LEO GRANDE GOLD SYSTEM EXPANDS TO THE SOUTH-EAST

Phase 2 drilling confirms continuity and growing scale of near-surface mineralisation at Clermont Gold Project

Moonlight Resources Ltd (ASX:ML8) has reported assay results from the first 22 holes of its Phase 2 reverse circulation drilling campaign at the Leo Grande Prospect within the company’s flagship Clermont Gold Project in Queensland.

The latest drilling has extended known gold mineralisation along strike to the south-east and north-west of Leo Grande Central, with results continuing to support the presence of a broad, near-surface gold system along the Leo Grande Shear Zone.

Moonlight said the Phase 2 program is focused on expanding mineralisation both laterally and at depth as it advances towards a maiden Mineral Resource Estimate for Leo Grande.

Key drilling highlights from previous and ongoing work include:

40m at 1.30g/t Au from surface (LGRC067), ending in mineralisation
34m at 1.37g/t Au from 6m (LGRC062), ending in mineralisation
24m at 1.28g/t Au from 2m (LGRC060)
21m at 1.28g/t Au from 19m (LGRC065), ending in mineralisation

The company said several holes in the current campaign also ended in mineralisation, highlighting the potential for the system to continue at depth. Step-out drilling to the south-east has extended mineralisation towards the Leo Grande South area, while additional assays remain pending from further holes testing strike continuity and depth extensions.

Moonlight noted that its earlier Phase 1 campaign validated historical drilling across the prospect area and confirmed consistent near-surface gold mineralisation across all drill sections.

Managing Director, Mr Greg Starr, commented:

While the initial drilling results at Leo Grande have already demonstrated the presence of a broad, near-surface gold system, our focus is now firmly on defining the scale, continuity and additional growth potential.

These initial Phase 2 results are an important step in that process. In particular, step-out drilling to the south-east has returned multiple broad intersections which support our interpretation that mineralisation continues along the Leo Grande Shear Zone towards Leo Grande South.

Importantly, several holes have again ended in mineralisation, reinforcing the opportunity to extend the system at depth. Additional results from this phase of drilling remain outstanding and are expected to provide further insight into the scale and continuity of the mineralised system.