Lefroy Exploration (ASX:LEX) Mt Martin scoping study commences

Lefroy Exploration has commenced a Scoping Study for its 100%-owned Mt Martin Gold Project, with Measured Group appointed to lead and coordinate the study.

The work follows the recently announced updated Mt Martin Mineral Resource Estimate of 9.1Mt @ 1.6g/t Au for 460,000oz and will assess potential development scenarios including open pit mining options, processing strategies, infrastructure requirements and project economics.

The Company also stated that its recent $3.6M placement provides funding to accelerate Mt Martin evaluation activities and progress key technical studies.

Highlights

The Mt Martin Gold Deposit is located within the Location 45 freehold property in the Eastern Goldfields of Western Australia.

The Scoping Study is being undertaken at a preliminary technical and economic assessment level and is intended to evaluate the potential development options available for the Project.

Planned study deliverables include pit optimisations and mine designs, mine production scheduling, economic modelling incorporating capital and operating estimates, geotechnical assessment, processing and metallurgical test work, plant and infrastructure considerations, together with approvals and mine closure considerations.

According to the Company, the outcomes of the Scoping Study will assist in assessing the potential pathway for Mt Martin, including whether the Project can progress towards more advanced studies and, ultimately, potential development and production.

Lefroy also cautioned that the Scoping Study will be based on lower level technical and economic assessments and is not sufficient to support a production decision or provide certainty that the conclusions of the study will be realised.

The Company stated that further evaluation, including additional technical studies, environmental assessments, approvals, permitting activities and other work programs, will be required before determining whether advancement of Mt Martin towards development is justified, with completion of the study set by the end of the September 2026 quarter.

The commencement of the Scoping Study follows the successful completion of the Company's recent $3.6M placement.

The Company stated that the placement strengthened its balance sheet and provided funding to accelerate Mt Martin evaluation activities.

Lefroy also stated that the funds raised will support the timely completion of the Scoping Study, ongoing technical evaluation activities and continued advancement of its broader exploration portfolio.

The Company also reported that its Mineral Resource base comprises more than 1Moz of contained gold across its project portfolio.

Lefroy Managing Director Graeme Gribbin said,

“The Mt Martin Scoping Study will provide Lefroy with the technical and economic understandings required to make informed decisions regarding the future advancement of the Project and assess its potential pathway towards development and production.”

Lefroy also provided an operational update on the Lucky Strike Operations, where mine profit share partner BML Ventures Pty Ltd has been advancing open pit waste mining following the reporting of positive assay results from a second significant grade control drilling program.

The Company reported that 1,345,539 Bank Cubic meters have been extracted to date, while ore stockpiles incorporating material greater than 1g/t total 16,069 ore tonnes, with a further 26,204t of mineralized waste grading 0.60g/t stockpiled on the ROM pad.

The Company said increased groundwater inflows had significantly impacted waste movements, with BML receiving a works approval from the Department of Water and Environmental Regulation in early June authorising construction of a 2.5km dewatering pipeline for the purposes of discharging saline groundwater.

The Company stated that this will significantly bolster dewatering rates at Lucky Strike, with the next phase of grade control drilling to commence in July and full scale mining to recommence early in the first half of the September quarter.

The Company stated that the Scoping Study forms part of its broader strategy to advance its gold portfolio, with completion of the study scheduled by the end of the September 2026 quarter.

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