LEX - Lefroy Exploration

[Dona Ferentes]

- Stockhead uses an outlandishly bullish call on copper by a Goldman's apparatchik to pitch LEFROY (ASX:LEX): Burst on to the scene early last year with its exciting Burns gold-copper discovery in WA’s Eastern goldfields ....
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.

He's back. Didn't go away, but anyways. Latest copper gush from BF:

LEFROY (ASX:LEX): It is trading at 24c for a market cap of $36 million. It has just raised $3.5 million (before costs) at the same price to keep up a cracking pace in 2023 at its Burns gold-copper project southeast of Kalgoorlie.

Burns has become something of a forgotten discovery as Lefroy’s modest market cap suggests. But the company has been working away quietly since the early 2021 discovery and thinks it is on to a big Archean-aged porphyry system, a first for Australia.

The recent completion of an 80-hole drill-out program means a maiden resource estimate for the central part of the 2.5km long system is expected late in the March quarter next year. It will be restricted to shallow mineralisation only but will give the market a taste of the upside, all on Kalgoorlie’s doorstep.

Barry FitzGerald: Copper is finishing 2022 with a bang. Add these two juniors to your watchlist - Stockhead

There is lots of chatter that the timing of the take-off in copper prices might need to be brought forward from 2025...

stockhead-com-au.cdn.ampproject.org

 

[Sean K]

He's back. Didn't go away, but anyways. Latest copper gush from BF:

LEFROY (ASX:LEX): It is trading at 24c for a market cap of $36 million. It has just raised $3.5 million (before costs) at the same price to keep up a cracking pace in 2023 at its Burns gold-copper project southeast of Kalgoorlie.

Burns has become something of a forgotten discovery as Lefroy’s modest market cap suggests. But the company has been working away quietly since the early 2021 discovery and thinks it is on to a big Archean-aged porphyry system, a first for Australia.

The recent completion of an 80-hole drill-out program means a maiden resource estimate for the central part of the 2.5km long system is expected late in the March quarter next year. It will be restricted to shallow mineralisation only but will give the market a taste of the upside, all on Kalgoorlie’s doorstep.

Barry FitzGerald: Copper is finishing 2022 with a bang. Add these two juniors to your watchlist - Stockhead

There is lots of chatter that the timing of the take-off in copper prices might need to be brought forward from 2025...

stockhead-com-au.cdn.ampproject.org

If people believe the copper narrative mid-long term the time to get into it is when it's out of favour, IMO. That's pretty much now, while everyone is worried about recession, China Covid lockdown and possibility of conflict, reducing demand. Most punters are worried and there's cash on the sidelines. If recession is short, China opens up, and taking Taiwan by force is not an option, then the World economy will wake up and copper will run. Just about all the juniors will follow I reckon, but near developers and producers will do better. Might not be in the next 12 months, but 2024 is probably shaping up as a time when the supply demand balance will become more obvious to the general market.

 

[Dona Ferentes]

Multiple Shallow Thick Copper-Gold Intersections Reinforce Large Mineral System at Burns Project

...has helped the SP from recent lows of 23c; now 25c

• The Burns Central RC Resource drill program was completed in December 2022 and consisted of 67 RC holes which evaluated an area of 540m x 400m to approximately 200m vertical depth from surface. Gold and multi-element (ME) results were reported in December 2022 for 4 of these holes.
• Gold and ME assay results have now been received for a further 24 RC drillholes (LEFR336-LEFR360) covering 240m of strike to the south of the Baseline Discovery Section. Multiple, thick intervals (between 70 and 210m thick) of copper, gold, and silver alkalic porphyry-style mineralisation have been intersected in the Western Basalt zone. Many of these intersections commence immediately at the base of the alluvium cover, at a depth range of 24-27m.

 

[frugal.rock]

Chart update.
Tag Dona, you're it.

 

[Dona Ferentes]

Chart update.
Tag Dona, you're it.

on deck, ...
.
now 20c but the new money is in at 16c...

HIGHHIGHLIGHTS
• Lefroy has received firm commitments to raise $6.2 million (before costs) in a heavily oversubscribed share placement to institutional and sophisticated investors.
• Existing shareholders have provided strong support for the placement in addition to new overseas and domestic investors.
• Directors of Lefroy have committed to participate in the Placement for a total of $465,000, subject to shareholder approval.
• Lefroy is now well-funded to commence exploration at its newly acquired Location 45 project, located just 20km north of Kambalda and 35km southeast of Kalgoorlie.
• Exploration programs will be focused initially on resource infill and expansion drilling at the Goodyear Nickel Deposit (15kt at 3.8% Ni) and Mt Martin Gold Mine (501 koz at 1.8 g/t Au).

 

[frugal.rock]

Lex legs

 

[Garpal Gumnut]

LEX is my dart choice in the August competition. A recent board reshuffle and the return of $0.75m from the ATO under one of the investment/exploration schemes has given Lefroy Exploration new energy to go about air drilling and other devourers of good money received from the ATO.

They are off exploring again in the Gold rich Kalgoorlie area. While it may not win the comp next month I will be keeping an eye on it.

A chart is atrocious, a downtrend trend, the occasional brave wielding his tomahawk to lose more money and the RSI not of much use for prognostication.

I may need to get a new set of darts.

gg