Lefroy Exploration pours first gold from Lucky Strike
ASX-listed Lefroy Exploration has produced its first gold from the Lucky Strike gold mine, marking a key milestone for the junior explorer as its inaugural toll-milling campaign moves toward completion.
The company confirmed that three gold doré bars had been poured and delivered to the Perth Mint refinery for final refining.
In total, the three doré bars weighed 27.2 kg, containing an estimated unreconciled 584 oz of gold. One of the bars, GFLE 003G, weighed 6 164 g for an estimated 178 oz of gold.
The initial toll-milling campaign is being undertaken at the FMR Greenfields mill in Coolgardie and is scheduled for completion toward the end of February.
TEN-YEAR JOURNEY TO FIRST GOLD
Lucky Strike hosts a mineral resource estimate (MRE) of 1.27-million tonnes grading 1.95 g/t gold for 79 600 oz. This includes an indicated resource of 0.70-million tonnes at 1.93 g/t for 43 400 oz and an inferred resource of 0.57-million tonnes at 1.97 g/t for 36 200 oz.
CEO Graeme Gribbin said first production was the culmination of a decade of work.
“Production of our first gold doré bars from the Lucky Strike gold project is a culmination of 10 years hard work by past and present Lefroy employees and management, from early exploration efforts, formulation of the first MRE, through to more recent collaborations with BML Ventures to facilitate funding and commencement of first production.”
He added that the milestone placed the company on the verge of delivering broader shareholder value.
“Together with past and present shareholders and investors of Lefroy, whose funding and support have made this possible, I am pleased that the company is now on the brink of delivering significant value to current shareholders, not just from Lucky Strike, but through realising value from our one-million-ounce gold resource base across the broader Lefroy project.”
FURTHER TOLL-MILLING CAPACITY SOUGHT
Additional ore stocks are awaiting processing at the Greenfields mill, while further run-of-mine stockpiles remain at Lucky Strike pending haulage to Coolgardie.
Lefroy said mine profit share partner BML Ventures was collaborating with the company to secure the next series of toll-milling campaigns for Lucky Strike. Final negotiations were advancing, with further announcements on additional milling allotments and timing expected shortly.
As previously disclosed, the company is targeting a total of 250 000 t of toll-milling ore for Stage 1 of Lucky Strike and has been in discussions with additional milling partners to secure the required capacity.
With first gold now achieved and further milling capacity under negotiation, Lucky Strike represents Lefroy’s transition from explorer to producer as it seeks to unlock value from its broader one-million-ounce gold resource base across the Lefroy project area.
