Lucky Strike’s High-Grade Gold Raises Stakes as Lefroy Eyes 2025 Production

Final Assay Results Reinforce Lucky Strike Potential

Lefroy Exploration Limited (ASX – LEX) has announced the final tranche of assay results from its grade control drilling program at the Lucky Strike gold deposit in Western Australia. The results confirm a high-grade, near-surface gold mineralisation model, with numerous significant intersections starting as shallow as 17 to 25 metres from surface. Highlights include intercepts such as 9 metres at 9.80 grams per tonne gold and 2 metres at an exceptional 64.37 grams per tonne gold, underscoring the deposit’s robust grade profile.

This drilling phase targeted the proposed northern pit shell for Stage 1 mining and comprised 193 holes totaling over 7,300 metres, part of a larger 421-hole program. The assay results strongly validate Lefroy’s existing geological and resource models, providing confidence as the company advances towards operational readiness.

On Track for Mining Operations in 2025

The Lucky Strike project is progressing on schedule and within budget, with all drilling costs covered by the company’s profit-share mining partner, BML Ventures Pty Ltd. This arrangement has allowed Lefroy to advance development with zero upfront capital expenditure. The company recently submitted its Mining Proposal for Lucky Strike, a critical permitting milestone that sets the stage for mining operations targeted to commence before the end of 2025.

Permitting efforts continue with clearing permits underway for the mining lease and haulage corridors. Additionally, Lefroy is exploring the potential for a larger Stage 2 pit, with diamond drilling and geotechnical logging complete and assay results pending. Final pit shell optimisation and project budgeting are expected to be finalised in August in collaboration with BML.

Fully Funded and Positioned for Growth

Lefroy is fully funded through to 2026, supported by a Profit Cash Advance Agreement with BML, which will see profit-sharing commence once production begins. This financial backing enables the company to pursue an ambitious growth strategy, including unlocking value from its Mt Martin and Burns high-grade gold projects and continuing exploration across its extensive tenure in the prolific Kalgoorlie gold district.

With over one million ounces in combined resources across its portfolio, Lefroy is well positioned to generate cash flow and expand its resource base. CEO Graeme Gribbin expressed optimism about the company’s trajectory, highlighting the exciting prospects for production, resource expansion, and exploration success in the coming years.

Looking Ahead

As Lefroy finalises its mine plans and advances permitting, the market will be watching closely for updates on the Stage 2 drilling results and the final pit optimisation outcomes. The company’s zero-cost development pathway and strong assay results provide a compelling foundation for its near-term production goals and longer-term growth ambitions.