Finding more copper-gold next to some of the biggest projects
Our Investment LCL Resources (ASX: LCL) just found a high priority gold/copper target worth following up at its Imou copper-gold project in PNG.
LCL’s Imou project sits right next door to some of PNG’s biggest copper-gold projects including:
- Frieda River - Described as one of the largest undeveloped open-pit copper-gold projects in the world.
- Ok Tedi - The longest running open-pit copper, gold and silver mine in PNG.
Today LCL announced results from surface trenching work completed on the Imou project which returned grades of up to 0.49% copper and 0.46g/t gold across trenches measuring between 32m and 120m in length.
For some context on the grades - the grades at Frieda River are ~ 0.45% copper and 0.42g/t gold - comparable with the ones LCL released today.
Another interesting takeaway from today’s announcement is that LCL is finding these grades in trenches next to old drillholes which hit copper-gold almost from surface…
The most notable intercept was a 305.3m hit with copper grades of 0.37% copper and 0.37g/t gold (0.65% copper equivalent.
Now LCL has managed to extend the area of the project by over ~300m to the east.
Our key takeaway from today’s announcement is that LCL has now added another high priority exploration target to its portfolio of projects in PNG.
This time the target is a copper-gold porphyry target which sits amongst some of the world’s biggest deposits.
What’s next for LCL?
- Drilling at the Kusi gold/copper target 🔄- LCL is seven holes into a ~18 hole drill program. The next stage of the drill program will focus on step out holes and drilling around the Leah’s Lode target <1km NE from the current drillholes.
- Fieldwork and airborne EM across Nickel Project 🔄 - Airborne electromagnetic (EM) geophysical surveys and get on ground for some sampling/mapping - these will help workout the best places LCL should focus its future drill programs.
Joint Venture discussions 🔄 - Potential farm-out/JV across LCL’s project portfolio.
