INVESTORS AND MEDIA In the news
Special Report: Recent drilling has quadrupled the strike length of the Zanex gold trend at the Western Lefroy Joint Venture to 4km — and there’s a lot more to come.
Major miner Gold Fields (NYSE:GFI) is hunting for elephants at Western Lefroy, right next to the 15moz St Ives gold camp near Kalgoorlie.
Gold Fields can earn a 70 per cent stake in Western Lefroy tenement package from Lefroy Exploration (ASX:LEX)by spending up to $25m on exploration over six years commencing June 2018.
The miner is moving quickly. An extensive aircore (AC) drilling program has been ongoing since late January.
This reconnaissance drilling is using the shallower gold-bearing gravels and sands as 'signposts' to pinpoint primary gold sources in the deeper bedrock, which will then be targeted by deeper drilling.
The original program was meant to be 350 holes covering most of the tenure in Lake Lefroy.
But 476 vertical air core holes totalling 24,652m have now been completed, and drilling continues.
Why? Because Gold Fields has zeroed in on some very exciting targets.
The latest drilling assays have recorded multiple, shallow strong gold intersections along strike of the Zanex prospect, which was discovered by Lefroy in 2017.
The most recent hits include 2m at 8.78g/t, inside a larger 9m intersection grading 2.73g/t, 36m from surface.
Anything above 5g/t is generally considered high grade.
These hits indicate that the Zanex trend – currently 4km long and growing — could be developing into a major gold mineralised corridor.
LEX says that mineralisation remains open and strikes onto ground held under the Western Lefroy JV to the north.
The Zanex trend also sits on the Woolibar Fault, which Lefroy believes is very similar to the Boulder-Lefroy Fault.
It’s a healthy comparison to make. Boulder-Lefroy — one of the richest gold systems in the world — runs through the 15moz St Ives and 70moz Golden Mile gold camps.
There are also numerous other developing anomalous gold trends within the Western Lefroy JV package, says LEX managing director Wade Johnson.
"It’s quite exciting that an area so close to St Ives has been unexplored for so long," he told Stockhead.
"Gold Fields have not even started the land-based drilling exploration yet, so there's plenty to come.
"There’s still a lot of drilling to do, but it's very exciting to now see economic, shallow gold intersections getting closer to the shore." And remember; the JV isn’t even going for the big hits just yet.
The drilling by Gold Fields is still shallow and relatively wide spaced, in places 100m between holes and 500m between lines.
This lake air core drilling is now expected to continue through the second quarter, with the next export of drill data expected at the end of June.
All this is separate to the drilling LEX are doing in their own right at the wholly-owned Lucky Strikeprospect, says Johnson.
"The RC drilling [at Lucky Strike] just finished so now it’s the wait on results," he says.