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Lefroy Exploration Limited (ASX: LEX) (“Lefroy” or “the Company”) is pleased to advise that independent global consultancy, CSA Global, have completed a review of the Mineral Resource estimate (MRE) in accordance with the JORC Code (2012) for its Goodyear Nickel Deposit (Goodyear) in Western Australia.
HIGHLIGHTS
- Total Inferred Mineral Resource at the Goodyear Nickel Deposit confirmed at 392,000 t @ 3.78% Ni, reported and classified in accordance with JORC Code 2012
- Mineral Resource remains open down plunge with drilling planned to infill and extend the current limits of mineralisation
- Lefroy controls 30km of ultramafic basal contact within the Carnilya dome which is lightly explored and considered highly prospective for additional Ni sulphide discoveries
Goodyear now reports as 392,000 tonnes @ 3.78% Ni for 14,780t of contained nickel sulphide at a 1% nickel cut- off grade (Table 1). The review confirms the original Mineral Resource, reported in 2008 by Australian Mines Limited, in accordance with the JORC Code 2004 Edition.
LEFROY MANAGING DIRECTOR WADE JOHNSON COMMENTED:
“The seamless conversion of the Goodyear Nickel Deposit to JORC Code 2012 standards is an exciting development for Lefroy and our nickel-focused subsidiary, Hampton Metals Ltd.
The Goodyear Mineral Resource presents a unique opportunity, being on freehold title with a 15-year ownership history of gold majors and adjoining our commanding Lefroy Gold Project.
We now hold 30km of strike length of a key ultramafic unit, considered to be one of the most prospective geological settings for nickel sulphide discoveries, within what is one of the few unexplored parcels of land remaining in the Kalgoorlie-Kambalda region.
“With Hampton’s aim to be a key player in what is shaping up to be a new era of nickel exploration and production in the Kambalda district, we couldn’t be off to a better start.”
Figure 1 Overview of the commanding Lefroy Gold Project showing its proximity to Kalgoorlie and Kambalda and the region’s gold and nickel occurrences against a backdrop of the regional geology
Goodyear lies the western boundary of Location 45 (Figure 1) which is a mineral freehold title situated within LEX’s 635km2 greater Lefroy Gold Project (LGP). The LGP is strategically positioned in the well-endowed Kalgoorlie Terrane, surrounded by the infrastructure of multiple other operating gold and nickel mines within the prolific Kalgoorlie-Kambalda mining district (Figure 1).
Goodyear is held by the Company’s wholly owned nickel focused subsidiary Hampton Metals Ltd (Hampton or HMT), led by Managing Director Graeme Gribbin. Graeme is a highly credentialed geologist with over 25 years’ experience in the resources sector with global expertise in nickel and base metals, including 8 years’ as General Exploration at Western Areas Limited (recently acquired by IGO Limited) and 6 years’ base metals experience at Vale as Exploration Manager. Graeme is supported by a proficient team of geologists and field staff with a proven track record for exploration success, including recently appointed, Jon Mcloughlin as Exploration Manager.
The Company acquired Goodyear in May 2023 through a Mineral Rights Agreement for Location 45 between title holder Franco Nevada Pty Ltd (Franco) and Lefroy’s wholly owned subsidiaries (refer to ASX release 23 May 2023). In this agreement HMT acquired all nickel, REE and lithium rights (including Goodyear) from Franco for an initial 21- year term in exchange for a minimum annual exploration expenditure of $100,000 and 4% royalty upon production.
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EIS Grant for Minnie Springs Copper Porphyry Drilling
- Augustus Minerals has been granted a co-funded drilling grant of up to $110,000 for 2 x 700m deep diamond drill holes under the WA Government’s Exploration Incentive Scheme (EIS) for the Minnie Springs prospect.
- The deeper diamond drill program is designed to test and to provide a 550m deep, 1km wide geological/geochemical/structural cross-section through the large 3km long by 1km wide copper moly porphyry system, linking the Mo mineralised leucogranite to the extensive Cu in soil anomaly to the northeast.
- Previous RC drilling at Minnie Springs intersected mineralisation, geology and alteration halo consistent with the zoning of a large porphyry copper / moly system.
Andrew Ford, GM Exploration
“The Company is pleased to receive an EIS grant to complete deeper drilling at the Minnie Springs Copper Molybdenum Project. The resultant data will enable mapping of the lithology and alteration to a depth of 550m and potentially intersect, or provide vectors to, higher grade Mo-Cu mineralisation using a Mo-Cu porphyry geological model”.
Minnie Springs
Minnie Springs hosts porphyry related copper molybdenum mineralisation previously drilled and defined by Catalyst Metals. A molybdenum Exploration target has been defined for the historicdrillingareacomprisedofbetween12-84Mtasoutlinedbelow (Table 1 and Figure 1, 2.)1.
Table 1. Exploration target size estimate for Minnie Springs Molybdenum depositNote: Based on ~300 ppm cut-off at 100% recovery.
The potential quantity and grade of the exploration target is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resources, and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
The planned diamond drilling will complement the recently completed 3,200m RC drilling program that infilled around hole MSRC012 (18m @ 0.37% Cu and 9.7 g/t Ag from 94m downhole, and 16m @ 0.38% Cu and 19.4g/t Ag from 121m downhole2) and tested the northern half of the 2km long copper-in soil anomaly. Assays from this program are expected to become available over the next month.
The limited exploration in the region, highlighted by 95% of the Ti-Tree project having no previous exploration, demonstrates the prospectivity of this underexplored mineral province.
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Quarterly Activity Report 31 March 2024
Figure 1. Fiery Creek Copper Prospect/Yataga Granodiorite summarizing rock (brown diamonds) and termite mound sample results (black crosses)
Continuing with its primary exploration focus on the Georgetown project in the latter half of 2023, EMU received assay results during the quarter from its second, in field reconnaissance work. The geochemical sampling programme covered the Fiery Creek high grade copper vein swarm and the Snake Creek prospects with significant element results returned from the Fiery Creek Copper (elevated Cu-Au-Ag-Bi-In-Pb-Sb-Te) and Snake Creek (elevated Pb-Ag-Au-Sb).
Whilst the survey was cut short due to inclement weather, EMU was encouraged by the significant success reflected in the assays results. The results from mineralogical studies confirmed EMU’s interpretation of an indicative, scale Copper-Porphyry system at the Fiery Creek prospect and was a highlight of the survey with new information building on the scale and potential of the prospect1.
Assay results returned included:
- Fiery Creek rock assay results up to 23.5% Cu, 0.27ppm Au, 460ppm Ag, 1.9% Bi, 89ppm In, 2.7% Pb, 667ppm Sb, 1470ppm Zn2.
- evidence of strong potential for the presence of critical and strategic minerals (Cu, Bi, In), with precious and base metals.
- evidence of alteration mineralogy, mineralisation geochemistry and areal extent of the Fiery Creek quartz-Cu-Bi vein swarm strongly suggesting a previously unrecognised subjacent porphyry Cu-Mo system.
- Yataga Granitoid Complex termite mound and coincident rock chip sampling returned several anomalous polymetallic zones for follow up.
- Snake Creek Prospect assays returned 0.20ppm Au, 390ppm Ag, 22.4% Pb, 464ppm Sb1.
Significant results were returned from the Fiery Creek Copper prospect with elevated Cu-Au- Ag-Bi-In-Pb-Sb-Te and from the Snake Creek prospect with elevated Pb-Ag-Au-Sb.
The elevated pathfinder element results and a macro-petrology assessment3 of rock samples completed by Mr Nigel Maund, Consulting Economic Geologist, from the previously unexplored Fiery Creek Prospect, point to the discovery of a porphyry copper system.
The sampling program assessed a number of high-priority prospects within the Georgetown Project tenements utilising termite mound and outcrop rock chip geochemistry. A total of 46 rock chip and 489 termite mound samples were collected across eight prospects.
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Basin Energy Mining Exploration Entity or Oil and Gas Exploration Entity Quarterly Cash Flow Report
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