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LEFROY EXPLORATION LIMITED — Capital/Financing Update 2018
Feb 1, 2018
65225_rns_2018-02-01_174304ef-f2d5-4cde-a74a-4f2bc94ba813.pdf
Capital/Financing Update
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ASX RELEASE-2 FEBRUARY 2018
Exploration Update – Lucky Strike and Zanex drilling completed
Lefroy Exploration Limited (ASX: LEX) (“Lefroy” or “the Company”) is pleased to advise that the drilling programmes at the Zanex Prospect in Lake Lefroy, and at Lucky Strike, both at its flagship Lefroy Gold Project (Lefroy Project or LGP) located approximately 50km to the south east of Kalgoorlie have been completed.
At Zanex , three angled precollared diamond holes totaling 573m were completed evaluating 380m of strike of the regolith gold anomaly generated from air core drilling programmes during 2017 (Refer LEX ASX release 15 January 2018). The drilling was completed using a specialised lake diamond drill rig and is being co funded by the WA State Government Exploration Incentive Scheme (EIS). Final drill depths range from 156m to 210m, each hole deeper than planned due to intersecting a favourable geological sequence.
Processing, geological logging and sampling of the core has been completed and assay results are expected in late February.
At Lucky Strike seven angled reverse circulation (RC) drill holes totaling 720m have been completed evaluating the strike extension to the gold system discovered in 2017. Lucky Strike lies adjacent and parallel to the regional Mt Monger Fault and falls within a 3000m long north westerly gold trend defined by wide spaced air core drilling (Refer LEX ASX release 25 January 2018).
Three RC holes on two 20m step out sections were completed evaluating the immediate strike extension to the defined gold system and an additional three holes were drilled on a 60m step out section to the southeast to test the trend in a favourable geological setting defined from detailed ground magnetics. Hole depths ranged from 60m to 100m and each hole intersected the host banded iron formation (BIF).
All RC samples have been dispatched to the laboratory in Kalgoorlie and assay results are expected by mid-February.
E: [email protected] T: +61 8 9321 0984 ARBN: 052 123 930
Australian Registered Office Level 1, 11 Ventnor Avenue West Perth, 6005
ASX Code: LEX Shares on Issue: 64.8M Market Capitalisation: $9.4m
ASX Announcement
About Lefroy Exploration Limited and the Lefroy Gold Project
Lefroy Exploration Limited is a WA based and focused explorer taking a disciplined methodical and conceptual approach in the search for high value gold deposits in the Yilgarn Block of Western Australia. Key projects include the Lefroy Gold Project to the south east of Kalgoorlie and the Lake Johnston Project 120km to the west of Norseman.
The 100% owned Lefroy Gold Project contains mainly granted tenure covering 547km[2] , located in the heart of the world class gold production area between Kalgoorlie and Norseman. The Project is in close proximity to Gold Fields’ St Ives gold camp, which contains the Invincible gold mine located in Lake Lefroy, and is also immediately south of Silver Lake Resources’ (ASX: SLR) Daisy Milano gold mining operation.
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Location of the Lefroy Gold Project relative to Kalgoorlie, Gold Fields St Ives Gold Camp near Lake Lefroy, and major gold deposits .
For Further Information please contact:
Wade Johnson Managing Director Telephone: +61 8 93210984
Email: [email protected]