LCL keeps hitting more gold at Kusi in the PNG
Our portfolio company LCL Resources (ASX: LCL) keeps hitting more gold at its Kusi gold/copper project in the PNG.
LCL is now seven drillholes into a planned ~18 hole drill program.
Today, LCL delivered more gold hits from both drillhole six and seven.
The best assay came from drillhole six where LCL hit:
- 29m intercept with gold grades of ~1.35g/t from depths of 135m - deeper down the same hole at depths of ~202m LCL hit grades as high as 6.15g/t gold.
Drillhole seven which was a vertical hole also hit gold mineralisation but the grades were slightly “lower than expected” from the company.
What does today’s results mean for LCL’s Kusi project?
At a very high level LCL has managed to grow the overall footprint of its project out to the west.
The image below shows the direction LCL drilled with drillhole six:
Width is just as important as strike length so we think the hits out to the west are positive news.
When it comes to calculating a resource for a project the width, strike length, and depth all come together to show how big a deposit is.
LCL’s Kusi project now sits on a north to south strike length of ~600m and the east to west extensions are still open for drilling.
What’s next for LCL?
- Drilling at the Kusi gold/copper target 🔄- LCL is now 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.
- Veri Veri Nickel Project 🔄 - LCL’s next steps here will be to run new generation airborne electromagnetic (EM) geophysical surveys - these will help workout the best places LCL should focus its future drill programs.
- 🔄 Fieldwork across other PNG projects - Fieldwork across copper/gold and nickel targets.
- 🔄 Joint Venture discussions - Potential farm-out/JV across LCL’s project portfolio.
To see what’s next for LCL in more detail check out our last note here: What’s next for LCL?
