LCL finds more copper and gold in the PNG

Our copper and gold exploration Investment Los Cerros Ltd (ASX: LCL) just hit more gold mineralisation at its PNG project.

LCL is currently in the middle of a 3,000m drilling program testing a part of its gold project where historical drill results had previously hit gold mineralisation.

LCL has released the results from one of the five drillholes completed - assays are pending for the other four.

The good news is that all four of the latest holes have hit the type of rocks LCL is targeting, we now need the assay results to confirm they are full of gold mineralisation.

Concurrent to drilling LCL has also been doing some rock chip sampling and surface trenching with the ultimate aim of increasing the size/scale of LCL’s targets.

After today’s results, LCL has managed to increase the target area to ~3km x 1.5km.

Our key takeaways from the results are as follows:

1) Extensions found in the south -

LCL is currently drilling at this part of its project.

Surface trenching in the south delivered gold grades of up to ~59g/t & rock chip samples taken from outcrop in the area delivered grades of up to 74g/t gold, 6.7% copper and 1.3% zinc.

The result - the interpreted strike in the south now extends over ~350m.

2) Extensions found to the north-

Surface trenching work ~1km to the north managed to hit gold grades of up to 0.7g/t

The gold grades aside, LCL noted that the type of structures found had “geochemical signature of mineralisation developed within sediments distal to porphyry-related systems and signifies a large well developed hydrothermal system”.

Drilling so far has focused on the area to the south but with results like these it will be interesting to see if LCL moves a drill rig to the north and test these targets.

3) Assays pending from the Eastern/Western area -

The assays from the work done to the east/west havent come out yet BUT LCL did note that the type of rocks found were exactly the same as in the south/north.

Again, LCL has the right type of rocks in both these areas with assays pending.

What’s next for LCL?

Assays from drilling at the Kusi gold project 🔄

LCL currently has assays pending from four drillholes at its current drill program at Kusi.

Any strong gold hits here will extend the gold minrealisation LCL already has at the project.

Assays from fieldwork at the Kusi gold project 🔄

Concurrent to the drilling we are looking forward to the assay results from the trenching/rock chip sampling across teh Eastern/Western parts of LCL’s project.

Any interesting drilling targets here could significantly increase the footprint of LCL’s project.