Lefroy Exploration (ASX:LEX) rides lucky strike momentum with high-grade gold hits

Amid rising investor appetite for near-term gold producers, Lefroy Exploration (ASX:LEX) is shaping up as a compelling story, thanks to a string of high-grade, near surface results from its flagship Lucky Strike project in Western Australia.

The final tranche of grade control drilling results from Lucky Strike’s northern pit area has confirmed and in many cases exceeded the company’s geological expectations.

Standout intercepts include:

• 2m at 64.37 grams per tonne gold from 37m, including 1m at a staggering 120g/t

• 9m at 9.80g/t from 25m

• 8m at 8.14g/t from 23m

• 5m at 5.52g/t from 18m

These shallow, high-grade hits support the robustness of the existing 1.27Mt at 1.95g/t for 79,600oz Mineral Resource at Lucky Strike.

Importantly, several intercepts were returned outside the current resource envelope, hinting at the project’s growing upside potential.

“Lucky Strike continues to deliver, with these final grade control results ending what has been a very successful Stage 1 drilling program for the Company,” said CEO Graeme Gribbin. “With all assay results now returned, we look forward to finalising our mine plans, budgets, and schedules as we advance towards operations commencing before the end of 2025.”

Highlights

• Near-surface intercepts confirm and extend high-grade zones
• Zero upfront costs to Lefroy thanks to profit-share partner BML Ventures
• Mining Proposal lodged with production start targeted for late 2025
• Fully funded through FY26, enabling broader exploration and development strategy
• One million ounces in total resources across Lucky Strike, Mt Martin and Burns Central

The partnership with BML Ventures provides Lefroy Exploration with a zero-capex path to production, with all drilling costs covered and initial revenues flowing under a profit sharing arrangement.

With permitting progressing and the mine plan optimisation set for completion in August, Lucky Strike is well on track to transition from exploration to production within months.

Looking beyond Lucky Strike, Lefroy controls over 1Moz in gold resources, including 439,000oz at Mt Martin and 159,000oz at Burns.

These deposits present future development opportunities under similar profit-share models, reinforcing Lefroy’s low capital, high margin strategy.

“With the Company now fully funded until profit-share distribution at Lucky Strike commences in 2026, I look forward to implementing our ambitious growth strategy at Lefroy, through gold production, resource expansion and exploration success,” Gribbin added.

As gold edges higher and the M&A cycle for juniors begins to stir, Lefroy’s blend of low cost development, strategic partnerships, and a growing resource base puts it firmly on the radar of mid tier suitors and institutional investors alike.

At a glance:

• Final Lucky Strike assay results confirm 2025 production target

• Profit-share model reduces capital risk

• Growing portfolio with 1Moz+ in total resources

• Fully funded through 2026

For investors seeking leveraged exposure to a WA gold revival story with development momentum and minimal dilution risk, Lefroy’s Lucky Strike could well live up to its name.

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