Gold Explorer, Lefroy Exploration Limited (ASX: LEX) traded flat on ASX today (i.e., 7 January 2019) despite reporting highly encouraging assay results from recent 10-hole reverse circulation (RC) drilling program at its wholly owned Lucky Strike prospect within the Eastern Lefroy tenement package located 50 kilometers to the southeast of Kalgoorlie.
The assay results were collected from 1m samples of anomalous gold zones originally determined from the 4m composite samples which were reported on 3 December 2018.
The reverse circulation drilling program at Lucky Strike prospect was undertaken to evaluate the along strike and down dip extension of a new upper Banded Iron Formation (BIF) unit. As per the announcement, the latest results are supporting and enhancing the oxide upper BIF gold mineralization that is open along strike and at depth.
The company reported various significant shallow oxide gold intersections in an upper BIF unit which include-
- 8m at 3.46 grams per tonne Gold from 48m in LEFR087 incl. 2m at 5.08 grams per tonne from 49m.
- 2m at 6.22 grams per tonne Gold from 32m in LEFR088.
- 6m at 1.03 grams per tonne Gold from 36m in LEFR089.
The company also reported some significant primary zone gold intersections returned from the lower BIF unit which include –
- 12m at 2.37 grams per tonne Gold from 96m in LEFR098 including 3m at 6.35 grams per tonne gold from 101m.
- 4m at 1.72 grams per tonne Gold from 104m in LEFR088.
As per the company’s Managing Director (MD) Mr. Wade Johnson, the robust shallow and primary gold intersections from the company’s 100% owned Lucky Strike prospect is continuing to enhance and grow the exciting Banded Iron Formation (BIF) hosted gold system.
He further added that the management of the company is very excited to proceed to the next phase of drilling which will follow up on the recent results. The next stages of drilling will expand the system with the aim of being able to delineate an inferred resource, especially in the oxide zone.
The company is going to continue developing and refining the geological model at Lucky Strike prospect to provide further drill targets. The company is also going to deliver a robust 3D model of the multiple BIF units gold mineralization which will be integrated with inversion models of the detailed ground gravity and magnetic data. The further planning of the RC drilling is going to be based on the results and interpretation of this 3D model. The RC drilling will now target extensions to the new oxide position and to the primary zone, and it is scheduled to commence in February 2019.
In the last three months, the share price of Lefroy Exploration Limited has fallen by 10.0 percent as on 4 January 2019. LEX’s shares traded at $0.180 with a market capitalization of circa $14.57 million as on 7 January 2019 (AEST 4:00 PM).
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