Lunnon Metals (ASX:LM8) said assay results from close-spaced reverse circulation drilling at the Lady Herial gold prospect at its Kambalda gold-nickel project in Western Australia delivered widespread shallow gold mineralization, according to a Thursday Australian bourse filing.
"Significant" intercepts from shallow depths included 13 meters at 10.3 grams per tonne (g/t) grade of gold, 27 meters at 4 g/t grade of gold, and 19 meters at 5.4 g/t grade of gold.
The program will serve as grade control drilling for potential future production purposes, the company said.
After this round of drilling, the firm will estimate an initial mineral resource, conduct open pit optimization, and submit a Mining Development and Closure Proposal to the Western Australian government, per the filing.
Lunnon Metals' shares jumped 4% in recent trading on Thursday.
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