Lefroy Exploration Limited reported results from the 17-hole RC drill program that evaluated multiple proof of concept targets at the Burns copper (Cu) gold (Au) prospect in October 2021. The broad gold intercept in LEFR307 demonstrates that the basal gravels in the channel can host Significant gold mineralisation and is considered by the Company to be a priority target to follow up in addition to pursuing the Cu Au mineralisation at Burns. Previous drilling along the channel is by wide spaced aircore which has assisted to map out the extent of the channel but much of which is considered ineffective and not penetrating the basal gravels in the deep parts of the channel.

Planning for a vertical RC drilling program to expand the basal gold mineralisation and to better define the channel is underway. A component of the October 2021 drill program also involved completion of 6 angled RC holes at Burns to follow up the broad Cu intersections (LEFR289) hosted within the western basalt. Four (LEFR304,305,310,312) of the 6 holes were drilled on existing drill sections to assist in constraining the dimensions and orientation to the basalt hosted Cu mineralisation.

The remaining two (LEFR302 & 303) of the 6 holes were broad step out holes to the southwest of the two drill sections noted above. Significant results from these 6 holes include: 19m @ 0.24% Cu, 0.03g/t Au, 0.47g/t Ag from 24m in LEFR305; 13m @ 0.40% Cu, 0.31g/t Au, 0.85g/t Ag from 230m in LEFR305; 16m @ 0.60% Cu, 0.03g/t Au, 0.91g/t Ag from 24m in LEFR310; 11m @ 0.46% Cu, 0.14g/t Au, 0.50g/t Ag from 107m in LEFR310; 20m @ 0.51% Cu, 0.50g/t Au, 1.38g/t Ag from 123m in LEFR310; 30m @ 0.39% Cu, 0.50g/t Au, 0.64g/t Ag from161m in LEFR310. Holes LEFR305 and LEFR310 were targeted to drill through the western basalt Cu mineralised zone and test for continuity of the high-grade intersection in LEFR273 (29.1m @ 2.64g/t Au and 0.18% Cu from 277.4m).

The LEFR273 intersection is expressed as a broad zone of fracture fill carbonate-hematite-gypsum-magnesite-chalcopyrite veining within basalt at the contact of the eastern porphyry. This intersection is interpreted to represent a possible southern plunge of the high-grade zone in discovery hole LEFR260, located 140m to the North. LEFR305 and LEFR310 successfully intersecting broad Cu-Au intervals in the western basalt, which significantly expands the mineralized zone discovered in LEFR273.

Both LEFR305 and LEFR310 were terminated before reaching targeted depth due to excessive ground water inflows and the key target position remains untested and open at depth and along strike. These holes will be used as a precollar for later diamond drilling to target the Interpreted fault zone. A total of 9 holes (including LEFR297) were completed as a proof-of-concept program to evaluate multiple magnetic anomalies along a 3000m interpreted structural corridor highlighted from the recent aeromagnetic survey that includes the Burns Cu-Au prospect.

The anomalies coincide with a +200ppm bottom of hole copper anomaly from previous shallow aircore drilling. The five targeted magnetic anomalies have signatures similar to Burns and are interpreted to represent magnetite alteration zones around diorite porphyry intrusions, each of which is considered prospective for Cu-Au mineralisation. Significant results from these holes include: 3m @ 0.11% Cu, 0.08g/t Au from 68m in LEFR296; 4m @ 1.22g/t Au & 0.16% Cu & 0.5g/t Ag from 109m in LEFR308; Including 1m @ 3.95g/t Au & 0.35% Cu & 1.5g/t Ag from 111m; 4m @ 0.16% Cu, 0.08g/t Au, 1g/t Ag from 152m in LEFR308; 7m @ 0.19% Cu, 0.09g/t Au, 0.86g/t Ag from 171m in LEFR308; 6m @ 0.24% Cu, 0.04g/t Au, 0.58g/t Ag from 54m in LEFR300; 2m @ 0.22% Cu, 0.11g/t Au, 0.25g/t Ag from 178m in LEFR301; 6m @ 0.15% Cu, 0.75g/t Ag from 87m in LEFR309; 4m @ 0.17% Cu, 0.15g/t Au from 68m in LEFR311; 3m @ 0.13% Cu, 0.19g/t Au from 99m in LEFR311; 2m @ 0.19% Cu, 0.14g/t Au, 0.075g/t Ag from121m in LEFR311.

Mineralisation is hosted within magnetite and hematite altered basalt and diorite porphyries of similar composition to those observed at Burns. A discrete mineralised fault zone was also intersected over a strike length of 600m in holes LEFR297, LEFR298, LEFR299, LEFR300 and LEFR308. This fault is characterised by angular diorite clasts in an intense hematite altered silica matrix including strong fine disseminated magnetite and sulphides.

This fault structure remains untested along strike north under Lake Randall and at depth. These results are encouraging as they confirm that the discrete magnetic anomalies are coincident with magnetite alteration and Cu-Au mineralisation. This confirms continuity of mineralisation with the same geochemical signature as the Burns system for 1600m along strike of the initial Burns discovery.

The results also validate the targeting criteria used by the Company for this initial step-out RC program and will aid in refining and validating targets for follow-up drilling, including the new targets currently being tested by the lake aircore drilling program on Lake Randall. The completion of this stage 1 RC drilling program is in an important development for the greater Burns area. It has demonstrated that the altered and mineralised dioritic host rocks (porphyry) are far more extensive than initially interpreted and that the Burns Cu Anomaly is a component of a larger Burns Intrusive Complex (BIC) located over a 3000m corridor.

In addition, the results have outlined a new gold zone within the extensive palaeodrainage network at Burns with indications of primary gold mineralisation in the larger Burns Intrusion. Ongoing Burns Program: A large aircore drilling program is currently underway in Lake Randall evaluating geophysical targets external to the Burns Intrusive complex. Results are pending for the AC drilling completed in December immediately adjacent to Burns in Lake Randall.

Compilation of the gold and multielement data and from this large program with the RC and diamond drill data along will provide the baseline geochemical framework to provide vectors to high priority targets. This will include positioning for a deep (+1km) EIS funded diamond drill hole at Burns. In addition, and whilst results are pending, planning for a program of wide spaced RC drilling to evaluate and expand the dimensions of the palaeochannel mineralisation is underway.

This drilling is scheduled to be commenced In the March quarter, but dependent on rig availability.