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Lunnon Metals Ltd (ASX:LM8) has announced a significant gold discovery at the Lady Herial target within its Kambalda Gold & Nickel Project (KGNP) in Western Australia. Drilling results for this ASX mining stock have revealed gold grades reaching up to 5.27 grams per tonne (g/t) over an impressive 18-meter interval, indicating a thickly mineralised zone with multiple gold intercepts.
Details of the Drilling Program
The Lady Herial target underwent a comprehensive drilling program throughout the 2024 financial year, which included follow-up diamond drilling and in-fill reverse circulation (RC) drilling. The first batch of assay results has begun to arrive, showcasing the following noteworthy intercepts from the RC program:
- 18 meters at 5.27 g/t gold from 18 meters depth
- 13 meters at 0.96 g/t from 22 meters
- 7 meters at 0.69 g/t from 31 meters
- 11 meters at 0.89 g/t from 28 meters
Diamond drilling has also yielded promising results, including:
- 22.50 meters at 0.94 g/t from 8.5 meters, with a notable intercept of 2.50 meters at 3.82 g/t from 10.5 meters
- 3.49 meters at 3.05 g/t from 21.5 meters, including 0.99 meters at 6.86 g/t, where visible gold was recorded
- 1.00 meter at 1.08 g/t from 30.0 meters
Future Plans and Potential
Managing Director Edmund Ainscough expressed optimism about the results, stating they set the stage for advancing Lady Herial toward potential production. He noted, “The re-focus on gold at Foster continues to deliver exciting results. Recognising these near-surface widths at good grades and the frequent presence of visible free gold is especially encouraging.”
With the completion of all assays, the company plans to move toward a Mineral Resource estimation and an open pit optimisation exercise. Ainscough highlighted Lunnon Metals' track record of rapidly progressing its discoveries, as demonstrated with the Baker nickel deposit, which moved from the first drill hole to a permitted Mining Proposal in just over two years.
The company benefits from advantageous conditions at Kambalda, including established infrastructure, granted mining leases, and streamlined regulatory processes, which contribute to lower start-up capital requirements.
Market Response
As of 11:04 AEST, shares of Lunnon Metals were trading at 16 cents, reflecting a rise of 6.67% since the market opened. With gold prices reaching all-time highs in Australian dollar terms, Lunnon Metals is poised to explore further opportunities within its projects.
