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Lunnon Metals Limited ( (AU:LM8) ) has provided an announcement.
Lunnon Metals has updated the mineral resource estimate for its Lady Herial gold deposit at the Kambalda Gold & Nickel Project, increasing contained gold by 49% to 0.79 million tonnes at 2.1 grams per tonne for 54,200 ounces. The resource now includes 310,000 tonnes at 2.4 grams per tonne for 24,100 ounces in the Measured category, underpinning the company’s first producing gold operation.
Mining has commenced at Lady Herial, with the first ore blast completed and deliveries to the run-of-mine pad under way as the company leverages high gold prices through an Ore Purchase Agreement and access to the nearby Lefroy mill. Lunnon is now optimising a potential second stage open pit and assessing underground options, while planned cash flow from Lady Herial is expected to support further drilling and the evaluation of additional gold targets across its St Ives tenements, including the upcoming Hustler resource estimate.
The most recent analyst rating on (AU:LM8) stock is a Hold with a A$0.37 price target. To see the full list of analyst forecasts on Lunnon Metals Limited stock, see the AU:LM8 Stock Forecast page.
More about Lunnon Metals Limited
Lunnon Metals Limited is an ASX-listed resources company focused on its Kambalda Gold & Nickel Project in Western Australia. Originally known for nickel, it has recently refocused on gold, fast-tracking near-surface discoveries such as the Lady Herial deposit into production to capitalise on strong Australian dollar gold prices.
Average Trading Volume: 272,982
Technical Sentiment Signal: Buy
Current Market Cap: A$83.75M
Learn more about LM8 stock on TipRanks’ Stock Analysis page.