USD $4,127.96
Goldman LCL Resources Reports 831,000 Ounces at 1.42 g/t Gold
LCL Resources Ltd (ASX: LCL) has announced a maiden JORC Mineral Resource estimate for its 100%-owned Ono Gold Project in Papua New Guinea (PNG). The Inferred Mineral Resource was modelled and estimated by independent consultancy WSP Australia Pty Ltd (WSP), incorporating historical and recent drilling data.
Highlights:
- Maiden Inferred Mineral Resource (JORC 2012) completed for the Kusi skarn deposit, based on drilling conducted by LCL over the past 24 months.
- Inferred Mineral Resource of 18.3 million tonnes (Mt) at 1.42 grams per tonne (g/t) gold (Au) for 831,000 ounces, using a 0.5 g/t Au cutoff.
- Historical trench results from the Kusi Lower Limestone trench indicate further upside potential, including:
- 28m at 0.9 g/t Au, 21.6 g/t Ag, 6.3% Pb, and 1.9% Zn
- 3.35 g/t Au, 170 g/t Ag, 6.3% Pb, and 13.9% Zn in a nearby rock chip sample
Executive Chairman Chris van Wijk commented:
We are proud to announce our Maiden Mineral Resource Estimate at the Kusi target in PNG which neatly underscores the geological potential at the Project. The geology supports the existence of further shallow pods of mineralisation around the central Kusi intrusive centre as well as the possibility for deeper mineralisation within the Lower Limestone unit that is highlighted by the trench results over this unit to the south of the existing resource area.
Further exploration is warranted to investigate the tenor and scale of mineralisation in the Lower Limestone unit as well as to test the obvious targets outlined by the soil geochemistry results.
As a result, the Company is investigating the use of 3D Induced Polarity to target mineralisation at depth in the Lower Limestone unit and to define the margins of the Kusi intrusive body.
Finally, these results reflect the focus on the Copper-Gold assets within the portfolio. There remain a number of other Copper-Gold opportunities to follow up on in PNG which we are excited to continue exploring.
