- 0116 targets sampled: 1,777 soils, 149 rock chips.
- 02Soil assays due before year-end.
- 03Geophysics to guide next-year drilling.
LE Minerals (ASX: LEL) has reported the completion of a substantial amount of surface sampling over 16 target areas at its Capricorn gold-copper belt project in central Queensland.
A total of 1,777 soil samples have been submitted to Perth-based LabWest for 53 element ultra-fine fraction (UFF) assay plus near-infrared (NIR) and short-wave infrared (SWIR) mineral assemblage analysis, with results expected before year end.
Approximately 149 rock chip samples have also been despatched to ALS Global in Brisbane for 49 multi-element assays, with full reporting of geochemical results to be carried out once all assays have been received.
The company currently holds 51% interest in the Capricorn project and has the right to acquire the balance of 49% before April 2027, pursuant to asset sale agreements with the vendors.
Comprehensive Survey
LE has received the final data from 12,174 line-kilometres of fixed wing and heli-borne aeromagnetic and radiometric and airborne electromagnetic surveys completed across the Capricorn landholding in July.
The company has merged it with historical results to build a comprehensive geophysical data set that encompasses the entire project area.
The data will be integrated with the new surface sampling results to identify and assess prospects and develop further field work programs and drill targets.
LE anticipates that any substantive field and drilling programs will take place in the new year at the completion of the Queensland wet season.
Mt Morgan Location
LE’s Capricorn tenements surround the historic Mt Morgan gold mine, which closed in 1981 after nearly 100 years of operation.
During this time, it produced 50 million tonnes of ore at 4.99 grams per tonne gold and 0.72% copper for 7.65 million ounces gold, 1.2Moz silver, and 360,000 tonnes copper.
While the mine is not included in the Capricorn landholding, LE said it was committed to testing the area for repeats of Mt Morgan-style mineralisation.
The Capricorn project also contains multiple prospects for molybdenum and zinc mineralisation including over 30 kilometres of strike length of the Mt Morgan intrusive complex—interpreted to be the source of the Mt Morgan mine—and along the Dee Range volcanic massive sulphide zinc-copper-gold-silver belt.
LE is planning an extensive exploration program across the tenements using modern techniques, including advanced 3D analytics applied to historical and new data, to guide a drilling program over priority areas to target large-scale and high-grade mineralised systems.
Get the wire before the market opens.
The ASX small-cap stories that matter, filed before 9am AEST. Curated by the Small Caps desk.