Lennons Find (ownership 35%)

Precious and Base Metals Project, Western Australia

Lennons Find is an advanced base metals and silver exploration project in the Pilbara region of Western Australia which has strong near-term development potential. Laconia has a 95% interest in the project, which it acquired from Jabiru Metals Limited in March 2011.

The project comprises one granted Mining Lease, M45/368 (A combined 5% free carried interest is held by the original prospectors) and hosts five VHMS prospects over a 4km strike length; the Hammerhead, Tiger, Bronze Whaler, Grey Nurse and Mako prospects.

Lennon's Find has a total Mineral Resource of;

1.85Mt @11.4% Zinc equivalent2 in Indicated and Inferred categories (at various Zn Equivalent cut-off grades3)

The Resource also includes an oxide Resource of;

197,000t @ 89g/t silver, 0.37g/t gold, 0.2%copper, 1.2 % lead and 1.4% zinc3.

Background to Resource estimate

The Lennons Find Resource estimate was confirmed in January 2012 and incorporated the results from a 42 hole, 1,939 metre drilling campaign conducted in the latter part of 2011. Extensional Reverse Circulation (RC) drilling and diamond drilling at the Hammerhead deposit resulted in a significant increase in the sulphide ore Resource, and also better defined the oxide Resource. Shallow RC exploration drilling at the Tiger and Bronze Whaler prospects added additional silver and base metals oxide Resources.

Laconia aims to expand the project's Resource base via its continuing targeted exploration programs. Metallurgist test work on the oxide portion of the Resource is in progress, and the results will be incorporated in a high level scoping study to examine the viability of extracting oxide resources from the project to produce a low cost concentrate on-site for eventual on-sale to a smelter.


The project is located 70km south east of Marble Bar and approximately 230km southeast of Port Hedland in WA's eastern Pilbara region. Access is via the Great Northern Highway, which passes 10km to the east of Marble Bar, and then via sealed road to within 20km of the project. From there, a network of tracks provides good access to, and within, the project.

The project is situated within, but excised from, the Meentheena Conservation Park which is administered by the Department of Conservation and Land Management. The adjacent Mt Edgar Pastoral Lease is a privately run cattle grazing property. There are no known heritage sites in the project area and the mining lease is not subject to Native Title.

Geological overview

The project was first discovered in 1907, and small scale mining occurred from 1951-1960 with recorded production of 30.5 tonnes of copper ore and 20.3 tonnes of zinc ore from small pits to a depth of 7.5 meters. It is situated on the southern edge of the Mt Edgar Granitoid Complex. Within the project area outcropping gossanous veins with elevated base metals grades occur at a consistent horizon in the Duffer Formation, and this horizon is the focus for Laconia's base metals exploration.

There are five mineralised zones occurring at two stratigraphic horizons 20-60 metres below the base of the Miralga Formation. Mineralisation occurs typically as conformable, planar lodes continuous over hundreds of metres dipping 45° to 65° to the south east. At the surface, mineralisation is present as gossanous pods and lenses with secondary copper carbonates.

Yandicoogina Project

Laconia also has a 100% interest in the Yandicoogina base metals project (E45/3293), which is located less than 10km south west along strike from Lennons Find. It is easily accessible by graded tracks and has a 13km strike length of felsic volcanics and sediments of the Duffer formation, which hosts the Lennons Find mineralisation. The project lies adjacent to, and west of, the Yandicoogina gold mining centre which historically produced 199kg of gold from 3,293 tonnes of ore at an average grade of 61.5g/t. The Yandicoogina project complements Laconia's significant base metals position in the east Pilbara.

2 Zn Eq(%) = Zn(%) + (Pb(%) x 1.1) + (Cu(%) x 3.9) + (Ag(ppm) x 0.0414) + (Au(ppm) x 2.20). The price assumptions used for the Zn Eq(%) calculations were US$0.88/lb for Zn, US$3.45/lb for Cu, US$0.96/lb for Pb, US$25/oz for Ag and US$1350/oz for Au.

3 The Bronze Whaler deposit is reported above 1% Zn Eq.

Figure 1a. Image of Lennones Find Surveying Project

Figure 2a. Image of Lennons Find Surveying Project

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