Lightning Minerals to Commence Drilling at Mt Turner Gold Project in September

Our exploration Investment Lightning Minerals (ASX: L1M) will be drilling its QLD gold-copper project in ~two weeks time…

L1M just completed the acquisition of its Mt Turner project in QLD and has now signed up drilling contractors to start drilling on the 15th of September.

L1M will be running a 1,300m diamond drilling program across five targets where previous drilling has hit intercepts as thick as 16.5m and gold grades as high as 6.5g/t.

All of L1M’s drilling will be on parts of the project that have previously been drilled or mined but rarely drill tested below depths of ~100m…

So L1M will be looking to confirm those old hits (and fingers crossed find extensions to the mineralisation at depth).

We think that at L1M’s current market cap around ~$6m, results similar to those old hits could get the market interested in L1M’s asset.

Especially with L1M running a soil sampling program on the remainder of the asset, where there is ~12.5km of strike that hasn’t been drilled in the past.

L1M expects the soil sampling program to be run in the next week with results expected in 4-6 weeks.

The soil sampling will be what L1M bases its next round of drilling on.

L1M’s first drill targets are going for gold… but the project is also prospective for copper

While this first round of drilling will focus on L1M’s gold targets, we like the copper potential at the project as well.

L1M adjacent to the gold targets has three big porphyry targets.

This system potentially covers 16km^2 and a geophysics program conducted by the previous owners highlighted three drill ready shallow targets.

The targets were never drilled however (the macro at the time for copper and gold was much worse than it is today).

We are looking forward to seeing L1M work up the copper targets and put together a drilling timeline here too.

What’s next for L1M?

Diamond drilling program to start on gold targets 🔄

We want to see drilling start on the 15th of September.

Given L1M will be running a diamond drill program, it is possible we get some visuals fairly soon after drilling starts.

So we could see results start to trickle in fairly quickly from L1M.

Soil sampling program alone ~12.5km fault line 🔄

L1M mentioned in today’s announcement that soil sampling would start next week to rank more drill targets.

L1M expects results from the soil sampling program inside 4-6 weeks.