LEFROY EXPLORATION LIMITED The Company's maiden resource expansion drilling program at Mt Martin consisted of 29 reverse circulation (RC) drillholes located proximal to the existing open pit and evaluated multiple extensions at depth and shallow gold-bearing shear structures over a strike length of 1,000m. Each hole averaged approximately 200m depth for a total of 5,712m. The drillholes were targeted as nominal 40m step-outs from existing mineralisation. The program returned significant gold intersections which have extended mineralisation beyond the existing Indicated/Inferred Mineral Resource Estimate (MRE) of 501,175oz gold.
These results are highly encouraging as they confirm the mineralised structures have significant down-dip continuity that remains open at depth to the west of the existing resource. There is significant potential for the discovery of additional shoot structures proximal to the existing resource where the controlling structures remain untested along strike to the north and south. The proximity of these zones close to the base of the existing open pit presents a compelling target for future shallow underground mine development. Drill holes on the east side of the pit were planned to confirm the near-surface continuity of mineralised structures including the Main Shear and the East Shear, outside the eastern extent of the open pit. This area has been subject to limited historic drilling and forms a gap in resource data immediately outside the open pit.
These holes confirm the discovery of an entirely new shoot structure in hole LEFR393 that remains open at depth, and to the north along strike. These initial results are considered by the Company to be very exciting and highlight the potential for the discovery of additional new zones of mineralisation adjacent to the pit and outside the current MRE that are almost entirely untested by effective drilling. Shallow additions to the MRE in the area east of the pit have the potential to significantly improve pit optimisations and deliver additional ounces into any future mining studies. Lefroy considers the East Shear has potential to be a new shallow gold resource that will be a priority for the next phase of exploration and resource expansion drilling. The maiden RC program also improved Lefroy's confidence in the geological model by confirming the major shear structures (Main, North and East) as consistent controls on mineralisation. Full suite geochemical analysis and hyperspectral data remains outstanding and will form the first consistent and modern geochemical dataset for the Mt Martin deposit. This data will be integrated with the geological observations from the RC program and historical datasets to build an integrated targeting model to guide further exploration at Mt Martin and the broader Location 45 property
Based on these initial results, the Company intends to focus its next phase of drilling at Mt Martin on the eastern side of the pit, where there is strong potential for new shallow gold mineralisation that could add significant tonnes to the MRE and additional ounces to optimised pit designs for use in future mining studies. Planning is currently underway, with drilling scheduled to commence in early February. This campaign will aim to further expand the potential open-pit resource at Mt Martin, focussed on the eastern side of the pit, and guide initial mining studies to assess options for the project's development. Multi-element geochemical assays and hyperspectral results of samples remain outstanding and will be integral to developing the targeting model and vectoring tools for follow-up exploration programs at Mt Martin and the broader Location 45. Limited modern exploration has occurred outside of the immediate Mt Martin mine area and there is significant potential for the discovery of additional gold resources with similar structural setting and geochemical signatures to Mt Martin, through the generation of new drill targets based on foundational geological and geochemical datasets. This work will be ongoing in conjunction with further resource expansion drilling programs.
Contact:
Managing Director
Tel: +61 8 9321 0984
Email: wjohnson@lefroyex.com
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