Lefroy Exploration (ASX:LEX) has engaged multiple regional operators and prospective developers as it pursues a pathway to commercialise its advanced gold resource projects within the broader Lefroy Gold Project area in Western Australia.
The $16 million market capitalisation company is now in advanced conversations under confidentiality agreements with several parties towards commercialising its advanced gold projects through a strategic partnership.
Lefroy recognises that a partnership with plant owner operators and mining contractors substantially reduces risk and is likely to be the fastest pathway to gold production and cash flow.
Meanwhile, an aircore drilling program, which targeted 40km of underexplored prospective strike potential along the Mt Monger and Talcum Fault corridors, returned 16m @ 0.27 grams per tonne gold; 2m @ 2.67g/t gold; 2m @ 2.76g/t gold; and 7m @ 3.68g/t gold.
Lefroy notes the recent exploration has confirmed “compelling” exploration upside across the entire project.
CEO Graeme Gribbin says the company has a dual strategic approach of discovery and commercialisation.
“We are very pleased with the results of our aircore drilling, with the identification of a significant number of areas for follow-up,” Gribbin says.
“These new targets provide us with confidence in our pathway to discovering high-grade resources.”
Follow-up exploration intends to target favourable structural and geochemical sites that could act as a focus for gold mineralising fluids.
The company says priority targets include a tightly folded package of banded iron formation units at the Neon prospect, proximal to drillhole SAL0746 and second order fault structures analogous to the Quimby Fault. These structures will be prioritised in the next phase of exploration work.
Further, shallow aircore drilling also demonstrated scale and consistency of gold anomalism around the broader Burns intrusive complex. Majority of these anomalies have not been followed up and the company believes there is potential for this system to host multiple ‘significant’ gold deposits.
At the Coogee South tenement, exploration is expected to restart shortly, after a hiatus since 2021. Shallow-plunging gold targets will be tested, as they potentially represent a ‘strong’ pathway to unlocking additional high-grade resources.
Lefroy Exploration is a Western Australian explorer focused on developing its gold and critical minerals projects.
The Lefroy Project covers 635km2 with a growing mineral resource inventory of 1.1 million ounces of gold, 58,000 tonnes of contained copper, and 14,780 tonnes of contained nickel.
Write to Aaliyah Rogan at Mining.com.au
Images: Lefroy Exploration
