Lefroy Exploration Limited: Quarterly Activities Report

Lefroy Exploration Limited (ASX: LEX) as of September 30, 2023, reports robust progress in its mining and exploration endeavours. At the Mt Martin Gold Mine, they confirm a Mineral Resource of 501,175 ounces of gold, meeting JORC Code 2012 standards, with significant growth potential. Notable drill results hint at open opportunities for depth expansion. The Goodyear Nickel Deposit showcases a Total Inferred Mineral Resource of 392,000 tons at 3.78% nickel, and plans for further exploration.

The company boasts a strong financial position, holding AU$5.42 million in cash reserves and no debt. Successful fundraising of AU$6.2 million from sophisticated and institutional investors ensures adequate funding for upcoming exploration activities. They also received an AU$0.91 million tax refund from ATO for R&D work. Lefroy's managerial control over the Western Lefroy Farm-In and Joint Venture further strengthens their position, with resource and extensional drilling programs planned for Q4 of CY23.

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