Lefroy Exploration Limited is a company incorporated in the British Virgin Islands with its registered office in Roadtown the capital of the BVI. The company listed on the Australian Securities Exchange (‘ASX’) on the 5th September, 1991 as an investment fund and remains a recognised foreign Corporation.
Prior to 2016 the Company had been considering other investment opportunities and types of investments. Given the background and expertise of the current Directors of LEX and the availability of potential assets or businesses, LEX investigated greenfield investment opportunities in the mineral exploration area, with the aim of acquiring exploration tenements for investment purposes and potentially acquiring exploration tenements to undertake exploration activities.
As part of this strategy, over the past year the Company applied for a number of exploration tenements, prospective in Gold and/or Nickel, within the Yilgarn Craton in Western Australia. As of early 2016, two exploration licences had been granted to LEX at its Lake Johnston project, with a third granted at Lake Randall near Kalgoorlie. The Company’s remaining exploration licence and prospecting license applications are at Lake Randall and Murchison.
LEX believes, based on its initial data compilation and analysis, that the Lake Randall and Murchison tenements are prospective for Gold with the Lake Johnston tenements prospective for Gold and Nickel.
The opportunity to substantially advance the business strategy was presented in early 2016 when the Company entered into discussions with Hogans Resources Pty Ltd (HRPL) and Montezuma Mining Company (MZM), two neighbouring tenement holders at Lake Randall, about the amalgamation of each party’s land holdings to create a commanding gold project close to Kalgoorlie. The transactions to amalgamate occurred in October 2016 with LEX acquiring 100% of HRPL and 100% of MZM tenement at the Lefroy Project. This opportunity, together with LEX’s Lake Randall tenement holdings, forms the basis of the Company’s flagship Lefroy Gold Project.