Lord Resources Unveils New Copper Targets at Ilgarari, Starts Key Earn-In Deal

Gravity Survey Highlights Structural Complexity

Lord Resources Limited (ASX: LRD) has delivered a significant update on its Ilgarari Copper Project in Western Australia, following the completion of a detailed gravity survey conducted on a 200m by 100m grid. The survey, executed by Atlas Geophysics, has delineated a prominent gravity low anomaly directly coincident with the Ilgarari Fault, which aligns with known copper sulphide mineralisation and historic mining workings.

This gravity low is interpreted as a dilation zone within the fault, a structural trap that could enhance copper sulphide deposition by facilitating fluid flow and pressure changes. Importantly, a second, previously untested gravity low approximately 4 kilometres northeast along the same fault has been identified, suggesting additional structural complexity and promising new drill targets.

Integration with Historic Data Strengthens Targeting

Further bolstering the exploration potential, multiple gravity high anomalies in the fault’s footwall zone correspond with historic Induced Polarisation (IP) chargeability anomalies. These coincident geophysical signatures indicate zones of dense, chargeable material that may represent mineralised bodies worthy of drilling.

CEO Andrew Taylor expressed optimism about these findings, noting that the survey results have exceeded expectations and significantly enhanced confidence in the project’s scale and potential. The integration of gravity, IP, and magnetic data is setting the stage for a more targeted and efficient drilling campaign.

Earn-In Agreement Commences with Blackrock Resources

Following successful due diligence, Lord Resources has formally commenced its earn-in agreement with Blackrock Resources Pty Ltd. Under the terms, Lord will fund $1.5 million in exploration expenditure over four years to earn up to an 80% interest in the sulphide rights at Ilgarari, specifically targeting mineralisation below 120 metres from surface.

The company has already paid $75,000 in cash and issued over 4.2 million shares to Blackrock as part of the agreement. Additionally, Lord holds a first right of refusal to acquire the oxide mineral rights under commercially reasonable terms, potentially consolidating its position across the project.

Next Steps: EM and Heritage Surveys to Refine Drill Targets

To build on the gravity survey insights, Lord plans a ground-based Electromagnetic (EM) survey aimed at mapping subsurface features associated with the identified gravity and IP anomalies. This survey will provide critical data on the size, depth, and orientation of potential mineralised zones, enabling the company to refine high-priority drill targets across the Alac and Main zones, as well as the newly identified northeast gravity low.

A heritage survey is also scheduled for late May 2025, an essential step to ensure compliance and community engagement before drilling activities commence.

Other Projects Remain on Hold

Lord Resources reported no exploration activity during the quarter at its other projects, including the Horse Rocks and Jingjing Lithium Projects, as well as the Gabyon and Jarama Gold Projects. Exploration expenditure for the quarter was $65,000, with no mining production or development activities reported.

With a cash balance of $852,000 at quarter-end and no new financing activities, the company appears well-positioned to advance its exploration agenda at Ilgarari in the near term.