Locksley Resources Ltd (ASX:LKY) Tottenham Drilling Results Support Resource Definition

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Drilling Results Support Resource Definition

 

  • Results received for 4 diamond drill holes and 23 reverse circulation (RC) drill holes.
  • Mineralisation observed in all holes.
  • Up to 10.3% Cu and 6.9g/t Au1. 
  • Examination of previous drilling shows numerous unsampled areas of mineralisation.
  • Results remain pending for a further 8 drill holes from the recent programmes and 2 historic holes from 2020. 
  • Significant results include:
    • CAD001 1.79m @ 4.16% Cu, 1.12g/t Au from 69.74m
    • CAD002 9.50m @ 2.39% Cu, 0.79g/t Au from 109.5m
    • CAD003 24.00m @ 0.51% Cu, 0.28g/t Au from 57.0m
    • TORC001 2.0m @ 1.03% Cu, 0.14g/t Au from 30.0m
    • TORC003 3.0m @ 1.04% Cu, 0.31g/t Au from 31.0m
    • TORC013 6.0m @ 0.73% Cu, 1.50g/t Au from 50.0m
    • TORC018 6.0m @ 0.96% Cu, 0.63g/t Au from 100.0m
    • TORC019 17.0m @ 0.54% Cu from 3.0m
    • TORC019 3.0m @ 1.88% Cu, 0.41g/t Au from 33.0m

Locksley Resources Limited (ASX:LKY) is pleased to advise that assay results have been received for 27 drill holes completed in August, September and October 2021 at the Tottenham Copper Project in central New South Wales.

 

Steve-Woodham"Locksley are delighted by these very positive drilling results. The copper numbers confirm the consistency and robust nature of the deposits. The project continues to deliver additional copper value as the Company moves toward a JORC 2012 compliant Resource calculation. We look forward to updating the market as additional pending results come in."

Steve Woodham, Managing Director at Lockley Resources Ltd

 

Managing Director of Locksley, Steve Woodham, also commented: 

"The deposits remain open in multiple directions including down plunge and along strike."

 

Assay results have been received for 4 diamond drill holes and 23 RC drill holes from the Chris Watson, Orange Plains and Carolina Deposits. Hole location data is presented as Table 1 and Figures 1 and 3. Anomalous results presented as Table 2. All holes reported on to date intersected Au – Cu ± Ag ± Zn mineralisation. Results remain pending for 3 diamond drill holes and 5 RC holes from the recent programmes. Results also remain pending for additional sampling of holes TMD029 and TMD030 that were drilled in 2020.


Carolina Deposit Diamond Drilling

 

The Carolina Deposit lies 9km ENE of Tottenham. Holes CAD001 to CAD006 were drilled in September 2021 for 1,260.4m. Results have been received for holes CAD001, CAD002, and CAD003. Results remain pending for holes CAD004, CAD005, and CAD006.

Drilling returned the following results: 

  • 1.79m @ 1.12g/t Au, 5g/t Ag, 4.16% Cu from 69.74m.

The interval included a zone of semi massive chalcocite that returned:

  • 0.48m @ 2.31g/t Au, 12g/t Ag, 10.35% Cu from 71.05m

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Our Senior Mining Analyst, Alex Sutton comments on the announcement:

"Mineralisation has been intersected across diamond holes drilled at the Carolina deposit with shallow intersections that have returned high economic grades of copper. In addition, the intersections are also reasonably thick which means economic extraction could take place at this deposit."

 

alex-circle"In addition preliminary geotechnical drilling shows that the ground is stable and amenable to open pit mining. The holes were also drilled for metallurgical purposes indicating that an announcement into the metallurgical properties of the ore could be coming in the next few months but no timeframe can be confirmed at this stage."

Alex Sutton, Senior Mining Analyst

 

View the full announcement here.


 

Locksley Resources Limited Investor Presentation

 

Along with the recent ASX announcement, LKY has also released an updated investor presentation.

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Overview:

  • Australian exploration company with the purposes of identifying and assessing resource opportunities within Australia.
  • Focused on the exploration and development of the mineral resources project at Tottenham NSW.
  • Highly prospective Lachlan Fold Belt Tottenham district and includes a 50 km strike length of Volcanic Hosted Massive Sulphide (VHMS) copper corridor.
  • Numerous historic mines.
 

 

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