Ilgarari Copper Project Earn-In Secures 80% Sulphide Rights for Lord Resources

Strategic Acquisition and Exploration Kickoff

Lord Resources Limited (ASX: LRD) has taken a decisive step forward in its copper exploration ambitions with the recent earn-in agreement over the Ilgarari Copper Project in Western Australia. This agreement grants Lord up to an 80% interest in sulphide mineral rights below 120 metres, positioning the company to tap into a largely underexplored high-grade copper system.

The Ilgarari Project, located approximately 110km south of Newman, is notable for its steeply dipping northeast-trending structures that have historically yielded significant copper intersections. Previous drilling, though limited in depth, has revealed promising grades, including intervals exceeding 6% copper, underscoring the project's potential.

Geophysical Surveys to Guide Targeting

Building on the acquisition, Lord Resources has commenced a comprehensive gravity survey across the tenement, conducted on a tight 200m by 100m grid. This survey aims to enhance the understanding of the Ilgarari Fault system and its mineralisation controls, particularly focusing on the high-grade "Main" and "Alac" zones. The integration of gravity data with existing induced polarisation (IP) and aeromagnetic surveys is expected to sharpen drill targeting, potentially unveiling concealed hydrothermal systems at depth.

Notably, the reprocessing of historic geophysical data has identified multiple chargeability anomalies and a significant magnetic feature beneath known mineralisation, both of which remain untested. These findings suggest substantial upside potential for Lord as it prepares for its inaugural drilling campaign.

Expanding the Footprint with New Tenements

In addition to the earn-in agreement, Lord has lodged two new tenement applications northeast of the existing Ilgarari workings. These applications cover areas with geochemical targets aligned along the same structural trends that host the copper mineralisation. Early reconnaissance drilling in these areas returned encouraging copper values, which have yet to be followed up, indicating further exploration upside.

Financial Position and Next Steps

Lord Resources ended the quarter with a cash balance of approximately $1.25 million, reflecting prudent expenditure on exploration and corporate activities. The company’s immediate priorities include completing due diligence, validating historical data, conducting field reconnaissance, securing heritage agreements, and advancing permitting processes ahead of drilling.

While other projects in Lord’s portfolio, such as the Horse Rocks Lithium and Gabyon Gold projects, saw no activity this quarter, the focus remains firmly on unlocking value at Ilgarari. The decision to relinquish the Cambridge Nickel Project further signals a strategic concentration on core assets.

Outlook

Lord Resources’ methodical approach to exploring the Ilgarari Copper Project, supported by robust historic data and modern geophysical techniques, sets the stage for potentially transformative discoveries. The upcoming gravity survey results and planned drilling will be critical in defining the project's scale and economic viability.