Liontown Resources Limited (ASX: LTR) has received further significant assay results from a partially completed maiden air-core drilling programme at its 100%-owned Moora Project in Western Australia.
The 467 sq. km Moora Project is located 150km NNE of Perth, in the same geological terrain as Chalice Mines Limited’s world-class Julimar PGE-nickel-copper-gold discovery. The company recently expanded its exploration footprint in the region to ~1,100 sq. km with the execution of a Joint Venture Agreement which gives it the right to earn to up to 51% equity in the neighbouring Koojan Project from Lachlan Star Resources.
The assays received have defined at least three mineralised areas coincident with the Mt Yule anomaly, a large, 7 x 2.5km, WNW-ESE trending magnetic feature interpreted to define a mafic/ultramafic intrusion obscured by transported cover and strong weathering.
The mineralised areas delineated so far comprise:
- A +2km long and up to 150m wide copper (>1,000ppm) – gold (>100ppb) northern zone which includes the previously reported intersections of 10m @ 1.9% copper and 12m @ 0.5g/t gold.
- A south-western zone which has returned intersections of up to 12m @ 1.37g/t gold; and
- A south-easternzone defined by a single drill traverse with drill intersections of up to 37m @ 0.25g/t gold and 12m @ 0.22% copper.
- The mineralised trends are open and only partially defined, and in-fill air-core drilling is planned prior to follow-up with deeper RC holes.
The air-core drilling, which will resume in mid-February 2021, is designed to provide initial bedrock data beneath gold+PGE+nickel+copper anomalies defined by auger sampling completed last year. Holes are drilled to refusal, which is effectively the base of strong weathering and complete oxidation.
Liontown’s Managing Director, David Richards, said the company’s drilling campaign at Moora was off to a very strong start, with the initial results demonstrating potential for a large-scale discovery.
Intersecting potentially ore grade intersections in shallow air-core drilling – which is effectively geochemical sampling of the bedrock – is an outstanding result for this stage of exploration, particularly as they lie within three clearly defined mineralised trends which remain open,” he said.
“Our systematic approach to uncovering a potentially significant discovery will continue. We are awaiting assays from the first round of RC drilling below the initial round of air-core drilling. In the meantime, in-fill air-core will commence shortly and continue as part of an expanded programme. Assays are also pending from regional auger sampling.
“With a growing volume of drilling data from the Project in the weeks ahead, we anticipate being able to move relatively quickly to further RC and, potentially, diamond drilling.
“If there is a big discovery to be made, we will leave no stone unturned to make sure we uncover it.”
