LCL Resources has completed its first trenching and pitting program at its Dada porphyry prospect, confirming the site’s significant mineralisation.
The company completed six trenches, intersecting gold mineralisation at each one. Trench three was a particular highlight, intersecting 25m at 0.34 gold grams per tonne and 0.27 per cent copper, open in both directions.
LCL executive chairman Chris van Wijk said the results were encouraging, highlighting the potential size and scale of the mineralisation.
“This program is the first exploration program conducted by LCL on the Liamu exploration license and highlights the latent potential within the LCL portfolio of assets,” van Wijk said.
“Furthermore, these results are the first to reflect a renewed focus on the copper-gold assets within the portfolio. There remain a number of other copper-gold opportunities to follow up on in PNG and we are excited to explore the existing targets within the portfolio.”
LCL also announced a new share placement, raising $1.99 million to complete a placement to professional and sophisticated investors. The placement includes subscription by the LCL’s major shareholder for $0.45 million.
van Wijk said the placement would introduce a cornerstone investor to LCL.
“The fact that we have been able to undertake this raise at market and without additional fees is a strong endorsement of our strategy to further explore the company’s copper-gold projects in PNG,” he said.
“We believe there is great potential in our PNG portfolio as demonstrated by our recent discovery at the Dada copper-gold prospect.”
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