Legacy Minerals Holdings Ltd (ASX:LGM) has identified multiple large, previously untested gold-silver targets at the Mascotte Prospect within its Mt Carrington Project in New South Wales, with drilling already underway to test the strongest anomalies.
Ground-based induced polarisation (IP) surveys outlined several chargeability targets adjacent to known Mascotte mineralisation and outside Mt Carrington’s existing 1.6-million-ounce gold-equivalent mineral resource.
The strongest anomalies exceed 30 mV/V and extend across a roughly 300-metre strike that remains open to the northeast and southwest. Importantly, comparison with previous drilling indicates the main chargeability highs have not yet been tested.
High-priority targets emerge at Mascotte
Legacy completed Gradient Array IP (GAIP) and Dipole-Dipole IP (DDIP) surveys over Mascotte, with the work defining a northeast-trending resistive corridor flanked by chargeability anomalies interpreted as potentially reflecting sulphide-bearing structures or breccias.
Two principal chargeability zones were identified.
The larger northern zone returned amplitudes above 30 mV/V, with its core modelled at around 100-120 metres depth. A southern zone returned chargeability of up to 30 mV/V at a shallower depth of around 60-80 metres.
Both remain open to the northeast and continue southwest, while 3D inversion modelling indicates continuity between the survey lines.
Several of the strongest anomalies are interpreted as “blind” targets that do not reach surface, meaning they would not necessarily have been identified through surface sampling alone.
The geophysical targets sit alongside known gold-silver mineralisation, where previous drilling returned 40 metres at 1.0 g/t gold from 151 metres, including 9 metres at 2.7 g/t, in hole MSDD001.
Another previous hole, MSDD002, returned 57 metres at 0.3 g/t gold from 81 metres, including 8 metres at 1.3 g/t from 129 metres.
The sections presented on pages 1 and 2 of the announcement show the strongest chargeability zones positioned adjacent to those previous drill intercepts, with planned drilling targeting the larger untested anomaly.
Drilling underway
Legacy is now drill-testing the strongest chargeability zones as part of its approved Mascotte drilling program.
The program is designed to assess whether the anomalies correspond to sulphide-related and hosted gold-silver mineralisation, while also testing extensions of the existing Mascotte system along strike and at depth.
CEO and managing director Christopher Byrne said the new survey had identified several large targets beside mineralisation already intersected by the company, with the strongest anomalies remaining open along strike and sitting outside the current Mt Carrington resource.
Next steps
Drilling will continue across the newly defined chargeability targets, while further geophysical interpretation, geological mapping and target refinement will be used to finalise drill collar positions.
Results from that drilling will be important in determining whether the IP anomalies represent extensions to the known Mascotte mineralisation or potentially separate zones of gold-silver mineralisation.
About Legacy Minerals
Legacy Minerals is focused on gold, silver, copper and base-metal projects in New South Wales.
Its portfolio includes Mt Carrington, Bauloora, Nico Young, Rockley, Cobar, Black Range, Harden, Thomson and Fontenoy, with Mt Carrington currently hosting a 1.6-million-ounce gold-equivalent mineral resource.