ASX Announcement

9 February 2021

Drilling Outlines New Gold System along

Havelock BIF Trend

LEFROY EXPLORATION LIMITED

Highlights

A Western Australian

Focused Gold Explorer

An aircore drilling program was completed in December 2020 at

ASX Code: LEX

the Eastern Lefroy Project, with a total of 7495m drilled in a 127-

Shares on Issue:

hole program covering the Lucky Strike and Havelock Banded

120M

Iron Formation (BIF) trends.

Results from the drilling have

Current Share Price:

generated:

20.0c

A new 1000m strike length bedrock gold anomaly outlined from

Market Capitalisation:

wide spaced aircore drilling along the Havelock BIF trend with

$24million

significant results that include:

Board of Directors

o 1m @5.37 g/t Au from 20m in LEFA897

Chairman

Gordon Galt

o 4m @0.78 g/t Au from 27m in LEFA897

Non-Executive Directors

o 3m @ 1.04 g/t Au from 57m in LEFA898

Michael Davies

Including 1m @1.82g/t Au from 59m to EoH

Geoffrey Pigott

o 2m @ 2.80 g/t Au from 17m in LEFA901

Managing Director

Wade Johnson

The intersections are hosted by oxidised BIF with the last 1m

Flagship Exploration Project

interval in hole LEFA898 ending in near fresh sulphide altered

Lefroy Gold Project

BIF which is a known host to the higher-grade gold

Growth Exploration Project

mineralisation at Lucky Strike

Lake Johnston Project

The new gold system is located 1500m south west of the Lucky

Australian Registered Office

Strike gold resource and further enhances the potential for

further discoveries along

the remaining 2km strike of the

Level 2, 11 Ventnor Avenue

Havelock trend and along the untested parallel Erinmore BIF

West Perth, 6005

trend located 900m to the south

E: info@lefroyex.com

Planning of a follow up

aircore and RC drill program is

T: +61 8 9321 0984

ARBN: 052 123 930

underway and is scheduled to commence in March

www.lefroyex.com

Managing Director Wade Johnson commented "we are very

pleased with the results from the initial phase of aircore drilling along

the Havelock BIF trend that has discovered a new gold system. The

larger aim of the BIF drill program was to find and add another

discovery in close proximity to the Lucky Strike deposit that had the

potential to deliver a resource. The 1000m strike length, high grade

intersection and sulphide altered BIF are early indicators of such a

system and we are keen to get the next phase of drilling underway".

ASX Announcement, 9 February 2021

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ASX Announcement

9 February 2021

Lefroy Exploration Limited (ASX: LEX) ("Lefroy" or "the Company") is pleased to report on the results from a 127-hole aircore (AC) drilling program completed along the Havelock and Lucky Strike Banded Iron Formation (BIF) trends in December 2020. The BIF trends are located in the Lucky Strike exploration hub that is within the Eastern Lefroy (non-JV) project which is part of the Company's flagship Lefroy Gold Project ("LGP" or "Project").

The Lucky Strike Exploration Hub is centered on the Lucky Strike deposit (refer LEX ASX release 20 May 2020) and envelopes the nearby gold prospects identified by the Company at Red Dale, Havelock, Neon and the Lucky Strike trend (Figure 2). Gold mineralisation at Lucky Strike is hosted within multiple north west trending BIF units interbedded with shale. Lucky Strike is hosted within a gold mineralised trend over a 3800m strike length, defined from AC drilling (Figure 2).

The Havelock prospect is located approximately 1.2km south west of Lucky Strike (Figure 2). The target was generated in 2018 from the Company's assessment of regional aeromagnetic imagery which highlighted a linear magnetic unit which was confirmed by AC drilling as BIF (Figure 2).

A single traverse of AC drill holes completed in July 2020 at 20m spacing intercepted strong quartz veining and highly oxidised BIF similar to the host rocks at Lucky Strike. The best result was 5m @ 1.2g/t Au from 50m in hole LEFA774 (Figure 2).

Figure 1 Lefroy Gold Project showing Eastern and Western Lefroy and the location of Lucky Strike, Hang Glider Hill and the Burns gold copper prospect. Refer to Figure 2 & 3 for inset maps of the Lucky Strike Hub.

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ASX Announcement, 9 February 2021

ASX Announcement

9 February 2021

Drill Program

A 127-hole AC program for a total of 7495m was completed by the Company in November/December 2020 along the Havelock and Lucky Strike BIF trends. The program aimed to evaluate multiple generative targets (refer LEX ASX release 23 November 2020) at the Havelock-LuckyStrike-Erinmore BIF trends to the south and along strike of the Lucky Strike gold deposit (Figure 2).

The conceptual targets were generated from interpretation of aeromagnetic data that highlights the iron rich magnetic BIF units (Figure 2). Zones of dislocation, flexures and demagnetisation along each of the trends, combined with results from previous wide spaced drilling were selected for initial air core drilling. The partially completed drill program evaluated two of 5 targets along the 9.5km Havelock BIF trend, and a 1000m corridor along the Lucky Strike BIF centred on the Lucky Hit prospect.

A nominal 160m line spacing with angled holes spaced at 40m centres along each line was completed at each of the target areas.

Figure 2 Inset Map - Lucky Strike exploration hub showing the multiple interpreted BIF trends (blue shade) and key gold prospects on greyscale regional aeromagnetic imagery and max Au ppm in drill holes.

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ASX Announcement, 9 February 2021

ASX Announcement

9 February 2021

Havelock

The Havelock prospect is located approximately 1.2km south west of Lucky Strike (Figure 2 & 3). The target was generated in 2018 from the Company's assessment of regional aeromagnetic imagery which highlights a linear magnetic unit which was confirmed by AC drilling as BIF (Figure 2).

A single traverse of AC drill holes completed in July 2020 at 20m spacing intercepted strong quartz veining and highly oxidised BIF similar to the host rocks at Lucky Strike. The best result was 5m @ 1.2g/t Au from 50m in hole LEFA774 (Figure 3).

The recent drilling evaluated two target areas along a 2.7km corridor centered over the interpreted Havelock BIF (Figure 3). A total of 92 angled holes for 4735m were completed with holes spaced at 40m centres along drill traverses nominally 160m apart with several broader 320m spaced traverses. The average hole depth was 51m.

The results from the drilling have outlined a new bedrock gold trend that has a strike length of approximately 1000m (Figure 3) based on the interpretation of the recent and previous wide spaced drilling. Significant results (Table 1) from the current drill program include:

  1. 1m @ 5.37 g/t Au from 20m in LEFA897 also, 4m @0.78g/t Au from 27m
  1. 3m @ 1.04 g/t Au from 57m in LEFA898
    Including 1m @1.82g/t Au from 59m to end of hole (EoH)
  1. 2m @ 2.08 g/t Au from 17m in LEFA901

The mineralisation in holes LEFA 897 and 898 is hosted by an interpreted single BIF unit (Figure 4). Hole LEFA 898 terminated in mineralised, near fresh, sulphide (pyrite) altered BIF that is open down dip. At the nearby Lucky Strike deposit, the sulphide altered BIF is host to the high-grade gold mineralisation and supports the Company's view that the new Havelock discovery to be a similar style gold system.

The approximate 1000m gold trend is defined by bedrock gold intersections (>0.25g/t Au) from three recent AC drill traverses and two historical drill traverses located 450m apart where vertical aircore holes were spaced at 80m centres. The system is open to the north west.

Next Steps

Planning of the next phase of exploration at Havelock is underway. The program will include RC drilling to test down dip of the recent intersections and additional AC drilling to scope out the limits of this new trend. Initial aircore drilling will also evaluate additional targets along the Havelock BIF trend and the nearby Erinmore trend (Figure 2). Drilling is scheduled to commence in March.

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ASX Announcement, 9 February 2021

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Lefroy Exploration Ltd. published this content on 09 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 February 2021 05:08:01 UTC.