Lunnon Metals (ASX:LM8) said that a step-out reverse circulation drilling at its Kambalda gold-nickel project in Western Australia returned significant intercepts at shallow depths, according to a Tuesday Australian bourse filing.
It reported gold mineralization between four meters and 20 meters wide and grades ranging between 0.7 grams per tonne grade of gold to 2.15 g/t gold. The results also indicated the presence of multiple mineralized surfaces in some holes.
The results included intercepts of 11 meters at 2.15 g/t grade of gold from 35 meters downhole and 20 meters at 0.98 g/t grade of gold from 30 meters.
The firm is in talks with Gold Fields St Ives mine management and other parties in the district, in regard to possible ore purchase or toll treatment arrangements for the deposit.
It is completing six diamond drill holes at the Lady Herial deposit to derive geotechnical parameters for open pit optimization studies and to provide material for detailed metallurgical test work.
Company shares jumped 8% in recent trade.
Price (AUD): $0.22, Change: $+0.015, Percent Change: +7.50%
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