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Lefroy Exploration Limited (ASX: LEX) (“Lefroy” or “the Company”) is pleased to provide a progress report for the 1200m deep diamond drill hole underway to evaluate the Burns Au-Cu intrusion related mineral system at the Company’s wholly owned Eastern Lefroy Gold Project, located 70km southeast of Kalgoorlie.
- The Burns 1200m deep diamond hole, LEFD006, is on course & currently at 570m down-hole as of 29 July 2022
- LEFD006 has intersected multiple new & unexpected, mineralised diorite-porphyry intervals within altered high-Mg basalt. This includes:
- 400m-440m downhole of potassic-altered multi-phase diorite intrusions with chalcopyrite, pyrite + molybdenite
- These visual results support a broader western lateral extent to the Burns Au-Cu system, which indicates:
- the alteration zone is larger than previously interpreted with the contact of the main porphyry target-zone still yet to come (anticipated at ~650m down hole)
- Samples for the first 400m of diamond drilling have been submitted to the laboratory with preliminary results expected in October
- LEFD006 is part of a two-hole diamond program that is expected to conclude in August
Lefroy Exploration Managing Director Wade Johnson said “We are extremely pleased with the progress of hole LEFD006, and the geology observed to date. We believe it is indicative of a mineralised hydrothermal Archaean age porphyry system with an alteration footprint that is broader than we have anticipated. We are looking forward to the next +500m of drilling that is planned to intersect the main body of porphyry and we eagerly await the completion of the hole to confirm the geological and mineralisation model.”
Burns is a new and unique style of an intrusion-related gold (Au}- copper (Cu)-molybdenum (Mo) mineral system hosted by Archean age rocks in the Eastern Goldfields Province (EGP) of Western Australia, with understanding of the scale and genesis of the system to be advanced through this deep drilling program.
The gold, copper (and lesser molybdenum) mineralisation hosted by both the diorite porphyry, high- magnesium basalt and massive magnetite veins are considered by the Company to be a new and unique style of gold-copper mineralisation near Kalgoorlie and located within a land holding dominated by LEX.
Diamond Drill Program
The first hole, LEFD006 (Table 1), of the two-hole/1650m diamond drill program (Figure 1) commenced on 12 July (Refer LEX ASX release 12 July 2022).
LEFD006 is designed to evaluate the Burns Au-Cu mineralised diorite porphyry host rock to a target (vertical) depth of 1000m from surface with key aims to:
- Expand the continuity of the mineralisation discovered to date on a vertical scale
- Test the lateral extent of the system by 250m west of the main known mineralisation
- Provide geological and geochemical information to support ongoing research
- Demonstrate further that Burns is a new, large Au-Cu intrusion hosted mineral system
Co-funding for this hole is provided under the Exploration Incentive Scheme (EIS) managed by the Department of Mines, Industry Regulation and Safety (DMIRS) (refer LEX ASX release 29 October 2021).
As of July 29, LEFD006 has intersected a 570m interval of predominantly high-Mg basalt. The wide basalt interval is variably epidote-biotite-magnetite-gypsum altered (Figure 3 and 5) with localised hydrothermal breccia intervals and narrow cross-cutting porphyry intervals. Within this is a new, unexpected 40m interval of multi-phase diorite porphyry intrusives.
Mineralisation within the basalt interval includes fracture-fill native copper (Figure 4) from ~180m in fresh basalt down to a downhole depth of 440m with vein and/or fracture-fill chalcopyrite, pyrite, chalcocite and molybdenite (Table 2). This wide downhole interval of altered basalt has increased the lateral extent of the copper mineralised Western Basalt zone by approximately 250m. The alteration assemblage supports a large hydrothermal alteration cell consistent with an intrusion related system.
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This article includes content from Lefroy Exploration Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Stage Two Gold Proceeds Exceed $18 Million. Highest Price Achieved is $3,727 per Ounce.
HIGHLIGHTS
- Gold sales for 2024 exceed $18.23 Million.
- Current campaign gold sales reach $13.77 Million.
- Highest gold price achieved is A$3,727 per ounce.
- 154,000 tonnes delivered to the Mill, haulage continuing.
- Current campaign to conclude on 4 September 2024.
- First cash of $3.0 Million to be received by Auric shortly.
Managing Director, Mark English, said: “Gold has sold at up to $3,727 per ounce during August with more to come.
“BML have delivered in excess of 154,000 tonnes to the Coolgardie mill with haulage and milling continuing. Some of that ore will be processed in another campaign later in the year. The current campaign is continuing to produce thousands of ounces of gold.
“Already we have passed $13.77 Million in gold sales for this current campaign of the year and total gold sales for 2024 passing $18.23 Million. We are in the middle of a highly successful time for the Company.
“By the middle of September, Jeffreys Find Gold Mine is expected to generate in excess of $25 Million in gross gold sales for 2024. This current campaign is due to finish in early September. Unforeseen power outages and some inclement weather have slowed the whole process down, but we are hopeful more than 130,000 tonnes of the 150,000 tonne allocation at the Mill will get utilised in this campaign.
“A further campaign is planned at the Greenfields Mill towards the end of this year.
“The mill contract is to process 300,000 tonnes in 2024 so everyone is focussed on making that happen,” said Mr English.
Photo: Jeffreys Find doré bars at Greenfields Mill.
The Greenfields Mill (Greenfields or Mill) is contracted to process up to 150,000 tonnes of ore for the current campaign through Auric’s Joint Venture partner, BML Ventures Pty Ltd of Kalgoorlie (BML). As of 25 August 2024, just over 110,000 tonnes have been processed by the Mill.
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This article includes content from Auric Mining, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Large Copper - Antimony System at Bulla Park
Highlights
- Previous diamond drilling shows broad intervals of disseminated copper - antimony mineralisation
- Previous intercepts have contained significant sulphidic copper and antimony mineralisation, such as:
- 89m at 0.30% Cu and 0.10% Sb, including 33m at 0.47% Cu and 0.15% Sb (19CA002, 176m to 265m)
- Copper grades up to 1.46% Cu (19CA002, 246m to 247m)*
- Antimony grades up to 0.5% Sb (19CA002, 246m to 247m)*
- Copper and antimony grades increase towards a broad zone of faulting targeted by recently drilled diamond hole BPD09 (assays awaited)
Mineralisation is dominantly tetrahedrite (copper - antimony sulphide) and minor chalcopyrite and stibnite (antimony sulphide). Antimony grades in previously assayed drill hole intercepts are approximately 30% to 35% of the copper grade, reflecting the theoretical composition of tetrahedrite (Cu12Sb4S13).
Recently drilled BPD09 (see ASX release of 13 August 2024) was designed to test an interpreted fault zone where higher copper – antimony grades were anticipated. The hole successfully intersected a broad zone from 120m to 338m (218m) of faulting, fracturing, disseminated copper- antimony sulphides, siderite alteration, veining and stockworks, and tectonic and hydrothermal breccias. The core samples from BPD09 are currently in a laboratory undergoing preparation. Assay results are expected to be received during September.
* See Appendix 1 for complete Cu and Sb assays for drill hole 19CA002
Antimony grades at Bulla Park follow the copper distribution. High grades of copper are found with better antimony grades. Apart from the dominant antimony mineral tetrahedrite, stibnite occurs as radiating needles in fractures and makes up about 10% of the antimony content.
Further drilling is planned to extend the major fault zone containing broad intervals of disseminated copper-antimony mineralisation.
Antimony
Antimony (Sb) is a designated critical mineral in many countries and is used in military applications, solar cells, fire retardants and as a strengthening agent in alloy production.
China supplies 56% of the global antimony production and has decided to restrict exports of antimony from 15 September 2024, claiming that its strategic reserves are too low to allow further exports. This has caused the price of antimony to increase significantly to approximately US$23,000/t as USA and European users seek to secure supply. (source: www.reuters.com)
Previous Results at Bulla Park
A characteristic of the Bulla Park deposit is consistency of copper and antimony grades over wide intervals (historical drilling intersected stratabound zones outside of the fault zone, where better grades are anticipated).
Table 1: Summary of historical assay results of copper-antimony mineralisationResults reported using 0.2%Cu cut-off
In previous drilling, both the copper and the antimony grades increase towards the newly intersected fault zone recently targeted by BPD09 (assays awaited). The nearest previously drilled historical hole to the fault zone is 19CA002, which includes 7m of 0.27%Sb and 0.71% Cu from 245m.*
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This article includes content from West Cobar Metals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.