Lunnon Metals updates gold exploration progress at Kambalda Gold & Nickel Project

Lunnon Metals Limited (ASX:LM8) has reported significant progress in gold exploration at Foster, part of its Kambalda Gold & Nickel Project (KGNP). The company has achieved a major milestone with the best result to date, delivering 18 metres @ 5.27 g/t Au from just 18m below the surface. The project, now renamed to reflect the dual commodity focus, has shown promising results from the first suite of high-ranking gold exploration targets tested in FY2024. Lady Herial, one of the selected targets, has yielded substantial high-grade intercepts from the recent drilling program, indicating a potential opportunity for defining a zone of gold mineralisation.

Executive Commentary on Lady Herial Gold Prospect

The Managing Director, Edmund Ainscough, expressed optimism about the progress, stating, 'The re-focus on gold at Foster continues to deliver exciting results. Recognising these near surface widths at good grade and also the presence of frequent visible free gold is especially encouraging for Lady Herial. As soon as all results are back our minds will turn to a possible Mineral Resource estimation and then open pit optimisation exercise. The team at Lunnon Metals has already shown it can drill, define, estimate and then optimise its discoveries rapidly, with the way the Baker nickel deposit was progressed from first drill hole to permitted Mining Proposal in a little over 2 years. This track record is made possible by the inherent positive aspects of our tenure at Kambalda, including abundant existing infrastructure, granted mining leases, minimal regulatory steps to permitting and low-modest start-up capital. Lady Herial might be the first cab off the rank for gold but the site team see many more opportunities in the short-medium term with the gold price at all-time highs in Australian dollar terms.'

Summary of Lady Herial Gold Exploration Progress

The recent gold exploration progress at Lady Herial within the Kambalda Gold & Nickel Project has demonstrated the potential for defining a small-modest sized zone of gold mineralisation. The company's focus on open pit optimisation and a possible Mineral Resource estimation reflects its ambitions for the project. The presence of frequent visible free gold and the shallow depths at which the gold mineralisation starts indicate the opportunity for low strip ratios in a potential future open pit scenario. With ongoing positive assay results, the company aims to rapidly progress towards defining, estimating, and optimizing its discoveries. The site team anticipates multiple opportunities in the short-medium term, leveraging the current high gold price in Australian dollar terms. The company's track record and the positive aspects of its tenure at Kambalda position it well for further advancements in gold exploration.