Lunnon Metals (ASX:LM8) gold ambitions find their voice at Koombana

In a corner of the Eastern Goldfields best known for its nickel endowment, Lunnon Metals (ASX: LM8) is steadily scripting a gold story with depth, character and — crucially — a hint of déjà vu.

Best known for its quickfire development of the Baker nickel discovery, Lunnon is attempting to pull off a similar feat at its Foster Gold Belt tenements, part of the broader Kambalda Gold and Nickel Project.

The latest results from the Koombana prospect, southeast of the flagship Lady Herial discovery, suggest it’s more than a one-hit wonder.

The standout intercept?

29 metres at 0.72g/t gold from 15 metres (including 1 metre at 3.82g/t) in hole FOS25RC_105. Not headline-grabbing in isolation, but context is everything.

All four holes drilled at Koombana hit shallow gold mineralisation, supporting a model of stacked, near-surface zones across the belt — a hallmark seen at Lady Herial.

Lunnon Metals Managing Director Edmund Ainscough is playing a long game with a short execution window:

“This ongoing success and excellent hit-rate reaffirms our view that the Company’s Foster-Baker project is indeed under-explored. We demonstrated with our Baker nickel discovery that we can progress from first drill hole to a fully permitted mine extremely quickly,” he said.

The emerging narrative is less about any single hit and more about consistency and geometry.

Koombana, Hustler, and Guiding Star all show similar mineralised patterns to Lady Herial — which is now the subject of grade control drilling, metallurgical test work, and permitting.

Compellingly, the gold mineralisation appears to track the Defiance Dolerite unit — a known fertile host at St Ives, where neighbour and shareholder Gold Fields has now mined over 10 million ounces.

Notably, Lunnon retains 100% of the gold rights across these prospects.

Highlights from the latest Koombana drilling include:

• 2m @ 3.92g/t Au from 7m (FOS25RC_106)

• 1m @ 7.39g/t Au from 52m (FOS25RC_106)

• 20m @ 0.50g/t Au from 17m (FOS25RC_104)

• 7m @ 0.84g/t Au from 20m (FOS25RC_103)

These build on historical intercepts by previous owners, including 3m @ 9.13g/t (from 3m) and 13m @ 2.38g/t (from 11m) — results ignored at the time due to a nickel-only lens.

The company’s strategic positioning near the Lefroy plant — operated by major shareholder Gold Fields — and recent collaboration agreements underscore the path to potential near-term monetisation.

Lunnon is quietly challenging the orthodoxy that the best gold discoveries in mature camps are already found. As history shows — particularly in Kambalda — sometimes the golden truth lies just below the nickel.

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