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Lefroy JV scores early gold hits near St Ives

The Lefroy Exploration Gold Fields joint venture seems to be gaining momentum with the project returning a steady trend of increasing grades and intersections from drilling at Lake Lefroy.

The most recent result flowing from their RC drill campaign impressed with a 9m intersection grading 3.58 g/t gold from 96m which included a 1m hit at more than half an ounce to the tonne from 97m in hold SAL1764.

Lefroy said the width and grade at SAL1764 provided strong validation of the first of four soil geochemistry gold targets and justified throwing in a diamond rig to further evaluate the high-grade discovery. The diamond hole has now been drilled and assays are pending.

In addition, there were a series of other significant strikes in RC drill hole SAL1777 including 3m at 3.25 g/t and 1m at 7.88 g/t gold from 82m. Lefroy said the combined 21-hole drill program was testing five targets with similar geology to the dirt holding the 10Moz plus St Ives gold mine only 15km to the west of the Lefroy-Gold Fields ground.

The gold intersection in hole SAL1764 is one of the best gram meter intersections recorded from a drill hole in the LEX Lake Lefroy tenure and is very exciting news. The new gold anomalies being generated combined with a similar rock package as at St Ives continue to enhance the prospectivity of this new trend for a gold discovery. We are supportive of the exploration methodology being undertaken by our partner and eagerly await the next batch of drill results.

The drilling program is part of a $6 million exploration effort by Gold Fields over the next 9 months to meet their expenditure commitment of $10m by June 2021. The successful expenditure will earn Gold Fields a 51 per cent interest in the West Lefroy JV.

That commitment ensures the market will be fed a steady diet of drill results from Lefroy as it continues to roll through its extensive program.

Lefroy said the program is a follow up to the foundation AC drilling that the JV commenced in late January 2019 and part of a broader $25m farm-in agreement the company inked with Gold Fields back in June 2018.

Of the ten holes assayed to date, Lefroy said half had returned anomalous gold intersections with better than 0.25 g/t gold levels. Of particular interest to the company was the gold mineralisation in SAL1764 containing fine gravels and saprolite clays at or near the base of a paleo-channel feature.

Lefroy said these early results provided a strong endorsement of the efforts of Gold Fields in systematically pouring over the early AC drill results and matching those with geophysical survey observations and geochemical fingerprinting data.

While the company said it expects this current ‘work in progress’ to be completed around year-end, drill holes will continue to pepper Lake Lefroy for some time to come beyond that.

Is your ASX listed company doing something interesting? Contact: matt.birney@wanews.com.au

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