Please be aware that the information provided is a summary of select releases made to the ASX, as evaluated and interpreted by ASX Briefs. It is important to thoroughly read the entire original release before forming an opinion, rather than relying solely on the brief overview presented here. ASX Briefs is not associated with the ASX. ASX Briefs is an experimental AI project incorporating chatGPT, and as such, does not guarantee the accuracy of the information provided.
LCL Resources Ltd has executed a Tenement Sales Agreement with Munga River Limited to acquire 100% ownership of EL2566, which adjoins the company's Veri Veri Nickel Project to the east.
The agreement is subject to the renewal of EL2566 and transfer of title to LCL, with key elements including issuing shares to Munga, granting a 2% NSR royalty, finders' fees, and a withdrawal option for LCL.
EL2566 consists of two areas with a total of 303km2, both contiguous with LCL's EL2706, considered to have potential to host nickel mineralization in the northern region and copper and gold mineralization in the southern region.
Los Cerros' first diamond hole KU23DD001 at Kusi prospect in PNG hits high grade gold with 15.2m @ 4.45 g/t Au within a broader interval of 76.4m @ 1.34g/t Au, proving the Upper Limestone skarn mineralisation is continuous and potentially widespread.
The new intersection is centrally located between historical drill intersections, defining a ~300m zone of mineralised Upper Limestone skarn.
Drill holes KU23DD002 and KU23DD003 have been completed, both intersecting wide zones of Upper Limestone skarn mineralisation at targeted depths, with assays pending.
Los Cerros Limited (ASX:LCL) is engaging Quest Exploration Drilling (PNG) LTD to undertake the first drilling at its recently acquired Kusi Copper/Gold Prospect, Papua New Guinea.
The Ono Project consists of 1,630km2 of granted, contiguous exploration licenses over an intrusive complex considered prospective for gold/copper in skarns and porphyry plus epithermal gold/silver mineralisation.
Site preparations have begun, targeting a March start date.