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Lefroy Exploration Starts Mt Martin Scoping Study After Resource Upgrade
Lefroy Exploration started a scoping study for its Mt Martin gold project after a resource upgrade to 460,000 ounces and a $3.6 million capital raise. The study will assess development options.
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Lefroy Exploration (ASX:LEX) kicked off a scoping study for its Mt Martin gold project in Western Australia's Eastern Goldfields. The company appointed the Measured Group to lead the work. The study follows a mineral resource estimate upgrade and a $3.6 million capital raise from institutional and sophisticated investors last month.
The updated resource sits at 460,000 ounces of gold at an average grade of 1.6 g/t. Managing Director Graeme Gribbin said the funds will cover the study, ongoing technical work, and the broader exploration portfolio.
"The commencement of the scoping study represents a significant milestone for Lefroy as we continue advancing our portfolio," Gribbin said. "With a significant mineral resource base exceeding one million ounces of contained gold, the Company is establishing a strong platform for future growth and value creation."