospectivity along this developing corridor.

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 searching 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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