LEX - Lefroy Exploration

[System]

On September 15th, 2016, US Masters Holdings Limited (USH) changed its name and ASX code to Lefroy Exploration Limited (LEX).

http://www.lefroyex.com

 

[greggles]

On 16 May Lefroy Exploration announced that they have intersected high grade gold at Lucky Strike, within the Lefroy Gold Project, which is located approximately 50km south east of Kalgoorlie in the Eastern Goldfields of Western Australia.

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.

 

[barney]

LEX is up over 200% today off the back of 1 big Assay result.

It was a 22 hole programme with the first 10 assays received.

One hit from 10 was big but the rest were just "normal"

I wouldn't call it madness, but 200% for:

60m at 5.22g/t Au and 0.38% Cu from 112m down-hole to end of hole, including:

20m at 12.2g/t Au, 0.87% Cu and 1.7g/t Ag from 144m


is a bit over exuberant. ?

 

[greggles]

LEX is up over 200% today off the back of 1 big Assay result.

It was a 22 hole programme with the first 10 assays received.

One hit from 10 was big but the rest were just "normal"

I wouldn't call it madness, but 200% for:

60m at 5.22g/t Au and 0.38% Cu from 112m down-hole to end of hole, including:

20m at 12.2g/t Au, 0.87% Cu and 1.7g/t Ag from 144m


is a bit over exuberant. ?

She closed up another 18% today at 73c, hitting an intraday high of 80.5c. Obviously there are a lot of punters out there who think that LEX are really onto something here. That one big hit was very good and even after today's gains the market cap is still under $75 million.

There appears to be a lot of people betting that those last 12 holes are going to deliver some pretty impressive results.

 

[frugal.rock]

Closed above $1.50 today.
Not held.

 

[barney]

Closed above $1.50 today. Not held.

Obviously more this than meets the eye. Good luck to holders

 

[finicky]

I've taken an idle look at RGL in relation to LEX - neighbour. Mentioned by someone I follow on twitter. Chart not too bad, worth a watch anyway. Bit sick of frittering away dwindling cash on my non performing specs though.

2 Year weekly

 

[greggles]

Some good news for LEX this morning. Diamond drilling at the Burns copper project has confirmed at least 55m vertical depth continuity of the altered porphyry zone that hosts the very high-grade gold copper mineralisation found in LEFR 26.

 

[Sean K]

Some good news for LEX this morning. Diamond drilling at the Burns copper project has confirmed at least 55m vertical depth continuity of the altered porphyry zone that hosts the very high-grade gold copper mineralisation found in LEFR 26.

Seems to still be running on the very good intersection from LEFR260. None of the other results come anywhere close to this that I can see.

How are they going to mine under a lake?

 

[sptrawler]

Seems to still be running on the very good intersection from LEFR260. None of the other results come anywhere close to this that I can see.

How are they going to mine under a lake?

View attachment 124194

Silver Lake deep mine at Lake Lefroy,Kambalda, used to run under the salt lake from memory.

 

[Miner]

Seems to still be running on the very good intersection from LEFR260. None of the other results come anywhere close to this that I can see.

How are they going to mine under a lake?

Hello Team
Is there any clue how bad the announcement was today that the shares dived down at the bottom of the Lake ?

 

[Sean K]

Hello Team
Is there any clue how bad the announcement was today that the shares dived down at the bottom of the Lake ?

The only thing that I could find was that hole 004 did not replicate 260, which was twinned but to go deeper by the look of it. I think all the previous excitement was about 260, which may put it in doubt. There's some discussion in the ann about it.

Still, that's a big reaction....

 

[Miner]

Thanks mate

 

[finicky]

Daily chart (6 mths) of LEX looks a hope doesn't it? Haven't followed it and don't hold but believe it has has some fans in the past - seems to be a high conviction holding of the Lowell investment trust (LRT). Cash is probably better

 

[Sean K]

Daily chart (6 mths) of LEX looks a hope doesn't it? Haven't followed it and don't hold but believe it has has some fans in the past - seems to be a high conviction holding of the Lowell investment trust (LRT). Cash is probably better

The excitement in Feb/Mar was based on hole 260 that wasn't able to be replicated and all other drilling seems pretty average.

Today's ann didn't really show anything worth worrying about, imo. 'Significant' new results include: 0.14% Cu and 0.10g/t Au. That's dirt. (confused emoji here)

 

[Sean K]

It seems their last few anns have been a bit disappointing to the punters and is now much unloved. Chart looks interesting though. Bouncy bouncy* between 36 and 46 cents. Potential breakout material.

Yesterday's ann regarding a Ni project didn't seem to worry the umpires and a 'massive' drilling program on Lefroy announced on 12 Oct. Sleepy sleepy zzzzzzz.

Interested in this because it's been smashed.

*TM @finicky

 

[frugal.rock]

No comment. Not held.
Just a bit of an update as the price has moved today.

 

[frugal.rock]

No comment. Not held.
Just a bit of an update as the price has moved today.

Note, there was a gold copper intersection announcement today.

 

[finicky]

Well that worked I guess - Stockhead uses an outlandishly bullish call on copper by a Goldman's apparatchik to pitch LEX (and ENR). LEX up 12% intraday on another blip of positive volume. Does look a bit like its being accumulated? But I've been wrong before chartwise on this one.
Not Held

Barry FitzGerald: All is forgiven, Goldman Sachs - if $US100K/t copper is real, these are the juniors to watch - Stockhead

Garimpeiro is as bullish as can be on copper. But Goldman Sachs has taken it to another level by suggesting $US100,000/t copper is possible.

stockhead.com.au

LEFROY (ASX:LEX): Trading at 28.5c for a market cap of $42m. Burst on to the scene early last year with its exciting Burns gold-copper discovery in WA’s Eastern goldfields.
Enthusiasm for the discovery hole – 38 metres grading 7.63 grams of gold a tonne and 0.56% copper – took the stock to more than $1.50 a share but here we are and Lefroy is back at 28.5c.
The funny thing is that Lefroy’s understanding of what is a unique Archaean-aged gold-copper porphyry system for WA is greater than ever. So much so it is preparing to send down a deep (1.2km) hole to confirm it is on to a big porphyry system.
Drilling the hole has attracted co-funding support from the WA government’s Exploration Incentive Scheme, such is the potential significance of Lefroy confirming a big and new style of mineralisation for the Eastern goldfields and elsewhere in WA.
If the hole hits some good stuff, it will be off to the races. Drilling is planned to start in the next month or so.
Beyond Burns, Lefroy has Gold Fields – owner of the 10m ounce St Ives gold camp near Lake Lefroy to the west of Burns – spending $15m by 2024 on their Western Lefroy joint venture for the region’s next big gold deposit.
It is also planning a spin-off of its Lake Johnston nickel-gold exploration ground, 120km west of Norseman, into a separately listed ASX company.

 

[noirua]

Lefroy Exploration (ASX:LEX) begins major RC drill program at Burns

Lefroy Exploration (ASX:LEX) has begun a major reverse circulation (RC) drilling program at the Burns gold-copper prospect in Western Australia.

themarketherald.com.au

Lefroy Exploration (LEX) has begun a major reverse circulation (RC) drilling program at the Burns gold-copper prospect in Western Australia.

The aim of this drilling is to evaluate the economics of the system 200 metres from surface and 700 metres along strike.