Gold Fields begins drilling Western Lefroy project - Proactive Investors Australia
To complement previous geophysical survey work Gold Fields has started a major aircore drilling program on Lake Lefroy.
Lefroy Exploration Ltd (ASX:LEX) joint venture partner Gold Fields Limited has begun a major aircore drilling program at the Western Lefroy project southeast of Kalgoorlie in WA.
The program is part of a $25 million farm-in joint venture agreement between Lefroy and the South Africa-based gold producer, which was executed in June 2018.
It involves completing around 250 vertical holes spaced 100 metres apart on traverses 1-kilometre apart to cover most of the JV tenure on Lake Lefroy.
Four-month programThe four-month program will also yield foundation geological and geochemical information that will be examined in conjunction with geophysical data to deliver specific drill targets.
Gold Fields can earn up to a 70% interest in the tenements by spending up to $25 million on exploration activities within six years of the start date, including a minimum expenditure requirement of $4 million within two years.
Surveys build data
Exploration started on Western Lefroy last year involving multi-disciplinary ground and airborne geophysical surveys primarily based on or near Lake Lefroy.
The survey program is still in progress and these surveys will build upon the data collected in 2017 to deliver a detailed geophysical dataset for target identification.
Three nearby assets
Gold Fields has three mining assets in Australia including St Ives, Agnew and Granny Smith in the Eastern Goldfields with combined annual production of 935,000 ounces.
The South African company also has a 50% interest in the Gruyere project with Gold Road Resources Ltd (ASX:GOR). Gruyere is also in the Eastern Goldfields.
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