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Forrestania backs Lady Lila for a Bounty

28 October 2021 14:18
ASX: FRS
mining

The explorer focused on large scale gold, lithium and nickel discoveries across its portfolio around 400 kilometres east of Perth, has enjoyed a run of success with lithium exploration since listing on the Australian stock exchange last month.

FRS managing director Mel Sutterby says she sees no reason why its up-and-coming gold exploration programme at the Lady Lila deposit cannot be as successful as Bounty, sharing similar characteristics to the famous gold mine.

“Gold is hosted at Lady Lila by a banded iron formation, the same geological host as at Bounty, and mineralisation is associated with quartz veining and sulphide alteration, also distinctive features of the Bounty deposit.

“There are only a handful of holes collectively drilled into this deposit, and many have been focused on defining the existing high-grade intercepts.

From a geological perspective, the existing drill intercepts are potential “the tip of an iceberg”.

“Herein lies a great opportunity for Forrestania to rapidly define the size of Lady Lila and deliver some tangible value for our shareholders.”

FRS’s Australian Stock Exchange-listed shares were trading at 37.5c (1:55 pm GMT+ 8 hours).

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