LCL Resources (ASX:LCL) has delivered 6 assays from a maiden drill program at the Kusi target within its Ono Project in Papua New Guinea, with results exceeding more than 50 gram-metres (gm) of gold.
The $30.18 million market capitalisation company says an additional 3 historical holes from the target provide metal factors of between 21gm and 131gm. These results, combined with assays from trenching, rock chip sampling, soil sampling, and mapping, have defined to date a 600m north-south zone of skarn mineralisation.
LCL says drilling remains ongoing as part of its initial 3,000m program, including further step-out drilling at the Kusi target and the initial drill testing of Leah’s Lode, a second skarn target less than 1km northeast, which is underway.
However, the company acknowledges it is experiencing delays in assay turnaround times, particularly for non-gold values, which can take as long as 8 weeks. LCL is working with its service provider to improve assay turnaround times but says the backlog is a region-wide issue.
LCL is an ASX-listed exploration and mining company that holds about 3,890km-square of exploration titles in 5 regions of Papua New Guinea prospective for copper, gold, and nickel.
On 31 March 2023, the company had $8.7 million cash at hand, according to its latest quarterly report published on 28 April 2023.
Write to Aaliyah Rogan at Mining.com.au
Images: LCL Resources Ltd