LCL Resources (ASX:LCL) is drilling its final drillhole KU23DD015 from its maiden 3,000m drilling program at the Kusi Gold-Copper Project in Papua New Guinea.
The $27 million market capitalisation company says the drillhole is testing one regional target to the west, where a gold soil geochemistry anomaly is coincident with favourable Upper Limestone stratigraphy adjacent to a magnetic high feature.
Some 14 diamond drillholes have been drilled to date, targeting gold-copper skarn mineralisation.
Assay results returned so far have served to illuminate local mineralisation controls, says LCL.
The company reports these results include drillhole KU23DD010 with 25m @ 1.22g/t Au from 46m, including 14m @ 2.1g/t Au from 53m and 12m @ 0.94g/t Au from 95m; and drillhole KU23DD012 with 5m @ 1.31g/t Au from 79m and 14m @ 1.44g/t Au from 113m, including 2m @ 7.83g/t Au from 117m.
The 2023 field program at Kusi has included mapping and sampling at several regional targets, including nearby magnetic anomalies and surface indications of mineralisation.
Commenting on the ongoing exploration activities, LCL Resources Managing Director Jason Stirbinskis says: “The current drillhole KU23DD015 marks the completion of the 3,000m maiden Kusi drill program.
The program has served to define a substantial area (~300m x ~600m) of near surface gold mineralisation, southwest of the recently encountered intrusive porphyry stock and additional gold mineralisation at Leah’s Lode ~1km to the east.
Both mineralised zones are proximal to a geophysical anomaly and magnetic highs within the geophysical anomaly, therefore there remains potential for additional mineralisation at Kusi around the geophysical anomaly.
Likewise, other local magnetic highs coincident with gold surface anomalism along the major arc normal structure within LCL’s Ono Project, of which Kusi is a small part, are also compelling targets to be considered for the 2024 work program.
Upon completion of the Kusi drilling program, field teams will advance other PNG prospects including the company’s Nickel Project which captures multiple nickel sulphide targets including Veri Veri, where LCL recently announced locating the source of high-grade nickel sulphide float, and the recently acquired nearby nickel sulphide prospects at Iyewe and Doriri.”
LCL Resources is an ASX-listed exploration and mining company, which holds 3,890km-square of exploration titles in 5 regions of Papua New Guinea prospective for copper, gold, and nickel.
As of 30 June 2023, the company had $5.78 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: LCL Resources
