Lefroy Exploration : Resampling at Burns Better Defines Copper Gold Intersections

ASX RELEASE-27 April 2021

Resampling of RC holes at Burns confirms and better defines recent Copper Gold intersections

• Results have been received for 1m resamples for the 22 RC holes drilled in January 2021 at the Burns Copper Gold prospect. The initial results were reported for these holes on 23 February 2021 (refer LEX ASX release 23 February 2021). Most of the results reported in that announcement were from 4m composite samples.
• The resampling has confirmed the tenor of mineralisation reported previously in each hole but now better defines the higher and lower grade zones in each hole as well. Full details are given in Table 2. This better definition will assist the determination of the geological settings for the copper gold mineralisation.
• The most notable result from the resampling is from Hole LEFR 260. The new data validates the spectacular intercept previously reported as follows:

Was 60m @ 5.22g/t Au and 0.38% Cu from 112m to EOH

Incl. 20m @ 12.2g/t Au & 0.87% Cu and 1.7g/t Ag from 144m (244gm metres Au)

Now 38m @ 7.63g/t Au & 0.56% Cu from 134m to EOH

Incl. 27m @ 10.1g/t Au & 0.74% Cu and 1.5g/t Ag from 141m (272gm metres Au)

• Diamond drilling is now underway at Burns, with the first hole being designed to twin and then extend the zone around LEFR 260. A further 14 holes are planned under this current program, with total length of drilling to exceed 2000m.
• A detailed analysis of all RC and diamond holes completed in the March 2021 Quarter drilling program will be released later this week.

ASX Code: LEX	Australian Registered Office	E: [e-mail]
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www.lefroyex.com

ASX Announcement

27 April 2021

Lefroy Exploration Limited (ASX: LEX) ("Lefroy" or "the Company") is pleased to announce the results of 1 m resampling of the reverse circulation (RC) program that evaluated the Burns copper (Cu) gold (Au) prospect in January 2021 (refer LEX ASX release 23 February 2021). 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 (Figure 1).

The Burns gold copper prospect is situated on the eastern margin of a large interpreted felsic intrusion, termed the Burns Intrusion. The intrusion does not outcrop but features a distinctive annular aeromagnetic and gravity geophysical signature.

Broad high-grade mineralisation is hosted within a newly discovered hematite-pyrite-chalcopyrite- magnetite altered dorite porphyry. This porphyry, termed the Eastern Porphyry, is open to the north and south and its eastern extent is unknown (Figure 2). The mineralisation is open at depth.

Resampling of RC holes is best practice where intercepts have been bulked up or composited for initial testing during early-stage exploration. The resampling results have now been received, validated, compiled and incorporated into the geological model.

Figure 1 Lefroy Gold Project, highlighting Eastern and Western Lefroy, the location of the

Burns prospect and proximity to Lucky Strike. Refer to Figure 2 for Burns drill hole plan.

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ASX Announcement

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Discussion

Most of the results reported in the LEX ASX release 23 February 2021 were from 4m composite reverse circulation (RC) drill samples. Sampling based on 4m intervals is standard practice in early-stage exploration programs where large amounts of data are being gathered from green field exploration locations. If worthwhile intercepts are found from 4m sampling, then standard practice is for follow up resampling of the same intersections at 1m sample size.

The 4m composite samples are prepared by taking a portion from each 1m drill spoil sample to prepare a 4m composite interval. These samples were analysed for gold, copper and silver by the aqua regia method. The 1m rotary split sample is collected at the time of drilling but not submitted for analysis. However, in drill hole LEFR260, 1m rotary split samples were submitted for a 20m down hole interval based upon visual indicators (alteration, sulphides) recorded by the geologist at the time of drilling.

The resampling involves collecting the individual 1m rotary split sample from an interval where the 4m composite samples return anomalous gold or copper values. This sampling methodology is standard practice by the Company during exploration in greenfields targets where the existence of mineralised intervals is not known in advance. All the 1m samples were analysed for gold by the fire assay analytical technique, and a suite of base metals (incl. Cu, Ag).

Significant results (Table 2) from the resampling program include: -

1. 38m @ 7.63g/t Au & 0.56% Cu from 134m to EOH in LEFR260 Incl. 27m @ 10.1g/t Au & 0.74% Cu from 141m

1. 14m @ 1.04g/t Au & 0.36% Cu from 102m in LEFR267
   o 22m @ 0.77g/t Au & 0.71% Cu from 34m in LEFR270
   Incl. 1m @10.4g/t Au & 2.23% Cu from 48m
   o 106m @ 0.32g/t Au & 0.55% Cu from 24m in LEFR271

The resampling results support and reinforce the Cu-Au mineralisation previously reported and compiled from combined 1m and 4m composite samples.

In particular, the key interval in hole LEFR260 has strengthened from 20m @ 12.2g/t Au & 0.87% Cu from 144m to 27m @ 10.1g/t Au & 0.74% Cu from 141m. This mineralisation is within a broader 60m interval of 5.00g/t Au.

The intersection in hole LEFR 270 has improved compared to the original 4m composite samples and has outlined a new zone of Cu-Au mineralisation in oxidised basalt on the northern most drill traverse and is open. This intersection may be reflecting supergene mineralisation from the magnetite pyrite altered basalt intersected approximately 120m to the south in holes LEFR 271, LEFR 272 and historical hole OBUDD001. This now provides a new and additional target area at Burns for future follow up.

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Figure 2 Drill hole plan at the Burns prospect highlighting the Jan-Mar 2021 drill program (LEFR 259 to LEFR

1. planned diamond drill tails (blue open circles) relative to LEFR260 and the interpreted extent of the Eastern Porphyry (refer LEX ASX release 9 March 2021 for drill section AA').

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Figure 3 RC drill sections that highlight RC resample results Section AA' depicts current diamond hole LEFD004 that is currently underway.

This announcement has been authorised for release by the Board

Wade Johnson Managing Director

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