LCL Resources Unveils Significant Gold-Copper Discovery at Dada Prospect
LCL (LCL) Share Update November 2024 Sunday 10th
LCL Resources Confirms Gold-Copper Discovery at Dada Prospect
LCL Resources Ltd (ASX: LCL) has revealed promising results from its initial trenching and pitting program at the Dada porphyry prospect, part of the Liamu Gold-Copper Project in Papua New Guinea (PNG). The discovery confirms the presence of a large porphyry system, sparking excitement about the potential size and scale of mineralization.
Instant Summary:
- Six trenches completed, all intersecting gold mineralization.
- Trench 3 yielded 25m at 0.34g/t Au and 0.27% Cu, open in both directions.
- Pitting extended mineralization 230m northwest of historical trench.
- Rock samples to the south recorded 2.19g/t and 1.29g/t Au.
Exploration Program Overview
LCL Resources has completed its first reconnaissance trenching and pitting program at the Dada porphyry prospect, which is part of its 100% owned Liamu Gold-Copper Project in PNG. The program aimed to explore the extent of mineralization and confirm the presence of a large porphyry system. All six trenches intersected gold mineralization, with Trench 3 showing particularly promising results.
Trench 3, located 100m east of the historical Footprint Trench, returned 25 meters of mineralization at 0.34g/t gold and 0.27% copper, remaining open in both directions. This trench, along with others, encountered veining and alteration consistent with a significant porphyry system, suggesting potential for further discoveries.
Significant Findings
The trenching program covered approximately 400 meters of strike in a north-south direction. Trench 1, 17 meters long, encountered weakly magnetic, weathered diorite with moderate phyllic alteration, returning 8 meters at 0.15g/t gold. Trench 2, 44 meters long, located 230 meters northeast of the Footprint Trench, returned 20 meters at 0.33g/t gold.
Trench 4, 12 meters long, and Trench 5, 33 meters long, also showed significant mineralization, with Trench 5 returning 33 meters at 0.31g/t gold and 0.12% copper. Trench 6, located 400 meters north of the Footprint Trench, returned 8 meters at 0.11g/t gold.
Future Exploration Potential
In addition to trenching, 13 sample pits and 18 grab samples were collected, extending the mineralization to the west. Two rock samples to the south of the trenches recorded gold grades of 2.19g/t and 1.29g/t, indicating potential higher-grade zones within the porphyry system. These findings underscore the latent potential within LCL's portfolio and highlight the company's renewed focus on copper-gold assets.
The confirmation of a large porphyry system at Dada is a positive development for LCL Resources, potentially enhancing the company's valuation. The discovery could attract investor interest and increase stock price as the market anticipates further exploration success. The presence of higher-grade zones may also improve the project's economic viability.
Investor Reaction:
Analysts are likely to view the discovery at Dada prospect favorably, given the promising initial results and potential for further exploration success. The market may respond positively, with investors showing increased interest in LCL Resources as a potential growth opportunity in the mining sector.
Conclusion:
Investors should keep a close watch on LCL Resources' future exploration activities at the Dada prospect and other targets within its portfolio. The company's strategic focus on copper-gold assets could yield significant returns, making it a compelling option for those looking to invest in the mining sector.