Join our daily newsletter At The Bell to receive exclusive market insights
- Lefroy Exploration’s (LEX) joint venture partner, Gold Fields, is preparing for an aircore drilling program at the Western Lefroy tenement package
- The South African gold company will drill 46,000 metres at the WA-based tenements to gather data that may represent a large gold system and generate targets for future drilling
- Subject to final land access clearance, the drilling program is expected to take six months to complete
- Company shares closed flat at 39 cents each
Lefroy Exploration’s (LEX) joint venture partner, Gold Fields, is preparing to embark on a major aircore drilling program at the Western Lefroy tenement package.
Gold Fields is a South African-based gold producer with seven operating mines and a total attributable annual gold equivalent production of 2.2 million ounces.
It will undertake 46,000 metres of aircore drilling as part of the $25 million farm-in and joint venture agreement between Lefroy and Gold Fields.
The program will cover most of the land area of the tenement package which covers 372 square kilometres and is part of the broader Lefroy gold project in Western Australia.
Drilling is aimed at generating geological and geochemical information that may represent the broad footprint of a large gold system and will be interrogated alongside geophysical data. The resulting data will be used to deliver targets for future drilling.
While the companies wait on final land access clearance, an aircore drilling program is underway at Paddy’s Secret which is located to the north of Lake Lefroy.
Once the 46,000-metre program does commence, it’s expected to take around six months to complete.
Company shares were trading flat at 39 cents at market close.
