Lefroy Exploration Limited (ASX:LEX) prepares Mt Martin drilling campaign and resource update

Lefroy Exploration has advised that it is preparing to commence a new resource drilling campaign at its 100% owned Mt Martin Gold Project, located within the Company’s Location 45 freehold property in the Eastern Goldfields of Western Australia.

The announcement also states that a revision of the current Mineral Resource Estimate for Mt Martin is underway, including the generation of an Exploration Target.

Highlights

• 4,000m Reverse Circulation drilling program to test shallow resource growth targets at Mt Martin
• Drilling primarily targeting the Main, East and Adelaide Shear Zones
• Historical high grade gold intersections remain untested for follow up targeting
• Revision of the current Mineral Resource Estimate underway, including a revised RPEEE and an Exploration Target
• Additional drill targets and an expanded resource drilling program to be finalised on completion of the revised Mt Martin MRE and Exploration Target

The Mt Martin Gold Deposit contains a Mineral Resource Estimate of 9.29Mt @ 1.47 g/t Au for 439,000 ounces, comprising Indicated 5.60Mt @ 1.40 g/t Au for 247,500 oz and Inferred 3.69Mt @ 1.61 g/t Au for 191,500 oz.

The announcement states that planned drilling at Mt Martin is designed to target upside resource growth potential, predominantly testing the Main, East and Adelaide Shear corridors, with programs focused on near surface growth opportunities and down plunge extensions where mineralisation remains open.

The announcement states that notable gold intersections previously reported and remaining significantly undertested along strike and down plunge include 8m @ 3.98 g/t Au from 38m, including 4m @ 7.16 g/t Au, 10m @ 3.80 g/t Au from 20m, including 1m @ 12.7 g/t Au, 6m @ 4.24 g/t Au from 35m, including 2m @ 10.92 g/t Au, 7m @ 2.18 g/t Au from 49m, including 1m @ 9.01 g/t Au, and 5m @ 3.60 g/t Au from 128m, including 1m @ 10.60 g/t Au.

The announcement states that the timing and decision to undertake a revision of the Mt Martin MRE and an updated assessment of the Reasonable Prospects for Eventual Economic Extraction reflects recent changes in key project assumptions, including stronger commodity price settings since the last mineral resource estimate was performed in October 2024, revised operating cost parameters and updated revenue factors.

It also states that the proposed Exploration Target is intended to provide investors with an indication of the scale potential within the wider Mt Martin mineralised system.

Lefroy Managing Director Graeme Gribbin said,

“Our last resource estimate in October 2024 demonstrated the quality and growth potential of the Mt Martin Gold Deposit, located on the freehold Location 45 ground. As we prepare to commence this significant next phase of drilling at Mt Martin, we are also, in parallel, advancing an updated view of the project’s broader resource potential, taking into account the more favourable gold price environment and evolving project economics.”

The announcement states that mobilisation of drill crews is underway, with commencement expected shortly.

It also states that Lefroy intends to release details of the updated Mt Martin resource framework imminently, including the proposed Exploration Target, once numbers have been completed and final technical reviews have been undertaken.

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