Key points
- Paringa West results highlight prospectivity of Lunnon Metals' St Ives tenements
- 8 metres @ 5.52g/t Au and 6 metres @ 1.49g/t Au
- Confirms new interpretation of significant intercepts drilled in 2024
- Exciting new St Ives target potential on west side of Lunnon Metals' lease package
Full summary
Lunnon Metals Limited (ASX: LM8) is pleased to report exciting results from reverse circulation (RC) drilling at the Paringa West prospect, one of a suite of high ranking targets at its Foster-Baker Project (FBA), at St Ives/Kambalda. Results of drilling in early 2024, when the Company had only recently switched its exploration activities to focus 100% on gold, recorded that Paringa West hosted multiple significant gold intercepts. Recent re-interpretation of the previous multiple intercepts suggested that a more significant, gently northwest dipping structure may be present that explains the range of intercepts more closely. To test this theory, three new RC holes were drilled each spaced 80m apart. Two of the three holes intersected significant gold mineralisation at the design target depth, including 8.0m @ 5.52g/t Au from 65 metres and 6.0m @ 1.49g/t Au from 54 metres. These results, along with previous drilling, define an initial target area at least 180m by 200m which is still open in this favourable host rock and completely untested to the northwest. The Company will evaluate the opportunity to rapidly advance this exciting potential for additional gold on a new structure in parallel to ongoing high priority activities focussed on Lady Herial and the adjacent Northwest Prospect.
Outlook
The Company's strategy has two simple objectives: 1. Define and permit a replacement for, and/or extension of, Lady Herial as soon as possible; whilst 2. Exploring its 23sqkm tenement package in the heart of the 16Moz St Ives gold camp, seeking to make a major gold discovery.