Lake Johnston Project

The Lake Johnston Project, comprising LEX’s 100% owned and granted tenements as well as the non-pegmatite rights to Lithium Australia’s (ASX:LIT) adjacent tenement, forms a cohesive land holding package in excess of 300km2 over the Lake Johnston Greenstone Belt of Western Australia, west of Norseman. LEX believes the area is prospective for Gold and Nickel with the package located adjacent to the Emily Ann and Maggie Hays Nickel deposits. Reviews of previous exploration has highlighted a single drill ready gold target at Frodo and three prospects with potential for nickel sulphide mineralisation. It is also evident that much of the ground is relatively underexplored and is still open to discovery.

The gold target at the Frodo prospect has been identified as a priority for immediate drill follow up from the re-interpretation of previous exploration results. A well-defined trend of gold anomalism can be traced through the Frodo grid for 1100m.

Lake johnston Project - Tenement Location over Aeromagnetic Image
Lake Johnston Project – Tenement Location over Aeromagnetic Image

The Bullseye, Mt Day, T1, and Brians Bluff targets are regarded as being prospective for nickel sulphides based on re-interpretation of previous geophysical surveys and historical drill results. Bullseye is characterised by a distinctive 2.5km wide, ovoid-shaped high amplitude aeromagnetic anomaly. The Company believes the broad magnetic feature may represent a buried ultramafic intrusion that has potential to host nickel sulphide mineralisation.  First phase aircore drilling in December, 2020 has reinforced the prospectivity of the target area, with promising shallow nickel intersections including 27m @ 0.4% Ni & 0.02% Co from 16m in hole LKJA005. Like Bullseye, the Mt Day nickel target displays similar geophysical characteristics and is also interpreted to represent a mafic intrusion. The prospectivity of the Mt Day intrusion is enhanced due to its proximity to the Emily Ann nickel deposit.

 

Bullseye nickel target featuring LEX and historic drilling with magnetic overlay.
Bullseye nickel target featuring LEX and historic drilling with magnetic overlay.
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