L1M - site visit completed ahead of drilling on QLD gold-copper project

Our early stage exploration Investment, Lightning Minerals (ASX: L1M) just completed site visits at the gold-copper projects it is acquiring in QLD.

Earlier this month L1M announced the acquisition of a suite of Australian gold-copper projects.

One of which is the Mt Turner gold project in QLD - this is the project L1M will be drilling first.

Today, L1M announced that a site visit had been completed on the project,which included taking a look at all of the drilling targets L1M will be testing at Mt Turner:

Here, L1M will be testing along a ~14km fault, where there have been 5 shallow pits that have been mined for gold.

L1M also confirmed that a soil sampling program was underway in between those old pits - meaning we should get some more data on the project ahead of drilling in a few weeks' time.

So far, we already know that the project has a set of historical drill results with intercepts up to 16m thick and gold grades up to ~6.5g.

L1M expects to be drilling Mt Turner straight after the company's EGM (general meeting) to vote on the acquisition and the recent capital raise.

At this stage, L1M hasn't set a meeting date, but we are expecting to see something on this front in the coming days.

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 - the one we want to see a date for is the general meeting:

Soil sampling from Mt Turner 🔄

While we wait for the deal to be completed we are looking forward to the soil sampling/mapping results in and around the initial drill targets L1M will be focused on.