Lunnon Metals Delivers Thick Gold Hits as Plentiful Nears Resource Estimate
Key Takeaways
- Ten new RC holes at the Plentiful prospect have returned headline intercepts of 14m @ 1.42 g/t Au and 14m @ 1.04 g/t Au, with true widths interpreted as close to drilled widths.
- Plentiful is now drilled to an approximately 20m x 20m spacing — the density Lunnon Metals considers sufficient to support an initial JORC-compliant Mineral Resource Estimate.
- Technical modelling will commence once current work is complete, followed by an open pit optimisation assessment sensitive to A$ gold price assumptions, given 20m–30m of overburden above the deposit.
- The government co-funded EIS deep drilling program has concluded after two diamond holes totalling 1,429m; the second hole failed to intercept the Paringa Basalt as predicted, and no further deep work is planned at this time.
- Plentiful sits within Lunnon Metals' $13M, 43,000m FY2027 drill program, with the project-wide Exploration Target standing at 25–30 million tonnes for a potential 1.2–2.4 Moz of gold at 1.5–2.5 g/t Au.
Plentiful prospect delivers thick, consistent gold hits as Lunnon Metals advances toward first resource estimate
Lunnon Metals (ASX: LM8) has released an exploration update from its Foster-Baker gold project (FBA) in the St Ives gold camp, Western Australia, a district that has produced over 18 million ounces of gold since modern production began in the early 1980s. Ten new Reverse Circulation (RC) holes at the Plentiful prospect have returned multiple significant intersections, headlined by 12m @ 1.42 g/t Au, 14m @ 1.42 g/t Au, and 14m @ 1.04 g/t Au.
The Plentiful prospect is now drilled to an approximate 20m x 20m spacing, a density the company considers capable of supporting an initial reportable Mineral Resource Estimate (MRE). Technical modelling will commence once the current work is complete, with an MRE to follow when warranted. Separately, the government co-funded Exploration Incentive Scheme (EIS) deep drilling program has concluded, with a final report submitted to the WA Department of Mines, Petroleum and Exploration (DMPE).
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Q1 FY2027 Plentiful RC drilling results
Headline intercepts
Five key results from the 10-hole program, reported above a >0.5 g/t Au cut-off:
- 12.0m @ 1.42 g/t Au (PBS26RC_072, from 76m)
- 14.0m @ 1.42 g/t Au (PBS26RC_071, from 68m)
- 14.0m @ 1.04 g/t Au (PBS26RC_069, from 58m)
- 4.0m @ 2.08 g/t Au (PBS26RC_074, from 91m)
- 9.0m @ 1.09 g/t Au (PBS26RC_068, from 48m)
Based on current interpretation, true widths are close to the drilled widths reported.
What the results reveal
Mineralised structures at Plentiful continue to display remarkably consistent dip, strike and thickness across the prospect. Thicker zones correspond to areas where the structure flattens or steps in cross section — interpreted as dilational zones that are inherently more prospective for gold at St Ives. The program tested both the northwest portion of the main Plentiful structure along the Plentiful Dolerite (defined by a magnetic anomaly) and potential hangingwall mineralisation.
| Hole ID | From (m) | Width (m) | Grade (g/t Au) | Structure |
|---|---|---|---|---|
| PBS26RC_072 | 76 | 12.0 | 1.42 | Plentiful Main |
| PBS26RC_071 | 68 | 14.0 | 1.42 | Plentiful Main |
| PBS26RC_069 | 58 | 14.0 | 1.04 | Plentiful Main |
| PBS26RC_074 | 91 | 4.0 | 2.08 | Plentiful Main |
| PBS26RC_068 | 48 | 9.0 | 1.09 | Plentiful Main |
What is a Mineral Resource Estimate — and why does drill spacing matter?
A Mineral Resource Estimate (MRE) is a JORC-compliant calculation of the quantity and grade of mineralisation that can be reasonably estimated from drilling data. It is the formal step that converts exploration intercepts into a reportable resource with defined confidence levels (Inferred, Indicated, or Measured).
Drill spacing is central to this process. Tighter spacing — like the approximately 20m x 20m now achieved at Plentiful — gives geologists enough data points to model the shape, continuity, and grade of a deposit with sufficient confidence to support an initial estimate. The prospect has reached that threshold.
One important variable the company will need to assess is the A$ gold price at which an open pit optimisation at Plentiful delivers a financially viable outcome. The deposit does not outcrop, sitting beneath a minimum of 20m–30m of overburden, which means the economics of any open pit scenario are sensitive to gold price assumptions. That technical assessment will commence once geological modelling is complete.
EIS deep drilling concludes — what was tested and what was learned
The Plentiful EIS program involved two diamond holes drilled for a combined 1,429m, co-funded with the DMPE under the WA Government’s Exploration Incentive Scheme. The program targeted a 500m–600m long magnetic anomaly interpreted as the Plentiful Dolerite, positioned between the Victory-Leviathan and Argo-Apollo gold mining complexes (both wholly owned by Gold Fields Ltd) — areas that have collectively yielded over 7 Moz of gold across more than 35 years of mining.
The first hole (PBS25DD_005, 747.5m depth) returned a best result of 1.9m @ 1.18 g/t Au from 142m, associated with veining, alteration and disseminated pyrite at the projected down-plunge of the near-surface Plentiful structure. A high-quality three-dimensional model of the Plentiful Dolerite was subsequently generated, which informed the design of the second hole.
The second hole (PBS26DD_008, 681.5m depth) encountered a paleochannel and a thicker-than-expected dolerite package. The Paringa Basalt was not intercepted as predicted, meaning the northwest termination of the dolerite was not confirmed. The best result was 0.65m @ 0.78 g/t Au. No further work is planned on this deep target at this time.
Edmund Ainscough, Managing Director
“Plentiful continues to provide consistent, thick, and modest gold grade intercepts. We have done enough now at Plentiful to model the mineralisation, test its economic potential and make an assessment on where it ranks in our portfolio. A key objective of the FY2027 discovery program is to assess opportunities quickly and then advance them swiftly or park them, so they do not become a distraction…”
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FY2027 exploration program: $13M, 43,000 metres, and a disciplined discovery strategy
Today’s results sit within the context of Lunnon Metals’ $13M, 43,000m FY2027 drill program, announced on 29 June 2026. The program runs two parallel tracks: early-stage conceptual target testing across the FBA leases, and definition work on advanced near-surface prospects like Plentiful, aiming to replicate the success of the Lady Herial open pit.
The Lady Herial open pit set the internal benchmark for what a near-surface gold discovery at FBA can become, having progressed from initial intercepts through to a defined development scenario that now anchors the project’s production optionality.
The Foster-Baker gold exploration programme was structured to run two parallel workstreams, with the capital allocation and target sequencing laid out when the budget was announced on 29 June 2026.
The project-wide Exploration Target stands at 25–30 million tonnes for a potential gold content of 1.2–2.4 Moz at grades of 1.5–2.5 g/t Au to a depth of 400m. Investors should note the mandatory JORC caution: the Exploration Target is conceptual in nature; there has been insufficient exploration to estimate a Mineral Resource, and it is uncertain whether further exploration will result in the estimation of any additional Mineral Resource.
Key milestones to watch:
- Completion of Plentiful geological modelling
- Open pit optimisation assessment (A$ gold price sensitivity)
- Decision on whether to report a first Plentiful MRE
- Ongoing FY2027 RC and diamond drilling results from other FBA targets
The FBA project is located in the St Ives gold camp, surrounded by Gold Fields tenements, with all gold prospects being tested 100% owned by Lunnon Metals. Nearby processing options include the Gold Fields Lefroy Plant, the Lakewood plant (ASX: BC8), and the Higginsville plant (ASX: WGX).
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