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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.
Drilling Commenced at Viani in Fiji
HIGHLIGHTS
- The Phase 1, three-hole diamond drilling program has commenced at the Viani Project, Fiji and will test for extensions to the quartz vein gold mineralisation at depth.
- Phase 1 is expected to be completed in early 2025, with plans for additional drilling under the same program dependent on the initial results
- The Viani Project (SPL1513) covers an area of approximately 200km2 and is largely underexplored.
- At the Dakuniba prospect within Viani, low sulphidation epithermal high-grade gold mineralisation has been mapped over >3km strike length.
- Diamond drilling completed by Japan International Cooperation Agency (JICA) in 1995 to 1997 intersected high-grade gold in low sulphidation epithermal quartz veins, including 0.6m @ 27.6 g/t Au.
Alice Queen’s Managing Director, Andrew Buxton said,
With drilling underway, Alice Queen is positioned to test the epithermal gold-style mineralisation identified in historic drilling at the Viani Project. Weather permitting, we anticipate completing the Phase 1, three-hole diamond drilling program in early 2025. Following this, our exploration team will mobilise the drill rig to the Sabeto Project in Fiji to maintain the momentum of this campaign. To deliver timely results to shareholders, we intend to accelerate the analysis of the drill core at ALS Brisbane.”
Image 1 – Diamond drilling at Viani
Details
Geology
The geology of the Viani Project (SPL 1513) comprises olivine basalts and volcaniclastics of the Natewa Volcanic Group which are intruded by andesite sills and dykes. In the 1940s, gold mineralisation was found by local prospectors near the village of Dakuniba. At Dakuniba, low sulphidation style epithermal gold occurs in quartz veins, and silicified rocks along a 3km long NE trending zone.
In 1995-1997, Japan International Cooperation Agency (JICA) drilled six diamond holes at Dakuniba and intersected high-grade gold in chalcedonic, crustiform, colloform banded quartz veins at depths of 50m to 100m below surface (i.e. MJVFV-5 intersected 2.2m @ 11.3 g/t Au, incl 0.6m @ 27.6 g/t Au at 121m downhole). This high-grade gold mineralisation is open in all directions.
Proposed Drill program
The initial Phase 1 drill program at Viani (see Table 1) will comprise three diamond drillholes designed to test continuity to the epithermal gold mineralisation previously intersected in JICA drillhole MJVFV- 5 (2.2m @ 11.3 g/t Au) (see Figure 2). The drilling will test for extensions to the gold mineralisation at depth and along strike.
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This article includes content from Alice Queen 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.
Maiden Drill Program Set to Commence at the High-Priority Cangallo Porphry Copper Project
- Maiden RC drill program to commence at Cangallo in mid-December
- Program will test a large-scale, undrilled porphyry copper target
- Assay results expected around the end of January 2025
- Permitting underway for drill programs across other high-priority, large-scale porphyry copper targets at Lantana and Playa Kali
Access and drill pad preparations have commenced with drilling scheduled to start around mid-December. The planned program, which comprises a minimum of eight drill-holes for a total of ~2,500m, will take 3 to 4 weeks to complete with assay results expected around the end of January 2025.
Figure 1: Cangallo Porphyry Copper Prospect showing copper and molybdenum values and permitted drill sites.
Geological mapping and rock-chip sampling has outlined a partially exposed potential copper (+/- gold) porphyry system, within a large-scale (3km x 2km) caldera-like structure containing extensive colluvial and younger sediment cover.
The initial drilling program will test areas containing relatively intense veining (quartz) and porphyritic dykes, where higher copper (up to 0.65% Cu) and gold (up to 0.3g/t Au) values have been found. The possibility of a buried porphyry copper system beneath the extensive cover within the interpreted caldera-like structure will also be tested.
Cangallo is located close to significant infrastructure and is approximately 25km from the town of Chala, and within 10km of the coast.
Commenting on the imminent commencement of drilling at Cangallo, AusQuest’s Managing Director, Graeme Drew, said:
“This is a very exciting time for the Company as we are about to commence the maiden drill program at this high-priority porphyry copper target in Peru which we have been working towards for over 12 months.
Cangallo has never been drilled before and demonstrates classic geochemical and alteration signatures which suggest there is significant potential to discover large-scale copper porphyry mineralisation.
Success at Cangallo has potential to create significant value for our shareholders and we look forward to keeping our shareholders updated as the results become available.”
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This article includes content from AusQuest 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.