L1M hits gold across 12km of strike in QLD

Our exploration Investment Lightning Minerals (ASX: L1M) just put out exploration results from its gold project in Queensland.

L1M drilled a total of 9 holes going after gold below the old pits that were mined for gold back in the 1980’s and 1990’s.

L1M hit gold in 8 out of the 9 holes it drilled below those pits.

We also got a batch of soil sampling results come out, with gold in rock chips at 21.9g/t ~2.7km of the most western drill results….

So the gold mineralisation could sit across a total of ~12km of strike.

(Source)

While the 2 holes drilled earlier nearby into a known porphyry target hit base metal mineralisation, from a zone where this was expected including:

• 17.2m @ 6.2% zinc, 1.4% lead, 10.3g/t silver from 32m
• 12.4m @ 6.2% zinc, 1.4% lead, 24.2g/t silver from 17.6m

Proving base metals mineralisation is a good early sign that the porphyry could be mineralised.

The image below summarises it well (even though it does look a little confusing).

Basically the results are confirming the thinking on how the system looks underground, with drilling intersecting base metals from that expected zone.

(Source)

The company has today confirmed that they will be further pursuing this project next year, where a follow up drill program is intended once all of the data received today is analysed to show and prioritise drill targets.

(Source)

What we want to see next from L1M

Soil sampling and drill results used to generate a new drill program 🔄

A soil sampling program formed part of this program to rank and locate additional drill targets.

L1M released these results today which along with the drilling results, will be used to help locate further drill targets once analysed.

Further drilling into the porphyry copper target and into additional targets to be generated 🔲

L1M is planning to get back drilling at the project in 2026, after the data from the current work program is analysed, targets generated and then a new drill program planned.

(Source)