Lord Resources (ASX:LRD) intersects 20m copper zone at Ilgarari, strengthening geological model

Lord Resources Limited (ASX:LRD) has reported outstanding results from its ongoing drilling program at the Ilgarari Copper Project in Western Australia, where a 20.2 metre zone of visual copper mineralisation has been identified.

The intercept includes native copper and chalcocite, supporting the company’s geological model and highlighting the potential scale of the system and with assay results due in October, the project is entering a pivotal stage.

In this Q&A, Paul Lloyd, Chairman of Lord Resources, responds to key questions from investors and outlines the path forward for Ilgarari.

What are the key outcomes from the latest drilling at Ilgarari?

The most important result to date is a 20.2 metre interval of visual copper mineralisation identified in drillhole 25IRC006D, between 158.5 metres and 178.7 metres.

Within this zone we observed both chalcocite and native copper, which is encouraging as it indicates secondary enrichment and provides strong support for our geological model.

The hole is located around 60 metres down dip and 100 metres along strike from historic copper hits, which confirms continuity and extends the mineralised footprint.

“The most important result to date is a 20.2 metre interval of visual copper mineralisation identified in drillhole 25IRC006D, between 158.5 metres and 178.7 metres.”

Additional holes have intercepted zones of primary sulphide mineralisation, which further strengthens confidence in the system.

Laboratory assays are expected in October and will confirm the copper grades, but the visual observations already demonstrate that Ilgarari hosts a robust copper-bearing system.

How significant is this intercept in the broader context of Ilgarari’s exploration history?

The intercept is highly significant because it shows that Ilgarari is more than just a shallow oxide copper project, which has historically been the main focus.

Past mining delivered over 3,000 tonnes of copper at grades including 1,908 tonnes at 30.76% copper and 1,253 tonnes at 16.19% copper, but activity was confined to surface and near-surface workings.

Later exploration also largely targeted shallow oxide material, leaving the deeper sulphide potential underexplored.

“Our drilling has stepped out and confirmed continuous copper mineralisation at depth, with chalcocite and chalcopyrite observed, which indicates that the broader system is intact and mineralised.”

By confirming both supergene enrichment zones above sulphides and primary sulphide mineralisation below, we have validated that the project hosts a much larger mineralised system.

This creates a strong foundation for Ilgarari to develop into a substantial copper project.

Can you describe your own reaction on site when the visual copper was first revealed?

Being on site during drilling and witnessing the copper mineralisation firsthand was a career highlight for me and also for Non-Executive Director Barnaby Egerton-Warburton.

It was a moment that connected our decision to acquire Ilgarari with the tangible evidence of its potential, and it carried a real sense of personal and professional achievement.

“Together with Non-Executive Director Barnaby Egerton-Warburton, we had the magnificent coincidence of being on the rig as the drill core was lifted and revealed the very visual native copper and chalcocite. After a 40-year career in mineral exploration, including 10 years in the mineral drilling industry, that day would rate as the most exciting day of my career. Being the directors responsible for the acquisition of the project and then witnessing the core coming to surface, we had a great sense of satisfaction. We now look forward to fast tracking the project and creating substantial shareholder wealth.”

When can investors expect assay results and what steps follow from here?

All samples containing visible copper mineralisation or elevated portable XRF readings have been dispatched to the laboratory in Perth, with assays expected in October 2025.

These results will confirm copper grades and help us assess the scale and consistency of the mineralisation. Once we have that information, we will be able to make informed decisions on the next stage of drilling.

“We are already considering extending the current program, and the results will guide whether we focus on further step-outs along strike or on drilling deeper beneath the zones already intersected.”

Each round of assays and drilling adds to our geological knowledge and ensures that we continue to advance the project on a solid, data-driven basis.

How is the drilling program being supported and what does this mean for shareholders?

The program is supported by the Western Australian Government’s Exploration Incentive Scheme, which is providing 50 percent co-funding for two deep diamond holes.

This is an endorsement of the project’s geological potential, as the scheme only funds programs that are considered highly prospective.

For shareholders, this support reduces costs while enabling us to test deeper parts of the system earlier than we otherwise might have.

These deeper holes have already delivered intersections of primary sulphide mineralisation, including up to 5% chalcopyrite in quartz breccia zones, which is exactly what we aimed to achieve.

The backing of the Exploration Incentive Scheme allows us to move forward efficiently, preserve capital, and continue to generate results that can build shareholder value.

The path Ahead for Ilgarari

The Ilgarari Copper Project is advancing strongly, with visible copper mineralisation validating Lord Resources’ geological model and highlighting the scale of the mineralised system.

With assay results due in the coming weeks and additional drilling already under consideration, the company is entering an important phase that will shape the project’s next stage of development.

The Chairman’s perspective

Paul Lloyd, Chairman of Lord Resources, emphasises that the company will continue to advance Ilgarari in a disciplined and structured way, backed by government support and guided by a clear commitment to generating long-term shareholder value.

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