The six hole RC drilling program carried out in April returned the following results:
o 5m at 13.6g/t Au from 84m in LEFR070
• Including 3m at 22.3g/t Au from 85m
o 7m at 3.64g/t Au from 82m in LEFR071
• Including 2m at 10.2g/t Au from 85m
o 11m at 2.24g/t Au from 104m in LEFR071
o 27m at 1.35g/t Au from 33m in LEFR073
o 14m at 2.81g/t Au from 78m in LEFR074
• Including 3m at 9.37g/t Au from 81m
The company has now commenced a diamond drilling campaign to further advance the understanding of the BIF hosted gold mineralisation at Lucky Strike.
Technically LEX has solid support at 10c. The announcement on 16 May saw the share price spike from 13c to 18.5c, although it is currently trading at 16c. Lefroy Exploration has a relatively small market cap of $7 million and less than $1.2 million in the bank so it is likely that the company will have to raise capital in the second half of this year as they are currently burning about $500,000 each quarter.
Still, an interesting junior gold explorer with some potential if further drilling results go their way.