Lefroy Targets Mt Martin Resource Growth with 4,000m Drilling Campaign

Drilling Campaign Aims to Unlock Mt Martin’s Untapped Potential

Lefroy Exploration is poised to kick off a substantial 4,000-metre reverse circulation drilling campaign at its Mt Martin Gold Project, situated south of Kalgoorlie on the Location 45 freehold property. The program zeroes in on shallow resource expansion opportunities along the Main, East, and Adelaide Shear Zones, where historical drilling has revealed promising but underexplored high-grade gold intersections.

Noteworthy past results include intercepts such as 8 metres at 3.98 g/t gold from 38 metres depth, and 10 metres at 3.80 g/t from 20 metres, with several narrower intervals exceeding 10 g/t. These remain only partially tested along strike and down plunge, presenting clear targets for resource growth.

Resource Update Reflects Stronger Gold Prices and Revised Economics

Alongside the drilling program, Lefroy is preparing an imminent revision of the Mt Martin Mineral Resource Estimate (MRE) and the introduction of an Exploration Target. This update incorporates a more favourable gold price environment since the last estimate in October 2024, as well as revised operating costs and revenue assumptions.

The current Mt Martin resource stands at 9.29 million tonnes grading 1.47 g/t gold for 439,000 ounces, split between 5.60 million tonnes indicated at 1.40 g/t and 3.69 million tonnes inferred at 1.61 g/t. The pending update aims to refine the Reasonable Prospects for Eventual Economic Extraction (RPEEE) and expand the resource framework to capture the broader mineralised system that remains underexplored.

Strategic Growth Focus Amid Broader Portfolio Momentum

Managing Director Graeme Gribbin emphasised the dual approach of resource expansion and economic reassessment, noting that Mt Martin is well positioned to deliver further value. This drilling campaign and resource revision build on Lefroy’s recent progress, including the successful ramp-up at the Lucky Strike Gold Mine, where first gold production was reported earlier this year.

Indeed, Lefroy’s ongoing operations at Lucky Strike, which holds nearly 80,000 ounces of gold, have demonstrated the company’s capacity to transition resources into production efficiently. The recent positive drilling and first gold recovery at Lucky Strike underscore this momentum, highlighting Lefroy’s ability to generate cash flow while advancing exploration targets.

Looking ahead, the company plans to refine and potentially expand the scope of resource drilling at Mt Martin after the updated MRE and Exploration Target are finalised, setting a foundation for sustained growth throughout 2026.

Next Steps and Market Implications

Drill crews are mobilising with operations expected to commence imminently. Lefroy will provide updates on drilling progress and assay results as they come to hand, offering investors a clearer picture of Mt Martin’s growth trajectory.

While the exact scale of resource expansion remains uncertain until assay results and the updated MRE are released, this campaign represents a material step in unlocking value from one of Lefroy’s flagship assets. The combination of improved gold price assumptions and targeted drilling could recalibrate the project’s economic outlook significantly.