Lunnon Metals (ASX:LM8) said assays from follow-up reverse circulation drilling to the northwest of the proposed open pit footprint at the Lady Herial deposit confirmed gold mineralization at the Kambalda gold-nickel project in Western Australia, according to a Tuesday Australian bourse filing.
The follow-up drilling program encountered intercepts of 15 meters at 2.2 grams per tonne (g/t) grade of gold from 43 meters, as well as 14 meters at 1.1 g/t grade of gold from 56 meters.
The firm said its analysis indicates that these results will not materially impact the current preferred open-pit design at Lady Herial. Once the open pit is complete, the opportunity to exploit this newly identified gold mineralization could be evaluated, per the filing.
The firm plans to submit a mining proposal and mine closure plan, as well as a native vegetation clearing permit, to the Western Australian Department of Mines, Petroleum and Exploration, shortly.
Lunnon Metals' shares jumped over 4% in recent trading on Tuesday.
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