Lefroy Exploration : High Grade Results Expand the Burns Cu Au System

• 4m @ 1.57g/t Au from 16m in LEFA1044

• 8m @ 0.42g/t Au from 12m in LEFA1199

• 11m @ 0.75g/t Au from 16m in LEFA1211

ASX RELEASE-21 February 2022

High-Grade Results Extend the Burns Cu Au

onlyprogram that evaluated the eastern extension of the Burns Cu Au corridor beneath Lake Randall in November & December 2021. The results continue to enhance a growing Cu-Au intrusion related mineral system over a 2000m corridor and provide further support to the Company's targeting

System Beneath Lake Randall

• Assay results have been received for 128 holes of a maiden 199 hole/8000m aircore (AC) drill

usemethodology.

• At Burns, multiple drill holes intersected gold mineralisation in the host Eastern Porphyry up to 240m north of discovery hole LEFR260 which remains open. Further results are pending.

Significant assay results include:

• 16m @ 3.79g/t Au from 20m in LEFA1088

personal• The results demonstrate the expanding continuity of the gold mineralised Eastern Porphyry.

Including 8m at 7.31g/t Au from 20m

• 24m @ 2.86g/t Au from 16m in LEFA1089

Including 16m at 4.04g/t Au from 20m

Assays are pending for a further four drill traverses to the north of these high-grade intersections over an additional 400m of the Eastern Porphyry, part of which is obscured by deeper cover within the Lefroy Palaeodrainage.

• At the Lovejoy magnetic target, 2000m to the northwest of Burns, encouraging results were also returned from the initial wide spaced evaluation of this target which intersected diorite porphyry similar to Burns. Further results are pending. Better results to date include; -

For• Assay results are pending for 3,313 samples from an additional 301 AC drill holes drilled in Lake

Randall since December 2021. These results are expected to be reported over the next two months.

• The Company has re prioritised its ongoing Lake Randall drill program and immediately mobilised the specialised lake drill rig to Burns to expand on the LEFA 1088 and 1089 results. This drilling is about to commence.

Lefroy Exploration Managing Director, Wade Johnson said "these are two outstanding gold intersections from aircore drilling out beneath Lake Randall that further demonstrates the growing scale of the Burns copper gold system. We are fortunate to have the specialised lake rig on site elsewhere on Lake Randall and immediately mobilising back to Burns to scope out the footprint of this new mineralisation"

ASX Code: LEX	Australian Registered Office	E: [e-mail]
T: [phone]
Shares on Issue: 146M	Level 3, 7 Rheola Street Avenue	ARBN: 052 123 930
Market Capitalisation: $43.8m	West Perth, 6005

www.lefroyex.com

ASX Announcement

21 February 2022

For personal use only

Lefroy Exploration Limited (ASX: LEX) ("Lefroy" or "the Company") is pleased to report results from 128 holes of a 199 hole-8000m aircore (AC) drill program that tested the eastern limits of the Burns Cu Au corridor in Lake Randall in November/December 2021. Drilling on Lake Randall is currently underway. Burns is within the Eastern Lefroy tenement package, which is part of the wholly owned greater Lefroy Gold Project (LGP) located 50km southeast of Kalgoorlie (Figure 1).

The Burns prospect is situated on the eastern margin of a large interpreted felsic intrusion, termed the Burns Intrusion (Figure 2). The intrusion does not outcrop but features a distinctive annular aeromagnetic and gravity geophysical signature (Figure 2). The Company has not yet established the association between the larger Burns intrusion and the diorite porphyry intrusions intersected at Burns, but research is ongoing to source evidence to support a view on the genetic relationship.

Broad high-grade gold mineralisation is hosted within a newly discovered hematite-pyrite-chalcopyrite-magnetite altered diorite porphyry (refer LEX ASX release 23 February 2021) that intrudes high Mg basalt at Burns. This porphyry, termed the Eastern Porphyry, is open to the north and south. The eastern extent of the Eastern Porphyry is now defined, on multiple drill sections, by foliated basalt (footwall basalt). The copper and gold mineralisation hosted by both the diorite porphyry, basalt and massive magnetite veins is considered to be a new and unique style of Au-Cu mineralisation near Kalgoorlie, within a land position dominated by LEX (Figure 1).

Figure 1 Lefroy Gold Project, highlighting Eastern and Western Lefroy, the location of the Burns prospect and extent of the Lefroy Palaeodrainage. Refer to Figure 2 for the Lake Randall drill hole plan.

2 | P a g e

ASX Announcement

21 February 2022

only	Lake Randall AC Drill program-background
A detailed aeromagnetic survey completed over the broader Burns area in August 2021 defined
	multiple Burns look alike magnetic anomalies over a 3000m trend (LEX ASX release 28
	September 2021), known as the Burns Corridor. The Company interpreted the anomalies to
	represent magnetite alteration zones within and surrounding porphyry dioritic intrusions that are
	additional, and similar in style, to Burns and which may host similar Au Cu mineralisation.
use	The Company developed a sound geological model and commenced a staged drilling program
to assess the broader limits of the Burns mineral system and surrounding geology in October
2021. This staged drilling program aimed to evaluate the multiple magnetic anomalies but also
	to place Burns in the geological context of the wider area and, expand the geological framework
	to increase the exploration search space. Stage 1 of the program involved drilling land-based
	targets using an RC rig, with results reported earlier in 2022 (LEX ASX release 25 January
	2022).
personal	The Stage 2 program used a specialised lake aircore rig to evaluate aeromagnetic targets (e.g.,
Lovejoy, Kenny's Dream) in Lake Randall (offshore) immediately adjacent to and along the
Burns corridor. That work was completed in December 2021, with a total of 7989m of drilling in
	128 holes completed on a nominal broad 160m by 80m hole centre pattern. The drill density
	was increased where favourable geology was encountered. Assay results have been received
	for the 128 holes from that campaign (Figure 2).
	The lake AC program was expanded and drilling recommenced in January 2022 (LEX ASX
	release 18 January 2022) with a further 301 AC drill holes completed to date. Additional drill
	targets were generated in Lake Randall based on geological information derived from the late
	2021 campaign and interrogated with geophysical (gravity & aeromagnetic) datasets.
	Twelve new drill targets were generated in Lake Randall and extend approximately 15km to the
	east over the Company's tenure. This program is well underway and aims to discover new gold
	and/or gold copper mineral systems, peripheral and parallel to the Burns corridor beneath Lake
	Randall and to infill the geological knowledge gap in this largely unexplored area.
For	The key areas of focus are: -
•	Extension of the Burns diorite complex northwest of Lovejoy and out to Neon

• Demagnetised zones within the strike extensions of the Lucky Strike, Havelock and Erinmore sedimentary iron formations

• Targets (e.g., Monte Cristo) associated with the convergence of the regional Mt Monger and Randall Faults

• Immediate southeast strike extension of the sequence that hosts the gold mineralisation at Lucky Bay

The extent of drill hole coverage from these campaigns is shown on Figure 2. 3 | P a g e

ASX Announcement

21 February 2022

For personal use only

Figure 2 Satellite image of the location of Burns relative to Lake Randall highlighting the extent of the recent AC drilling and a segment of the Lefroy Palaeodrainage. Grey dots represent holes with pending results. The inset area refers to the area of detailed RC&D drilling at the Burns Au-Cu prospect and the location of LEFA1088 and LEFA1089 (Figure 3).

Results

Assay results have been received and validated for 128 holes from the 199-hole program completed in November-December 2021. Results for the final 71 holes (1,129 samples) from this program are expected by early March.

Significant high-grade results (Table 1) have been returned from two vertical AC holes that are approximately 180m to the north of the Burns discovery hole LEFR260 (LEX ASX release 23 February 2021) located on the baseline section (0N). The holes are 40m apart on the same drill section, both intersecting altered Eastern Porphyry (Figure 4), the key host to Au Cu mineralisation at Burns.

4 | P a g e

ASX Announcement

21 February 2022

only	Encouraging gold mineralisation has been intersected in 3 holes on adjacent 80m spaced drill
	• 16m @ 3.79g/t Au from 20m in LEFA1088
	sections. Results are pending for a further four drill sections to the north that cover at least 400m
	of strike of the Eastern Porphyry, part of which is covered by transported sediments from the
	Lefroy Palaeodrainage (Figure 3).
	Significant results from this program include:
use		Including 8m at 7.31g/t Au from 20m
	• 24m @ 2.86g/t Au from 16m to EoH in LEFA1089
	Including 16m @ 4.04g/t Au from 20m
	• 20m @ 0.47g/t Au from 20m in LEFA1091
	Including 4m @ 1.05g/t Au from 24m
For personal
		Figure 3 Inset map of Burns highlighting the extent of the recent AC drilling on Lake Randall and
		interpreted extent of the Eastern Porphyry. Grey stars represent AC holes with pending results.
		Refer to Figure 4 for drill section AA'
		5 | P a g e