Western Lefroy JV

The Lefroy Project incorporates the 246km² Western Lefroy package, which is subject to a Farm-In Agreement with Gold Fields Limited. The Farm-In Agreement allows Gold Fields Limited (Gold Fields) to earn up to a 70% interest in the Western Lefroy package by investing up to $25 million in exploration activities within six years of the agreement's commencement date (7 June 2018).

The Western Lefroy package covers the prospective Woolibar Trend, a 13km north westerly trending sequence of rocks within the eastern part of Lake Lefroy occur along a structure, informally known as the Woolibar Fault.

To date, Gold Fields has satisfied the Stage 1 Farm-In requirement and elected to increase their interest to 70% by funding a further $15 million of expenditure in 3 years (by June 2024).

The exploration program of focus has been the full field aircore program (FFAC), planned over 46,000m on 400m by 400m spacing and encompassing the entire Western Lefroy Project area. A total of 579 holes over 12,401m were completed in the 2022 financial year, which remains ongoing.

In addition, smaller close-spaced programs of infill AC, RC and diamond drill drilling have concentrated on anomalous areas of interest identified in the FFAC, and have been valuable in reinforcing and advancing the geological prospectivity at Lake Lefroy.