Forrestania Resources has announced the milestone completion of inaugural drilling at its Lady Lila project, which bears strong similarities to known gold deposits in the region.
As gold remains buoyant compared to many other commodities, the explorer focused on large scale gold, lithium, and nickel discoveries across its portfolio around 400 kilometres east of Perth, has made tremendous progress.
Lady Lila is noted for a geographical resemblance to projects in the area such as Bounty and Blue Vein, hosting an inferred mineral resource of 541,000 tonnes grading at 1.36 grams per tonne, for 24,000 ounces of gold.
Samples will be analysed with a comprehensive multi-element suite, to aid in lithological identification and assess the potential for other prospective elements such as lithium and nickel.
Forrestania CEO Melanie Sutterby said the drilling’s completion was an emphatic first step in unlocking the project’s potential.
“Completion of the drilling program at the Lady Lila prospect marks an important exploration milestone,” she said.
“We are progressing various exploration programs to identify high-value drilling targets for 2022.
“This drilling campaign is the start of a busy exploration program that the company intends to complete in the next six months,
The company will provide shareholders with results as they become available.
The company’s Australian Stock Exchange-listed share price was trading at 42c today (8:26am UTC+8 hours)