Legacy Minerals Ltd (ASX:LGM) has advanced its mineral tenement portfolio with multiple exploration activities across its projects, many of which are still pending assay and interpretation of results.
Legacy is engaged in gold and base metal exploration across its six projects within the world-class Lachlan Fold Belt of New South Wales, where the company holds a large land package of more than 1,000 square kilometres – considered to be prospective for economic gold, copper, tin, tungsten, bismuth, indium, nickel and cobalt deposits.
LGM also recently signed a $4.5 million exploration alliance with Earth AI for its battery and critical metals-focused projects: Mulholland (nickel, tin, cobalt, copper) and Fontenoy (copper, gold, nickel).
Exploration highlights
Rockley
A detailed airborne magnetics and radiometric survey has been flown over the Rockley project, totalling 450 line-kilometres at 50-metre line spacing, with a processing and targeting report expected to be produced within three weeks.
Extensive copper and gold mineralisation was identified in rock sampling over an 8 square kilometre area on this tenure, which Legacy is targeting for copper-gold porphyry-related mineralisation.
Bauloora
Assays are pending for seven of 10 reverse circulation (RC) percussion holes drilled at the Mt Felstead Prospect, with results expected within three weeks.
Initial drill results from Mt Felstead include:
- 9 metres at 9.9% zinc and lead, 2.0 g/t gold, 28.4 g/t silver and 0.2% copper from 145 metres, including:
- 2 metres at 29.3% zinc and lead, 5.4 g/t gold, 94.1 g/t silver and 0.4% copper from 148 metres.
A large scale, 80-line-kilometre gradient array induced polarisation (IP) survey also highlighted numerous areas for prospective low sulphidation gold-silver targets.
In addition, a downhole electromagnetic (DHEM) survey was completed on three holes at Mt Felstead and the results are being interpreted by the company.
Harden
Assays from drilling completed at the Harden Gold Mine in the first quarter of 2022 are expected within three weeks, having been held up due to assay turnaround delays.
Cobar
A soil sampling program is nearing completion across three priority areas near Aurelia Metals’ Peak Gold Mines and 15 kilometres from the CSA mine recently purchased by Metals Acquisition Corp for US$1.1 billion consideration.
Ground magnetics are also underway across the northern section of the project areas, with results expected in the next six weeks.
Fontenoy and Mulholland
As part of the new exploration alliance, Earth AI will use its machine learning technology to target zones of potential mineralisation across the projects. Legacy expects results to lead to geological mapping over the next three months.