Lefroy Exploration Limited (ASX: LEX) is a metal and mining company with its registered office in Perth, Australia. It is engaged in exploring gold and nickel deposits from the Yilgarn Craton, WA. The company was formed through the amalgamation of Masters Holdings Limited (USH), Hogans Resources Pty Ltd (HRPL), and Montezuma Mining Company (MZM) to create a commanding gold project close to Kalgoorlie, WA.
The company is currently working on three projects, the Lefroy Project, the Lake Johnston Project, and the Murchison Project all located in the Yilgarn Craton area.
The 100% owned Lefroy Gold Project is split into Eastern Lefroy and Western Lefroy. Over the Easter Lefroy, early stage exploration is done. In the Western Lefroy Gold Fields Limited (a major gold producer) is exploring gold. The amalgamation of USH, HRPL, and MZM along with the company’s existing Lake Randall tenement holdings forms the basis of Lefroy Gold Project.
The company also holds 100% interest in Lake Johnston Project which is located near to Norseman, WA with high prospects for nickel and gold minerals.
The company sold its Murchison Project to Golden State Mining on 20 December 2018.
Today, the company has announced the results from an initial interpretation of geophysical data at its Lake Johnston Project. It hosts the Emily Ann and Maggie Hayes nickel deposits which are held by another metal and mining company, Poseidon Nickel Limited.
The company conducted an aeromagnetic survey to the north of Emily Ann centered on a topographic feature known as Mt Day which was completed in November 2018 post which the company started with the exploration. In October 2018, the company completed the extension to the Norilsk Nickel Australia ground gravity survey done in 2008, to the north of Abi Rose, centered around Mt Day. The recent survey was completed by Haines Survey and comprised collection of 847stations in 36 lines with lines spaced at 200m and sample points at 100m.
The gravity data showed a large ovoid shaped gravity high anomaly to the north of the Emily Ann mine and centered about Mt Day. The anomaly represented a thickened body of greenstone wedged between granite domes or given its irregular ovoid shape a large mafic intrusion that supports and complements the interpretation made by Poseidon for high-grade nickel mineralization at Abi Rose with a distal signature of a larger intrusion to the north. This mineralization is associated with pyroxenitic intrusive rocks, interpreted as a magmatic Ni-Cu type emplacement model.
Mafic Intrusions can be large hosts for Ni-Cu sulphide mineralization that occur as basal accumulations in embayments on or near the basal margins of the intrusion. The Mt Day area has had little if any drilling that has focused on a magmatic intrusion model and remains unexplored.
Further detailed processing of the geophysical data is underway by Newexco Services to determine target areas for follow up exploration, including deep penetrating ground EM survey to seek conductors that may represent accumulations of Ni -Cu sulphide mineralization.
Looking at Lefroy Exploration Limited’s stock performance and the return it has posted over the last few months, the stock has generated a positive return of 16.67% during the past 1 year. It is currently trading at $0.175 (as on 17 January 2019) with no change in the price during the day’s performance. The company has ~80.95 million shares outstanding with the market cap of circa $14.17 million. Its 52-week high and low are marked at $0.22 and $0.10 respectively.
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