Burns Update: Significant Copper Mineralisation ​Intersected at Lovejoy

• Diamond hole LEFD008, recently drilled at the Lovejoy prospect, which is 1.5km north of the Burns gold-copper discovery, has intersected significant copper mineralisation. LEFD008 was drilled to 364m down hole and has intersected:
  • A 145m long interval of copper mineralisation between 130m-275m, which contains;
  • A 42m length of hydrothermal breccia, which hosts extensive native copper and copper sulphides from 233m – 275m.
• The intensity of native copper mineralisation in the breccia zone is further demonstrated by copper coating the outside of several steel drill rods from the drill string (see below).
• The breccia and native copper visuals at Lovejoy provide additional evidence that Burns and the surrounding prospects are all part of a very large, copper-gold intrusion related, hydrothermal system.
• LEFD008 samples have been submitted to the lab for priority assay to fast-track results.
• The Company has acted immediately to advance this new discovery, with step-out hole LEFD009 underway.

Burns is a new and unique style of intrusion-related, gold (Au)-copper (Cu)-molybdenum (Mo)-silver (Ag) mineral system, hosted by Archean age rocks in the Eastern Goldfields Province (EGP) of Western Australia. The gold, copper, silver (and lesser molybdenum) mineralisation, which is hosted by multiple diorite-porphyry intrusives and high-magnesium basalt, is considered by the Company to be a new and unique style of gold-copper mineralisation.

LEX is aiming to advance the understanding of the scale and genesis of this system through its current, deep, diamond drilling program. Three holes, LEFD006-008, have now been completed, with a fourth hole, LEFD009, currently underway.

The original diamond program at Burns, comprised two holes, LEFD006-007 (one of which was EIS co- funded) with all assay results pending. The diamond rig then commenced LEFD008 at the priority Lovejoy prospect, located 1.5km north of Burns within the ‘Burns Corridor’. Hole LEFD008 has been completed and step out hole LEFD009 is now underway.

Diamond Drill Hole LEFD008 at Lovejoy

The Lovejoy prospect is the northernmost magnetic anomaly of a linear trend of discrete magnetic features, extending 2000m northwest from Burns (Figure 1). Each of the magnetic anomalies was evaluated by RC drill holes in 2021 (LEX ASX release 3 November 2021). All the RC holes intersected altered diorite and basalt, similar to that observed at Burns.

The strongest alteration in dioritic porphyry was intersected in two RC holes completed at Lovejoy. These holes, LEFR296 and 297, are located on the western margin of the Lovejoy magnetic anomaly on the edge of Lake Randall (Figure 3).

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