Lunnon Metals Ltd (ASX:LM8) Delivers More Positive Gold Results at Lady Herial

13 December 2024

Price Sensitive Announcement $

Highlights:

• 20m @ 2.44 g/t Au, 7m @ 6.67 g/t Au confirm current mineralisation model
• 6m @ 3.89 g/t Au, 3m @ 2.78 g/t Au,1m @ 26.3 g/t Au intersected outside current interpretation
• Deepest hole on Upper Structure returns 9m @ 2.47g/t Au from 50m downhole
• Results confirming expected mineralisation boundaries, widths and grades

Overview:

Lunnon Metals Limited (ASX: LM8) (the Company or Lunnon Metals) is pleased to report further infill and extensional reverse circulation (RC) drill results from the Lady Herial prospect, at its Kambalda Gold & Nickel Project (KGNP). The program has been completed and all assays have now been returned for the RC drilling. Results are still pending for the select diamond drill (DD) holes completed to twin key prior results and provide core for metallurgical and geotechnical test work. The following significant intercepts1 are reported above a 0.5 g/t Au cut-off unless otherwise stated:

– 20m @ 2.44g/t Au (FOS24RC_089 from 12m)
– 7m @ 6.67g/t Au (FOS24RC_075 from 11m)
– 6m @ 3.89g/t Au (FOS24RC_093 from 14m)
– 3m @ 2.78g/t Au (FOS24RC_077 from 11m)

– 9m @ 2.47g/t Au (FOS24RC_094 from 50m)
– 22m @ 0.68g/t Au (FOS24RC_079 from 51m)
– 6m @ 1.32g/t Au (FOS24RC_072 from surface)
– 1m @ 26.30g/t Au (FOS24RC_090 from 6m)

The current drilling campaign was designed to infill and confirm previous positive intercepts from the last program. At the prospect scale, drilling results are generally confirming the boundaries, width and grades of the gold mineralisation modelled to date.

RC hole FOS24RC_089 (20m @ 2.44g/t Au) is directly down dip of FOS24RC_015 (21m @ 2.13g/t Au) and FOS24DD_011 (22.5m @ 0.94g/t Au)2. This result confirms the thickest, most consistent grade gold mineralisation identified by earlier drilling on the Upper Structure, whilst FOS24RC_094 (9m @ 2.47g/t Au) is the deepest data point on this structure, yet still only 50m below surface, highlighting the open potential down plunge.

FOS24RC_075 (7m @ 6.67g/t Au) is down dip of previous hole FOS24RC_023 (13m @ 4.10g/t Au)3 on the Middle Structure, confirming strong gold mineralisation at surface in an area that previously had limited other drill hole support. FOS24RC_077 is also interpreted to be hosted on the Middle Structure and will extend mineralisation on that surface.

Mineralisation in FOS24RC_093 (6m @ 3.89g/t Au) and FOS24RC_090 (1m @ 26.3g/t Au) are new positions hosted approximately 50m along strike to the south-west from the main body of mineralisation identified to date. These intercepts are hosted in or adjacent to an interflow sediment atop the Defiance Dolerite. This is significant as it highlights the potential for the various Lady Herial structures to host significant gold mineralisation beyond the 50m – 60m of strike extent defined by the favourable Zone 4 host.

FOS24RC_081 recorded 1m @ 2.83g/t Au (from 45m downhole) below the Prospector’s Pits4 however FOS24RC_082 and 083 did not return any significant values and the down dip extent and orientation of the quartz structures hosted in those pits remains elusive

Company Notes:

Managing Director, Edmund Ainscough, commenting said:
“We are finishing the 2024 year strongly having achieved a number of key milestones. We kicked off a gold focused program from a standing start, reshaped our staff and costs structures to suit and are now able to report on the successful delivery of our initial objectives for gold in the middle of all-time highs in Australian dollar terms for the commodity. The objectives we set ourselves back in March 2024 were by necessity modest, but in no way reflected our underlying confidence that our tenements, in the midst of the prolific St Ives gold camp as they are, can deliver much more. The Lunnon Metals team collectively has over 75 years’ experience in this very belt and has had the privilege of seeing, both as senior managers of WMC Resources Ltd and Gold Fields, and now as keen observers, the discovery potential of the camp at a district scale unfold over the last 25 years.

This discovery record has potentially significant implications for Lunnon Metals’ own 23km2 of the St Ives belt, so whilst our short term goal continues to be to define all the near surface gold mineralisation at Lady Herial as quickly and efficiently as possible, so that open pit evaluation can commence, we are most definitely keeping a firm eye on the bigger picture and what might be just around the corner or in the next drill hole.”

Full ASX Announcement: Microsoft Word – 20241213 Lady Herial_Positive Results_Final