LCL Progress Tracker
Disclaimer: We are NOT geologists - this document is used by our team to internally to try and visualise the drilling progress made by LCL, it should not be relied upon by anyone to make any decisions. This document will change over time as the project evolves.
Our Big Bet:
“LCL to deliver a 1,000% return off exploration success on its PNG gold, copper, nickel projects OR from developing its advanced gold project in Colombia.”
NOTE: our “Big Bet” is what we HOPE the ultimate success scenario looks like for this particular Investment over the long term (3+ years). There is a lot of work to be done, many risks involved - just some of which we list in our LCL Investment Memo. Success will require a significant amount of luck. There is no guarantee that our Big Bet will ever come true.
BACKGROUND - LCL’s Two Projects
We’ve been Invested in LCL since April 2020. LCL has an advanced gold project in Columbia and acquired a portfolio of projects with multiple high-grade copper, gold and nickel targets across five areas in Papua New Guinea (PNG) in late-2022.
We see the Columbian gold project as valuable, but not LCL’s main focus since a change in government in Columbia.
PNG is the main focus at the moment.
We are most interested in the Ono project, particularly at the Kusi prospect (see arrow right).
We expect this to form the basis for much of LCL’s near term newsflow after LCL prioritised this particular area.
Colombia Project
Papua New Guinea (PNG) Project
25 November 2022 - Company acquires multiple PNG copper, nickel, gold targets
LCL announced it has acquired multiple high-grade copper, gold and nickel targets across five project areas in Papua New Guinea (PNG).
We see an opportunity for LCL to replicate the trajectory of K2 Mining - a breakthrough PNG gold success story.
The 1,630km2 Ono Project is considered prospective for high grade oxide gold in skarns along with epithermal and porphyry style mineralisation.
Here, historical drill intersections include 35m @ 3.04g/t gold from 136m, plus there is trench sampling that includes 8m @ 11.5g/t gold, 2.6% copper, 24g/t silver.
24 April 2023 - First hole at Kusi hits high grade gold
LCL drilled Kusi first and the first hole was a great start.
LCL’s first diamond drill hole returned a 15.2m intersection grading 4.45g/t gold (from 138.2m deep), which sat within a broader interval of 76.4m grading 1.34g/t gold (from 106.9m).
The first drill hole confirms LCL’s theory that its gold mineralisation is continuous... and it could well be widespread.
PNG is one of the few regions on the planet that can still deliver new, big, high grade gold discoveries.
18 May 2023 - 52m @ 3.65g/t Au in Kusi drill hole 4
52m at 3.65g/t gold.
This is the highlight drill from Los Cerros (ASX: LCL)’s latest drill results.
With hole 5, LCL hit the same type of rock structures that hosts today’s drill results.
On top of this the company hit the thickest intercept of those limestone structures AND hit visible gold intercepts.
Visible gold is pretty rare and usually means high grade intercepts.
We want to see drillhole 5, what’s to the north.
If the results come in as good or better than today’s results, then LCL will be showing the first signs of the size/scale potential we think will get the market and other gold-copper majors interested
26 June 2023 - LCL expands nickel project with more ground
New ground added to Veri Veri nickel prospect:
5 July 2023 - Hole 5 hits 77.9m @ 1.53g/t gold.
77.9m @ 1.53g/t gold.
20 July 2023 - LCL finds more nickel sulphides in outcrop
Our key takeaways:
25 July 2023 - LCL keeps hitting more gold at Kusi
Our key takeaways:
Extensions to the west
Extensions north to south
27 July 2023 - LCL puts together PNG’s biggest nickel anomaly
Our key takeaways:
28 August 2023 - Expanded footprint at Imou copper-gold exploration target
Our key takeaways:
30 August 2023 - Ground around Veri Veri nickel project consolidated
Our key takeaways: