LCL Resources Ltd (ASX: LCL) Exploration Update on PNG Liamu Project
LCL Resources Ltd (ASX: LCL) has announced a significant milestone at its 100%-owned Liamu Gold-Copper Project in Papua New Guinea (PNG), confirming the discovery of a substantial gold-copper porphyry system at the Dada prospect. The company’s recent trenching and pitting program has revealed encouraging results across six trenches, all of which intersected gold mineralization.
Trenching Highlights
The program targeted a 400-meter north-south stretch within a larger 0.1 g/t gold-in-soil anomaly. Results include:
- Trench 3: 25 meters at 0.34 g/t gold and 0.27% copper, with the mineralized zone open in both directions.
- Trench 5: 33 meters at 0.31 g/t gold and 0.12% copper.
- Additional Trenches: Each trench returned positive gold values, with Trench 2 recording 20 meters at 0.33 g/t gold and Trench 4 yielding 12 meters at 0.21 g/t gold and 0.12% copper.
Notably, two rock samples south of the trenches returned grades of 2.19 g/t and 1.29 g/t gold, suggesting potential for high-grade zones within the porphyry system.
Pitting and Sampling Extends Mineralization
In addition to trenching, the program involved 13 pits on a 100-meter grid to explore mineralization extensions westward. Results included two pits returning gold values of 0.31 g/t and 0.54 g/t. Additionally, grab samples yielded up to 2.19 g/t gold, further supporting the possibility of high-grade areas.
Executive Chairman's Remarks
Chris van Wijk, Executive Chairman of LCL Resources, expressed optimism about these initial results, noting that the presence of a large porphyry system at Dada “highlights the potential size and scale of the mineralization.” He emphasized the value of the company’s Liamu Project within PNG and LCL’s broader Copper-Gold portfolio, adding that further exploration of the portfolio’s copper-gold assets is on the horizon.
Historical Context and Further Exploration
The Dada prospect has previously shown promise through historical sampling and trenching, revealing a 600m x 400m gold anomaly. The current program follows up on these findings, focusing on delineating the system’s scale and identifying higher-grade zones. The company plans additional exploration activities to define the full extent of mineralization and evaluate potential resource estimations.
Update on Colombian Assets
LCL Resources also provided an update on its Colombian assets. The company confirmed it has received a non-binding proposal for their acquisition and permitted due diligence activities, although no agreement has been finalized.
Market Information
LCL Resources Ltd is traded on the ASX under the ticker LCL. For further information on exploration results, please contact Chris van Wijk, Executive Chairman at LCL Resources.
