Lunnon Metals Announces Drill Results From Hustler
- StockSurge Team
- Mar 18
- 2 min read
Updated: Mar 27
Lunnon Metals (ASX: LM8) has reported encouraging outcomes from its recent drilling program at the Hustler prospect, part of the Kambalda Gold & Nickel Project (KGNP).
Notable Drill Intersections
The drilling program yielded gold mineralization, including:
11 meters at 2.15 grams per tonne (g/t) gold (Au)
20 meters at 0.98 g/t Au
19 meters at 1.20 g/t Au
These results indicate the presence of gold mineralization at shallow depths, enhancing the prospectivity of the Hustler area.
Hustler’s Role in the Foster Gold Belt Story
The latest drilling confirms that the area surrounding Lady Herial is highly prospective for gold over a wide region. This zone extends for over 750m along the Foster Gold Belt, reaching from Lady Herial’s Upper Structure in the northwest to historical gold workings in the southeast at Hustler.
The Lady Herial structures themselves continue for another 500m northeast, where recent drilling intersected significant gold near the iron-rich Lunnon Sediment. Northwest of Lady Herial, an additional 750m of strike remains poorly tested but sits within the same gold-hosting Defiance Dolerite rock.
Hustler has demonstrated stacked zones of gold mineralisation, similar to the pattern first identified at Lady Herial. Additionally, previous nickel-focused drilling at Hustler in 2021 intersected gold mineralisation up to 300m below surface, proving that the mineralised structure extends over 500m in depth. This reinforces the potential for a large-scale gold system in the Foster Belt.
Gold Market Remains Strong
The gold market remains strong due to ongoing global economic uncertainty. With inflationary pressures and geopolitical instability driving investors towards gold as a safe-haven asset, exploration companies like Lunnon Metals stand to benefit from higher gold prices and increased investor interest.
Next Steps in the Foster Gold Belt
Current work at Lady Herial includes grade control drilling at an 8m x 6m spacing, designed to define additional high-grade gold zones. Six dedicated diamond drill (DD) holes are also underway to gather geotechnical data for open-pit mining studies and to provide samples for detailed metallurgical testing.
Meanwhile, Guiding Star and Hustler continue to show strong potential as Lady Herial lookalikes. Follow-up drilling and evaluation will take place at these prospects while permitting work for Lady Herial advances. A final heritage survey for potential mining operations at Lady Herial is scheduled for March.
Upon completion of the current RC drilling program, Lunnon Metals will conduct a Mineral Resource estimation to finalise mining outlines and prepare applications for regulatory approval. The company is also actively negotiating ore processing and toll treatment agreements with Gold Fields Ltd's St Ives mine and other regional processing facilities.
Managing Director, Edmund Ainscough, commented: “Confirming the prospectivity of both Guiding Star and Hustler means that, together with the more advanced Lady Herial deposit, all three represent a trifecta of golden opportunities in the Foster Belt. This early success gives us great confidence that our Foster-Baker project is indeed under-explored. The area's history as a nickel belt for WMC Resources is well known, but that past single commodity focus sets Lunnon Metals up for a potential golden future.”
Current Share Price and Market Performance
Current Share Price: AUD 0.20
Market Capitalization: Approximately AUD 55.2M
Six-Month Share Price Performance: The stock has experienced a decline of about 65.96%, reflecting broader market trends and sector-specific challenges.
