Lunnon Metals (ASX:LM8) reports intersection of new gold mineralised structure at Benmore

Lunnon Metals has reported the intersection of a new gold mineralised structure at the Benmore prospect within its Foster Baker gold project, following drilling completed as part of its FY2027 exploration program.

Benmore is the first conceptual target tested under the program, which commenced with a $13m exploration budget as the first part of a planned 2 year program to test the company’s previously reported Exploration Target.

Highlights

The Foster Baker gold project is located in the middle of the St Ives gold camp, a district that has recorded over 18 Moz of gold mined.

Lunnon Metals commenced the $13m FY2027 exploration program as the first part of a planned 2 year program to test its previously reported Exploration Target.

Drilling commenced at Benmore in the south east of Foster Baker.

The target area has seen limited gold exploration due to the historical focus on nickel mining by WMC Resources between the 1970s and the mid 1990s, as well as the subsequent location of the St Ives gold processing plant and infrastructure adjacent to the relevant area.

Benmore is an early stage conceptual exploration target approximately 1.7km north of Gold Fields Limited’s Athena and Hamlet underground gold mines.

The initial diamond drilling program comprises a series of holes along an east west section over approximately 800m, primarily to provide geological and structural information and test for east dipping structures similar to those mined at Athena and Hamlet to the south.

The third hole drilled at Benmore, JAN26DD_011, intersected approximately 90m of sheared and foliated basalt and dolerite from approximately 250m downhole.

Based on the company’s current interpretation, this represents an estimated true width of 40m, with an approximate 15m to 20m wide central interval containing quartz carbonate breccias and veins with albite, biotite, pyrite and pyrrhotite.

The company said the alteration and mineralisation assemblage is typical of St Ives style gold deposits in the area.

The central interval was prioritised for cutting, sampling and assay from 301.60m, with assays remaining pending for the remainder of the shear zone and diamond drill hole.

The prioritised zone returned 17.86m @ 0.61 g/t Au with no cut off applied. Gold grades within the interval ranged from 0.03 g/t Au up to 8.37 g/t Au over 0.36m and 7.26 g/t Au over 0.32m.

Reported intersections within the interval included 1.37m @ 3.03 g/t Au from 302.07m and 8.67m @ 0.70 g/t Au from 309.59m at a 0.5 g/t Au cut off.

Lunnon Metals Managing Director Edmund Ainscough said,

“The FY2027 drill program is self funded by the successful Lady Herial open pit, to the tune of $13 million, allowing us to explore our ground at St Ives, an area at the heart of one of Australia’s great gold camps.”

A follow up diamond drill hole was completed approximately 90m west of JAN26DD_011 to test the same structure approximately 150m up dip.

The company reported a similar, though narrower, shear zone with less favourable alteration and mineralisation assemblages, while detailed logging and assays remain pending.

Assays also remain pending for the remainder of JAN26DD_011 and other diamond drill holes on the section.

The company said the Benmore results remain at an early stage and further drilling, geological interpretation and assay results will be required to determine the scale, continuity and significance of the mineralisation identified.

Data from the ongoing program will be used to enhance existing 3D geological models and generate additional bedrock targets for testing with subsequent drill programs.