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Lunnon Metals Ltd (ASX:LM8) has reported significant gold mineralization from its drilling program at the Lady Herial prospect, part of the Kambalda Gold and Nickel Project located near Foster in Western Australia. This latest drilling effort, which focused on Lady Herial due to its previous near-surface high-grade intercepts, has revealed broad and shallow gold intersections, enhancing the prospect’s potential for further resource definition.
The recent program included reverse circulation (RC) and diamond drilling, achieving notable results such as 18 meters at 5.27 g/t gold from a depth of 18 meters in the RC drilling and 22.5 meters at 0.94 g/t gold from 8.5 meters in diamond drilling. These findings are indicative of Lady Herial’s high-grade characteristics and near-surface mineralization, reinforcing the strategic focus on gold exploration at the Foster site.
Edmund Ainscough, managing director of Lunnon Metals, expressed enthusiasm about the ongoing exploration, noting that the positive results from this program continue to validate the company's focus on gold. He emphasized the significance of the visible free gold encountered during drilling, which adds confidence in the mineralization potential. Ainscough indicated that once all results are compiled, the focus will shift to a potential mineral resource estimation and subsequent open pit optimization.
The recent drilling results include several promising intersections from RC holes, with notable results being 18 meters at 5.27 g/t gold from 18 meters and 13 meters at 0.96 g/t gold from 22 meters. In the diamond-drilled holes, significant intersections included 22.5 meters at 0.94 g/t gold from 8.5 meters, featuring higher-grade segments such as 2.5 meters at 3.82 g/t gold.
Additionally, the company has re-evaluated previous assay results to incorporate lower cutoff grades, revealing new intersections that underscore the prospect's potential. These new results have included intersections such as 5 meters at 46.2 g/t gold and 25 meters at 2.76 g/t gold, highlighting the richness of the mineralization at Lady Herial.
As Lunnon continues its focus on gold, the company has also made changes to its management structure. Nicole Jeanneret has been appointed as the new joint company secretary, taking on these duties alongside her existing executive responsibilities. Jeanneret has been with Lunnon since prior to its IPO in 2021 and brings over 20 years of industry experience, having previously worked with Sally Malay Mining Ltd.
Chief financial officer Hayden Bartrop will resign effective November 9, 2024, and his role will not be replaced. This decision reflects a strategy to streamline management and reduce corporate costs, allowing Lunnon to allocate more resources toward its gold exploration initiatives.
The board and management have expressed gratitude for Bartrop's contributions, particularly in advancing the Baker pre-feasibility study and securing approvals for mining proposals. With an eye toward future opportunities in gold, Lunnon Metals is well-positioned to continue its exploration efforts, aiming for efficient resource development in a favorable market environment.
