Lunnon Metals (ASX:LM8) updates gold resources at Hustler and Lady Herial
Lunnon Metals has reported updated Mineral Resource Estimates for the Hustler and Lady Herial gold deposits at its Kambalda Gold & Nickel Project.
The update includes a 20% increase in contained gold and a 21% increase in tonnes at Hustler, while the company continues to investigate a potential future open pit development that may operate in conjunction with any 2nd stage of mining at Lady Herial.
Highlights
Hustler Mineral Resource increased 20% in contained gold and 21% in tonnes.
Hustler Mineral Resource totals 826,000t @ 1.4g/t Au for 36,200oz.
Group gold Mineral Resource totals 1.48Mt @ 1.7g/t Au for 79,300oz.
The effect of mining depletion on the otherwise unchanged Lady Herial Mineral Resource Estimate is 651,000t @ 2.1g/t Au for 43,100oz.
Lady Herial Ore Reserve at 30 June 2026 totals 82,700t @ 2.1g/t Au for 5,600oz.
The revised Hustler Mineral Resource follows recent exploration and infill drilling completed after the deposit was discovered in the company's first diamond drill hole following its June 2021 Initial Public Offering.
That hole, which targeted nickel mineralisation at Foster, intersected a previously unrecognised gold structure.
The updated Mineral Resource Estimate is 826,000t @ 1.4g/t Au for 36,200oz, compared with the previous Mineral Resource Estimate of 682,000t @ 1.4g/t Au for 30,200oz.
According to the company, additional drilling resulted in changes to the Mineral Resource Estimate, with the Indicated Resource decreasing by 200oz following close spaced drilling in the shallower portions of the deposit, while the Inferred Resource increased through infill drilling that enabled the extension of modelled structures at depth.
Hustler is located approximately 400m southeast of the active Lady Herial open pit and approximately 7km by existing haul road from the Lefroy Gold Plant.
Gold ore from Lady Herial is currently purchased by St Ives Gold Mining Co. Pty Ltd, a wholly owned subsidiary of Gold Fields Limited, under an Ore Purchase Agreement.
The company continues to investigate opportunities to integrate any potential development at Hustler with the current and potential future open pit mining at Lady Herial, including opportunities within the agreed legal and commercial framework with St Ives Gold Mining Co. Pty Ltd.
Hustler comprises a series of narrow stacked lenses within Upper and Lower Zones that dip gently to the northwest.
The Upper Zone has been modelled over approximately 470m in the west northwest plunge direction, while the Lower Zone extends over approximately 300m.
The company states that both structures remain open down plunge to the west northwest.
Lunnon Metals Managing Director Edmund Ainscough said,
“Hustler and a possible cut-back at Lady Herial are sitting in pole position as the next potential development opportunities. The current Lady Herial open pit has been a big success and financial enabler. We will continue to fast track the permitting of the two new opportunities and in parallel discuss ongoing collaboration with our current partners; SIGM, Hampton Mining & Civil and Goldfields Technical Services, with a view to reproducing that success in FY2027. With a strong and growing cash balance, and a $13 million drill campaign already underway, shareholders can expect robust news flow throughout the coming months.”
The company states it will continue to fast track permitting for Hustler and a possible cut back at Lady Herial, while discussing ongoing collaboration with SIGM, Hampton Mining & Civil and Goldfields Technical Services.