Lefroy Exploration Limited (ASX: LEX) ('Lefroy' or 'the Company') is pleased to provide an update on the combined reverse circulation (RC) and diamond drilling program that commenced in January at the Burns Prospect.

Burns is within the Eastern Lefroy tenement package, which is part of the wholly owned greater Lefroy Gold Project (LGP) located 60km south east of Kalgoorlie.

The Non-JV Eastern Lefroy tenement package covers 249km2. It now spans 40 strike kilometres from the Hang Glider Hill prospect in the north west to Lake Randall in the south east as one contiguous wholly owned land package. The Lefroy Gold Project in its entirety covers 621km2.

The Burns Prospect lies within the Lake Randall Exploration Hub that is immediately south east of the Lucky Strike-Havelock-Erinmore BIF trends. The hub contains tenement E15/1715 that covers an area of approximately 20km2 containing the Burns gold-copper prospect which was originally discovered by Octagonal Resources Limited ('Octagonal') in 2011.

The Burns gold (Au) copper (Cu) prospect is situated on the eastern margin of a large interpreted felsic intrusion, termed the Burns Intrusion. The intrusion does not outcrop and is represented by a distinctive annular aeromagnetic and gravity geophysical signature (refer LEX ASX release 16 September 2020). The relationship between the larger Burns Intrusion and the Au-Cu mineralisation that is associated with porphyry intrusions at the Burns Prospect is unclear. The tenement (E15/1715) covering the greater Burns system was granted to LEX on 31 August 2020.

Drill Program

An initial 22-hole combined RC and diamond drill program totalling 4026m, designed to evaluate the depth and strike extensions to the Burns Au-Cu system (LEX ASX release 12 January 2021), was completed on 12 February 2021. The program evaluated the previously defined Burns Prospect at depth on four, 40m spaced sections, with two 40m spaced step-out sections testing the northern strike extent. Two RC holes evaluated the underexplored eastern side of the Burns anomaly.

The holes are either RC or RC pre-collared diamond holes that have evaluated a 240m strike section of the Burns magnetic anomaly. This includes four RC precollared diamond holes (LEFR266, 268, 272 and 273) that targeted the depth and strike extensions to previous drill hole OBUDD001 which intersected two broad zones of gold and copper mineralisation within basalt and porphyry on the west side of the Burns anomaly.

The RC and diamond drilling intersected epidote altered basalt and variably hematite altered diorite porphyry. The altered basalt and porphyry are variably magnetite-altered in places represented either by massive magnetite veins, veinlets, or disseminations. This magnetite alteration results in a strong discrete magnetic feature at Burns.

About Lefroy Exploration Limited and the Lefroy Gold Project

Lefroy Exploration Limited is a WA based and focused explorer taking a disciplined methodical and conceptual approach in the search for high value gold deposits in the Yilgarn Block of Western Australia. Key projects include the Lefroy Gold Project to the south east of Kalgoorlie and the Lake Johnston Project 120km to the west of Norseman.

The 100% owned Lefroy Gold Project contains mainly granted tenure and covers 621km2 in the heart of the world class gold production area between Kalgoorlie and Norseman. The Project is in close proximity to Gold Fields' St Ives gold camp, which contains the Invincible gold mine located in Lake Lefroy and is also immediately south of Silver Lake Resources' (ASX: SLR) Daisy Milano gold mining operation. The Project is divided into the Western Lefroy package, subject to a Farm-In Agreement with Gold Fields and the Eastern Lefroy package (100% Lefroy owned). The Farm-In Agreement with Gold Fields over the Western Lefroy tenement package commenced on 7 June 2018. Gold Fields can earn up to a 70% interest in the package by spending up to a total of $25million on exploration activities within 6 years of the commencement date.

Contact:

Wade Johnson

Tel: +61 8 93210984

Email: wjohnson@lefroyex.com

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