Locksley Resources (ASX:LKY | OTCQX:LKYRF | ADR:LKYLY | FSE:X5L) secures option over Iron Duke Copper-Gold Project near Tottenham

Locksley Resources has entered into a binding option agreement to acquire a 100% interest in the Iron Duke Copper & Gold Project in New South Wales, located near the company’s existing Tottenham Project in the Cobar region.

The company stated the transaction supports a district scale exploration strategy and adds a high-grade copper and gold project located near Tottenham.

Locksley also noted that while the Mojave Project remains its primary strategic focus, Iron Duke is complementary to its Tottenham copper portfolio and provides immediate drill ready targets.

Highlights

• Binding option agreement to acquire 100% of Iron Duke from Balmain Minerals Pty Ltd, a wholly owned subsidiary of Sky Metals.
• Iron Duke comprises two granted exploration licences totalling 65 sub-blocks across 188.3km² in New South Wales.
• Historical JORC 2004 Inferred Resource Estimate of 1.3Mt @ 1.0% Cu and 0.6g/t Au.
• Drilling has confirmed mineralisation over approximately 550m of strike and to depths of approximately 150m.
• Option structure includes a $100,000 option fee, $500,000 initial consideration and a further $500,000 milestone payment tied to the delineation of a JORC compliant Mineral Resource of at least 3 million tonnes at a grade of not less than 1% copper equivalent, or upon a sale or transfer of the project.

According to the announcement, Iron Duke is located within 15km of the Tottenham Project and the proximity of the two assets provides potential operational and geological synergies, including shared targeting strategies and future development pathways.

The company stated the project hosts a high-grade copper and gold quartz-sulphide system that remains open along strike and at depth, while also identifying untested historical workings at Christmas Gift, Monarch, Mount Pleasant and Silver Lining prospects located 2.5km to the south.

Historical drilling returned 31m @ 1.13% Cu and 0.96g/t Au from 34m, 24m @ 1.07% Cu and 0.24g/t Au from 32m, 24m @ 1.53% Cu and 1.55g/t Au from 49m and 13m @ 1.56% Cu and 4.48g/t Au from 37m.

The company stated this drilling formed part of a maiden Mineral Resource Estimate completed by KBL Mining in 2012 when the project was being assessed as a potential source of feed for Mineral Hill Mine.

Sky Metals also reported rock chip and mine dump sampling of up to 26.1% Cu and 0.41g/t Au, with 11 of 21 samples returning greater than 1% Cu.

Locksley included detailed cautionary disclosures around the historical dataset, stating that the exploration results referenced from KBL Mining were not reported in accordance with the JORC Code 2012 and that it has not completed sufficient work to disclose those results under the current code.

It also stated that it has not independently validated the former owner’s exploration results and should not be regarded as reporting, adopting or endorsing those results.

Locksley Technical Director Ian Stockton commented on the acquisition.

“Iron Duke presents a compelling high-grade copper and gold system with strong structural continuity and clear geological controls on mineralisation.”

The company’s next steps include completing due diligence and determining whether to exercise the option, while undertaking a minimum 2,000m drilling program during the 9 month option period.

Locksley stated it will also assess development pathways within its broader regional strategy, with the acquisition structured around low upfront cost and milestone based consideration.

The company also highlighted immediate drill ready targets at the historical Christmas Gift, Monarch, Mount Pleasant and Silver Lining workings located 2.5km to the south

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