Lefroy Exploration Limited reported on the third batch of gold assay results for the Burns Resource drill-out program, currently underway at the Burns Copper (Cu)/Gold (Au) Project, which is within the Company's wholly owned Eastern Lefroy Gold Project located 70km southeast of Kalgoorlie. Burns is an intrusion-related Au-Cu-molybdenum (Mo) and silver (Ag) mineral system, hosted by multiple Archaean-age diorite-porphyry intrusives and high-magnesium basalt rocks. The Company considers this Au-Cu-Mo-Ag intrusion-related style of mineralisation to be entirely new to the Eastern Goldfields Province (EGP) of Western Australia.

A maiden 22-hole Reverse Circulation (RC) drill program completed in Jan-Feb 2021 at Burns intersected a spectacular gold and copper interval in hole LEFR260, returning 38m @ 7.63g/t Au and 0.56% Cu from 134m in diorite porphyry. The results from that RC program provided the geological and geochemical data that highlighted the unique geological characteristics of Burns and are a key guide to subsequent and ongoing exploration activity. Further targeted aircore, RC and diamond drilling at Burns since January 2021 has established a broad footprint to the system, which extends north beneath Lake Randall, and whose limits of mineralisation are still to be fully defined.

The system may extend for 2000 metres or more along strike, based on drilling between Lovejoy in the north and the main Burns Central area in the south. In October 2022, the Company commenced the Burns Resource drill-out program, originally planned at 15,000 metres of drilling, to evaluate the Burns Central system to 200 metres vertical from surface and over 700 metres of strike. The data from this program, when combined with previous drilling data, will evaluate the three key geological domains at Burns Central (Central Porphyry, Western basalt, and Eastern deformation zone) and support the compilation of the Mineral Resource Estimate (MRE), scheduled to be finalised in Q1/2023.

To date, 61 holes for 15,060 metres have been completed, both onshore (land-based) and offshore on Lake Randall. Drill spacing is a nominal 40 metre by 40 metre grid pattern, with angled holes planned to a nominal final downhole depth of 250 metres. As previously reported, the first batch of gold-only assay results for drill holes, LRR001-LRR003 on the 160N section (Figures 1 & 2) (Refer LEX ASX Release 23 November 2022), followed-up the multiple gold and copper intersections outlined in previous aircore drilling located north of LEFR260 and in Lake Randall.

These holes returned multiple, consistent, broad zones of gold mineralisation hosted by altered basalt and diorite porphyry, including an outstanding interval of gold mineralisation of 103m @ 1.65 g/t gold from 25m, including 38m @ 3.83 g/t gold from 26m in hole LRR003. Holes LRR001 and LRR002 returned lower tenor anomalous gold results over 18m downhole intervals, primarily located within the oxide zone, interpreted to be part of flat lying supergene zone. More recently, gold-only assay results were returned for holes LRR004-007 located on Lake Randall and hole LEFR353 located on shore (Figure 1).

These holes were completed to final downhole depths ranging from 252 ­ 258m and returned multiple intervals of broad gold mineralisation hosted in predominantly altered diorite-porphyry and lesser basalt, which included higher-grade gold zones within them. The best mineralised zones were intersected in holes, LEFR353 and LRR004 (Table 1), including: LEFFR353: 48m @ 1.11 g/t Au from 204m to end of hole (EoH), including 4.0m @ 7.06g/t Au from 217m. LRR004: 38m @ 2.04 g/t Au from 27m, including 17m @ 3.90g/t Au from 38m and; 100m @ 0.47 g/t Au from 93m, including 8m @ 2.02 g/t Au from 100m.

This new, broad zone of gold mineralisation intersected in hole LEFR353, has successfully extended mineralisation by approximately 50 metres down dip from previous drill hole LEFR285, which also ended in gold mineralisation (Figure 2). It also supports the Company's geological model for Burns and the increasing scale of the system. This includes a higher-grade south-plunging zone that is coincident with a north-south-trending structure.

This northerly trending structure has a strike length of at least 600m and is open in both directions across the shoreline of and into Lake Randall (Figures 1 to 3). Hole LEFR353 will be extended with a diamond tail in the next phase of drilling. Holes LRR005 ­ LRR007 were collared 40 metres south of the 160N section, which contained hole LRR003 with 103m @1.65 g/t gold from 25m.

The original collar position of a planned fourth hole on this section was constrained by steep sand dunes occurring at the lake's edge (Figure 3). This hole has now been redesigned and will be drilled in the coming week. Each hole (LRR005-007) intersected the shallow, supergene, gold-enriched zone that was identified by previous aircore drillholes, LEFA1088-1089, on Lake Randall (Figure 2) (Refer LEX ASX Release 21 February 2022), in addition to intervals of lower grade gold at depth and to the end of hole in LRR005, including: LRR007: 13m @ 0.93 g/t Au from 38m, including 4m @ 2.29 g/t Au from 28m, and 5m @ 0.32 g/t Au from 174 m. LRR006: 11m @ 0.70 g/t Au from 28m, including 2m @ 2.49 g/t Au from 29m, and 2m @ 0.26 g/t Au from 199m.

The Company now considers that holes LRR005 to LRR007 were drilled east of, and over the core target zone of, higher-grade mineralisation (Figure 3) interpreted to occur at depth. This interpretation is supported by the high-grade gold interval that was intersected to the end-of-hole in LEFR353 and also by LEFR285 (section 120N & Figure 3). To adequately test this higher-grade target zone, the Company has extended this RC drill-out program by an additional 3 RC holes, with the new holes designed either side of the existing drill sections (120N & 160N), including one steep-dipping hole planned to the east of hole LEFR353 (Figure 3).

Based on anomalous copper values intersected in multiple adjacent drillholes including the discovery hole LEFR260, aircore hole LEFA1089 and others, including RC hole LEFR285 which returned a best copper intercept of 19m at 0.18% Cu from 44m, the Company anticipates these new gold intersections will be supported by additional elevated copper assays which are pending. Multi-element results, including copper and silver assays, are expected between December 2022 and January 2023 (subject to laboratory turnaround). The drill program is ahead of schedule, with nine priority RC holes of the nineteen remaining expected to be completed by mid-December 2022.

Further assay results are expected to be received between December 2022 and January 2023, however, the Company acknowledges the current constraints on laboratories being used, which is affecting the prompt return of assay results.