Lefroy Exploration Limited (ASX: LEX) identified multiple shallow zones of gold mineralisation in the 24-hole RC drilling program at Lucky Strike. Following the completion of the drilling program, the company confirmed the gold mineralisation in multiple sub-parallel Banded Iron Formations (BIF) units over a 300m strike length that is open along strike and at depth, indicating that the current discovery is part of a larger gold system that extends over a 700m strike length.
The Reverse Circulation (RC) drilling was conducted within the Eastern Lefroy tenement package at Lucky Strike. Under this program, the company completed drilling of 24 holes totalling 2227m at Lucky Strike in February. Its aim was to evaluate the strike and down dip extensions to the shallow oxide hanging wall BIF, extensions to the sulphide altered lower BIF, and Footwall target zone-testing for additional BIF horizons between the lower BIF and the interpreted contact with the underlying basalt within Eastern Lefroy which a part of the more magnificent Lefroy Gold Project, located 50km to the south-east of Kalgoorlie.
Lucky Strike is around 5km to the northwest of the high-grade Lucky Bay open pit and 5km south-west of the Silver Lakes’ Randalls Processing Plant. The area near Lucky Strike is a continued high priority exploration focus for the company, with gold systems identified at Havelock, Neon and Erinmore highlighting district scale gold prospectivity.
The results from the program confirmed the new zones of both shallow oxide and primary sulphide altered BIF that continue to extend the system and further develop the evolving geological model. It recorded 12m @1.94g/t Au from 93m in LEFR109, including 4m @3.20g/t from 98m hosted by sulphide altered BIF that is open.
The Group further informed that shallow oxide gold mineralisation at Lucky Strike is hosted within four key BIF units separated by shale and the BIF forms a broad 140m wide package that currently is proven to extend over approximately 300m of a strike. This translates the geology of the Lucky Strike prospect which has been interpreted by the company as a series of sub-parallel south dipping BIF units of variable thickness separated by beds of black shale.
According to the company’s interpretation, the mineralisation discovered to date, both oxide and primary, from the RC drilling represents a large geochemical anomaly with a deeper primary zone along the trend. These latest results further continue to enhance and extend the shallow oxide gold mineralisation to the west of the Pipe Fault, told Lefroy.
Going forward, the company intends to evaluate the Lucky Strike for over 2-3 deep RC pre-collared diamond holes which are to be backed by a grant of $100,000 from the WA State Government’s Exploration Incentive Scheme (EIS). As per the company’s information, this program is scheduled to begin in late March.
In today’s trading session, LEX stock price dipped 2.632% to last trade at $0.185 on 6 March 2019. Over the past 12 months, the stock has surged by a massive 40.74% with a positive performance change of 15.15% in the past three months.
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