Lefroy Exploration (ASX:LEX) is set to restart exploration work with several gold targets ready for testing across its Western Australian projects, upon completing a comprehensive target review, resulting in an expanded exploration portfolio.
Drilling — scheduled to begin in April 2024 — will be prioritising resource growth, extension and discovery within the Mt Martin and Lucky Strike project areas, alongside advancing pre-resource exploration targets with ‘significant’ upside and discovery potential at Lucky Strike South Havelock, Erinmore, and Coogee.
Lefroy, which has a market capitalisation of $20 million, will also focus on early stage exploration targeting frontiers across the entire Location 45 area, alongside the Western Lefroy joint venture and Lake Johnston project areas.
Chief Executive Officer Graeme Gribbin says the company is advancing towards unlocking value from its portfolio of exploration projects around its Lefroy Project.
“Our experienced team has worked methodically and systematically across the entire company of our projects since the start of 2024 to identify the highest ranking targets for testing.
Lucky Strike, which has an existing 80,000 ounce resource declared in 2020 and nearby Havelock represent stand-out near-surface exploration and resource extension opportunities, close to existing infrastructure.
Additionally, coupled with exploration upside presented by our Location 45 property, numerous emerging prospective gold districts in the Western Lefroy JV and Lake Johnston, this represents a very exciting chapter for the company.”
At Lucky Strike, drill results from 2020 remain untested down-plunge and along strike, which forms the focus for the upcoming drill program.
Lefroy notes there is ‘significant’ potential to expand the maiden resource, which will form a secondary focus of the upcoming program at Lucky Strike.
At Havelock, the company believes the trend has very high potential to host a mineral system similar to that already defined at Lucky Strike. A reverse circulation (RC) drill program will begin at Havelock to test the immediate along strike potential.
Lefroy says there is an opportunity to grow its dual commodity resource base and position itself for further exploration at the Location 45 project, which represents a new frontier after acquiring mineral rights from privately held France Nevada in May 2023.
At Mt Martin, Lefroy has compiled the results, completed data validation, and updated the mineral wireframes. The company aims to release an updated Mineral Resource Estimate (MRE) in the June quarter, with resource delineation, extension, and exploration plants to be announced upcoming completing the MRE.
Lefroy notes it holds several early-stage targeting frontiers, considered prospective for uncovering the next generation of gold discoveries for the company.
Lefroy Exploration is an active Western Australian explorer focused on its portfolio of ‘high-quality’ projects. The Lefroy Project covers a 635km-square area and lies in the Kalgoorlie and Kambalda gold and nickel mining districts.
As of 31 December 2023, the company had $4.203 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Lefroy Exploration
