L1M commences exploration program on newly acquired gold-copper projects
Our early stage exploration Investment, Lightning Minerals (ASX: L1M) is preparing to drill its newly acquired gold-copper project in the next 8 weeks.
On Monday, the company announced a $2M capital raise and the acquisition of a suite of Australia based gold-copper projects.
Including the Mt Turner gold project in QLD - where L1M will be first drilling.
Today, L1M said that sampling will begin shortly and development on road access and drill pad preparations has begun.
No permitting is required for L1M’s upcoming drilling here, so L1M can get straight to business.
L1M will be testing along a 14km fault, where there have been 5 shallow pits that have been mined for gold.
Between the cluster of 5 old pits to the east and the single lonely pit out to the west there is an area of 4.5km for L1M to drill test.
The project also has a set of historical drill results that with intercepts up to 16m thick and gold grades up to ~6.5g:
Initially L1M will be targeting the areas near and underneath the old pit workings.
L1M expects to be drilling here within the next 8 weeks.
What’s next for L1M?
Deal completion 🔄
Next we want to see L1M satisfy all the conditions precedent on today’s deal and complete its acquisition.
Most of the conditions are relatively administrative, but we will be looking out for the completion of the following over the next few weeks:
