LCL Resources - June 2024 Quarterly Report Highlights
LCL (LCL) Share Update July 2024 Monday 29th
LCL Resources Announces Key Developments in Colombia and Papua New Guinea
LCL Resources Limited (ASX: LCL) has released its quarterly report for June 2024, detailing significant progress in its projects in Colombia and Papua New Guinea.
Instant Summary:
- Forest Use Permit for Miraflores Environmental Licence issued.
- Review of Ceibal exploration data indicates potential gold-copper porphyry.
- High-grade nickel sulphides intersected in Iyewe trenching.
- Multiple corporate enquiries for copper, gold, and nickel projects.
Colombia
During the quarter, LCL Resources received a Forest Use Permit for the Miraflores gold deposit, a significant milestone for developing the underground operation. The Quinchia Gold Project, which includes Miraflores, Tesorito, and Dosquebradas, has established Mineral Resources of 2.6Moz @ 1g/t Au. Miraflores alone has a 457koz Reserve grading 3.3g/t Au.
Additionally, a review of the Ceibal gold-copper prospect, located within the same project area, revealed promising potential. Ceibal, discovered in 2021, has shown significant untested potential with intersections like 500m @ 0.52g/t Au and 586m @ 0.51g/t Au. Follow-up work is planned to explore these targets further.
Papua New Guinea
In Papua New Guinea, the Iyewe Prospect showed high-grade nickel sulphides in trenching, with notable intersections including 1.5m @ 16.38% Ni and 0.18g/t Au. The Iyewe Prospect is part of the PNG Nickel Project, which includes multiple nickel sulphide prospects over a 20km strike length.
Further exploration at the Wedei Nickel Stream Sediment Anomaly and other projects in Papua New Guinea is planned, focusing on copper-gold tenements to attract funding partners.
Corporate Updates
During the quarter, LCL Resources made several corporate changes, including appointing Christopher van Wijk as Non-Executive Director and changing its registered office to Mount Hawthorn, WA. The company also reported cash holdings of $1.7M as of 30 June 2024.
The issuance of the Forest Use Permit for the Miraflores gold deposit is a significant milestone that could positively impact LCL Resources' stock as it moves closer to production. The high-grade nickel sulphide intersections in Papua New Guinea also present a strong upside potential. However, the company's cash position and need for further funding could pose challenges.
Investor Reaction:
Investors and analysts have shown optimism about the progress in Colombia and Papua New Guinea. The high-grade nickel results are particularly encouraging, with some analysts predicting a positive impact on LCL Resources' stock price.
Conclusion:
Investors should keep an eye on LCL Resources' continued exploration efforts and potential partnerships. The company's strategic moves in both Colombia and Papua New Guinea could offer significant long-term benefits.