Lunnon Metals Hits 80.80 g/t Gold at Hustler With 70 Intercepts in Early Drilling
Key Takeaways
- Lunnon Metals' $13 million, 43,000-metre FY2027 drill program has already returned more than 70 significant intercepts above 0.5 g/t Au from just 36 holes across Hustler and Koombana.
- The headline Hustler result of 1m @ 80.80 g/t Au sits within 235 metres of surface, alongside multiple high-grade hits including 2m @ 14.48 g/t Au and 4m @ 7.00 g/t Au from the same hole.
- Koombana is delivering broad near-surface zones — 22m @ 3.31 g/t Au from 5m depth — with deeper intercepts beyond 150 metres confirming mineralised shoots continue at depth.
- The Scoping Study is near completion at +/-30% accuracy but has been deliberately deferred until updated Mineral Resource Estimates for Hustler and Lady Herial Cut-Back are finalised with incoming assay data.
- Lunnon Metals is in active dialogue with SIGM over an Ore Purchase Agreement for LDH2 and/or Hustler production, with metallurgical test work at SIGM's Lefroy Plant already demonstrating a 91% gold recovery rate on Lady Herial ore.
High-grade gold intercepts confirm promise at Koombana and Hustler
Lunnon Metals (ASX: LM8) has released high-grade drilling results from the FY2027 exploration program at its Foster-Baker gold project (FBA), situated in the St Ives gold camp of Western Australia. The camp has produced over 18 million ounces of gold since modern production commenced in the early 1980s, making it one of Australia’s most productive gold districts.
The $13 million, 43,000-metre FY2027 drill program is currently in full swing, and results from just 36 holes across the Hustler and Koombana prospects have already generated more than 70 significant intercepts above 0.5 g/t Au. The headline intercepts from both prospects include:
Hustler:
- 1m @ 80.80 g/t Au (HUS26RC_023 from 1m)
- 3.62m @ 10.80 g/t Au (HUS26DD_006 from 11.03m)
- 2m @ 14.48 g/t Au (FOS26RC_174 from 75m)
- 4m @ 7.00 g/t Au (FOS26RC_174 from 28m)
Koombana:
- 22m @ 3.31 g/t Au (FOS26RC_188 from 5m)
- 5m @ 3.91 g/t Au (FOS26RC_185 from 25m)
- 10m @ 1.53 g/t Au (FOS26RC_187 from 19m)
- 19m @ 0.94 g/t Au (FOS26RC_179 from 25m)
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Drilling results in detail — what Hustler and Koombana delivered
Hustler — high-grade hits close to surface
Hustler sits 400 metres south-east of the now-completed Lady Herial open pit. The current Mineral Resource estimate (MRE) for Hustler stands at 36,200 oz Au at modest grade, all within 235 metres of surface. A total of 17 new drill holes were completed as part of the FY2027 program, covering infill reverse circulation (RC), step-out RC, and geotechnical diamond drill (DD) holes to advance the deposit through permitting and further technical evaluation.
Key Hustler intercepts (above a 0.5 g/t Au cut-off) include:
- 1.0m @ 80.80 g/t Au (HUS26RC_023 from 1m)
- 3.62m @ 10.80 g/t Au (HUS26DD_006 from 11.03m)
- 2.0m @ 14.48 g/t Au (FOS26RC_174 from 75m)
- 4.0m @ 7.00 g/t Au (FOS26RC_174 from 28m)
- 3.0m @ 4.66 g/t Au (HUS26RC_007 from 40m)
Based on the current interpretation of the gold mineralisation, true widths will approximate the drilled widths reported.
Koombana — broad zones and depth potential emerging
Koombana is located 300 metres south-east of Hustler, along the same Defiance Dolerite-hosted mineralised trend as Lady Herial and Hustler. The prospect is at an earlier stage of definition but shows promise as another source of near-surface, moderately high-grade gold.
The Lady Herial gold discovery established the Defiance Dolerite-hosted mineralised trend as a genuine near-surface gold system, and the geological interpretation from that work now underpins the targeting logic applied at both Hustler and Koombana.
A total of 19 RC holes were drilled at Koombana on a broad 20m x 20m spacing. Key intercepts include:
- 22.0m @ 3.31 g/t Au (FOS26RC_188 from 5m)
- 5.0m @ 3.91 g/t Au (FOS26RC_185 from 25m)
- 10.0m @ 1.53 g/t Au (FOS26RC_187 from 19m)
- 19.0m @ 0.94 g/t Au (FOS26RC_179 from 25m)
- 18.0m @ 0.82 g/t Au (FOS26RC_180 from 15m)
Deeper RC intercepts also indicate that mineralised shoots continue at depth, with 3.0m @ 2.10 g/t Au, 1.0m @ 9.11 g/t Au, and 5.0m @ 1.61 g/t Au all recorded beyond 150 metres of drill depth.
Edmund Ainscough, Managing Director
“Koombana and Hustler offer short term, more immediate opportunities to add metal and begin the technical work to analyse possible future development opportunities….that may lead to cash flow.”
What is the St Ives gold camp — and why does location matter?
The St Ives gold camp is one of Australia’s most prolific gold production and discovery centres, with gold produced in the surrounding area dating back to the 1890s. Modern, large-scale production commenced in the early 1980s when WMC began dedicated gold extraction. WMC produced 5.6 Moz before Gold Fields Limited acquired the operation in December 2001. Since then, Gold Fields has mined a further 11+ Moz of gold from the camp.
Critically, the camp has demonstrated that major new finds can still emerge in mature mining districts. Gold Fields’ discovery of the Invincible deposit is evidence of exactly that, showing that the biggest deposits are not always found first in the discovery cycle.
For investors, the FBA project’s address within this camp carries real commercial significance. The project is surrounded by Gold Fields and SIGM tenements, with Gold Fields also serving as Lunnon Metals’ major shareholder. Nearby processing infrastructure includes the Lefroy Plant, owned and operated by SIGM. Metallurgical test work on the Lady Herial deposit has already demonstrated a 91% gold recovery rate at that facility, setting a strong precedent for future ore treatment discussions on new production from the FBA leases.
In short, the FBA project occupies premium real estate in Australian gold exploration, backed by world-class infrastructure and an established commercial relationship with its neighbour.
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Next steps — scoping study, permitting, and what comes after
Scoping study update delayed for good reason
The Scoping Study (SS) is close to completion, to a +/-30% level of accuracy, but has been deliberately deferred. The reason is sound: infill RC drilling at the Lady Herial Cut-Back (LDH2) has just been completed at approximately 20m x 10m spacing, and both the Hustler and LDH2 MREs must be updated with today’s results plus incoming LDH2 assay data before the SS can be finalised.
Once those two MRE updates are completed and reported to the market, the SS will be finalised and released swiftly thereafter. Hampton Mining & Civil has demobilised its team but elected to leave the majority of its fleet at site for the near term, maintaining operational readiness.
Commercial and permitting work advancing in parallel
Permitting activities are continuing and will be based around optimisation pit shells generated during the SS analysis. Metallurgical test work suited to SIGM’s Lefroy Plant process flow is well advanced.
Lunnon Metals is maintaining ongoing dialogue with SIGM regarding a potential Ore Purchase Agreement that could cover LDH2 and/or Hustler. The existing Ore Purchase Agreement structure from Lady Herial will be assessed for its applicability to these new opportunities. The company has previously noted that mining Hustler concurrently with any LDH2 cut-back may reduce unit mining rates, and that a blended production profile could assist commercial discussions with SIGM.
Gold Fields exclusive talks over Lady Herial established the commercial framework that now shapes Lunnon Metals’ broader strategy at FBA, including the Ore Purchase Agreement structure the company is seeking to extend to LDH2 and Hustler production.
FY2027 exploration target — the bigger picture
The project-wide Exploration Target for the FBA leases stands at 25–30 million tonnes for a potential gold content of 1.2–2.4 million ounces to a depth of 400 metres, at grades of 1.5–2.5 g/t Au.
Investors should note the required caveat: the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a gold Mineral Resource beyond those already reported, and it is uncertain whether further exploration, regardless of the level of spend, will result in the estimation of any additional Mineral Resource.
The table below summarises the key FY2027 results from Hustler and Koombana reported in this announcement:
| Prospect | Hole ID | From (m) | Width (m) | Grade (g/t Au) |
|---|---|---|---|---|
| Hustler | HUS26RC_023 | 1 | 1.0 | 80.80 |
| Hustler | HUS26DD_006 | 11.03 | 3.62 | 10.80 |
| Hustler | FOS26RC_174 | 75 | 2.0 | 14.48 |
| Hustler | FOS26RC_174 | 28 | 4.0 | 7.00 |
| Koombana | FOS26RC_188 | 5 | 22.0 | 3.31 |
| Koombana | FOS26RC_185 | 25 | 5.0 | 3.91 |
| Koombana | FOS26RC_187 | 19 | 10.0 | 1.53 |
| Koombana | FOS26RC_179 | 25 | 19.0 | 0.94 |
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