Legacy Minerals Ltd (ASX:LGM) is buoyed by the prospects of a quicker discovery of critical and battery metals at the Fontenoy Project in NSW as fieldwork using artificial intelligence gets underway by US-based exploration partner Earth AI.
The Fontenoy project is 15 kilometres from Young in NSW and is mineralised for more than 8 kilometres in length with numerous undrilled walk-up copper and gold targets.
Work by previous explorers had intercepted widespread disseminated and veined copper-gold mineralisation from surface with significant results including:
- 79 metres at 0.27% copper from 1.5 metres, including 19.8 metres at 0.21 g/t gold and 0.33% copper;
- 26 metres at 0.44 g/t gold and 0.11% copper from surface, including 6 metres at 1 g/t gold; and
- 14 metres at 0.72 g/t gold and 0.37% copper from 108 metres.
Fontenoy Project exploration areas and highlighted drill intersections.
Earth AI aims to identify oxide copper mineralisation interpreted as malachite and chalcocite from undrilled historical workings.
A revised targeting assessment will be made upon completion of the reconnaissance fieldwork prior to final field checking and drilling.
Earth AI is expected to complete the work in the first quarter for drilling to begin shortly after.
Exciting time
Legacy Minerals managing director Christopher Byrne said: “It’s very exciting for Legacy Minerals to be part of a small group of companies utilising the power of artificial intelligence to assess and target prospective areas for drilling.
“Our exploration alliance with Earth AI puts Legacy Minerals at the forefront of the exploration industry in utilising artificial intelligence and machine learning to increase discovery opportunities.
“Earth AI’s vertically integrated approach and ownership of diamond drill rigs sets Earth AI apart from other AI explorers and gives them the capacity to drill test newly defined targets in quick succession.
“The Fontenoy Project presents significant critical and battery metal opportunities with prospectivity for copper-nickel-cobalt-PGEs and gold and the company is extremely pleased with the impact Earth AI are already having on the ground.
“The critical and battery metals industry is a strongly growing market and there is increasing recognition of the need for exploration discovery rates to increase in order to meet the demand for these metals.”
Earth AI field team conducting field reconnaissance, geological mapping, soil and rock sampling.
About the alliance
Earth AI will outlay $4.5 million over two years to fast-track discovery across Fontenoy and Mulholland. It will only earn its 3% royalty if a significant discovery is made.
Legacy retains 100% ownership of all exploration licences, but Earth AI has the option to acquire either project for US$1 million and a 2% royalty, if Legacy does not spend US$250,000 per annum from the second anniversary of the qualifying intercept or a resource is not defined.