Lunnon Metals (ASX:LM8) has identified a new gold zone at surface after conducting diamond and infill drilling at the Lady Herial prospect, within the Kambalda Gold and Nickel Project in Western Australia.
Two thick, parallel mineralised structures have been uncovered, spaced between 50m and 60m apart. Both of the structures dip north-west at 30 degrees.
Lunnon Metals reports the new zone contains ‘high-grade’ gold which was intersected potentially outside the structures, with drilhole FOS24RC_056 intersecting 23m @ 16.61 grams per tonne gold at surface.
Managing Director Edmund Ainscough says “new opportunities just keep opening up” for the company at the Lady Herial prospect.
“Just when we think we have found the limits on one structure; the next set of results identifies new mineralised zones we didn’t know about in otherwise poorly tested areas,” Ainscough says.
“Our goal is to define all the near surface gold mineralisation as quickly as possible so that open pit evaluation can commence.
“However, some of these zones will need follow-up drilling at depth and along strike to understand how large the ultimate opportunity is on the multiple parallel structures we are finding at Lady Herial.”
The company notes that Lady Herial has continued to present itself as a priority prospect and meets its strategic objectives for gold — namely to define shallow, high-grade mineralisation capable of being rapidly drilled, modelled, optimised, and if warranted, commercialised.
Once the remaining assays are received, geological modelling will be completed, while open pit optimisations will be carried out to determine whether an initial resource estimate can be reported.
The Lady Herial prospect is hosted in the Defiance Dolerite, which is a known host for gold in the immediate vicinity of FBA at the Victory-Defiance gold complex.
The Kambalda gold camp is considered one of Australia’s most prolific gold production and discovery centres — producing the precious metal since 1896. The Kambalda Project lies in the Foster-Baker area and covers 47km2.
Kicking off the start of the fourth quarter of 2024, gold was trading at US$2,630 per ounce on Tuesday morning.
Lunnon Metals, which has a market capitalisation of $50.7 million, is a mineral resources explorer focused primarily on gold and nickel.
Write to Aaliyah Rogan at Mining.com.au
Images: Lunnon Metals
