Lefroy is drilling the third hole of a currently planned 14-hole diamond core program at Burns, where a discovery RC hole in February recorded 60m at 5.2 grams per tonne gold and 0.4% copper from 112m (within which was an interval of 20m at 12.2gpt gold and 0.9% copper).

Based on the encouragement received to date, the current hole in progress is being drilled to 440m depth.

Assays from the initial two holes are expected next month.

Lefroy started the current quarter with A$2.9 million cash, suggesting fundraising options will currently be under consideration.

Shares in Lefroy were up 28% to $1 in morning trade, capitalising the company at $120 million.

The stock went from levels around 20c to $1.50 in the period February to early April after the Burns discovery was made.