Legacy Minerals (ASX:LGM) is advancing exploration programs, in conjunction with its project partners, across its entire portfolio of assets in New South Wales.
CEO Chris Byrne says this illustrates the “growing confidence in the geological potential”.
At the Thomson Copper-Gold Project, Legacy and Rio Tinto’s (ASX:RIO) exploration subsidiary have planned a pole-dipole induced polarisation geophysical program to begin in mid-November across numerous areas of interest.
The program aims to test geophysical anomalies under young cover sequences and will take one month to complete.
At the Fontenoy Project, vertically integrated artificial intelligence-powered explorer Earth AI has notified Legacy that it has met stage one requirements, as part of an earn-in agreement to acquire 51% of the project in an unincorporated joint venture.
Earth AI can earn an additional 19% interest in Fontenoy by spending an additional $3 million in expenditure within 24 months and completing 2,000m of diamond drilling. If completed, Legacy may elect to contribute or dilute down interest of 20%, which will be loan carried to production.
Meanwhile at the Harden Project, government approvals are underway for a proposed drilling program.
At the Glenlogan Project, S2 Resources (ASX:S2R) has notified Legacy it has spent $1.78 million on the project and is withdrawing from the earn-in agreement. Legacy intends to assess next steps on the project.
Byrne says across these projects, with multiple active programs and a steady pipeline of newsflow ahead, the company is optimistic about the opportunities unfolding.
“Our partnerships continue to unlock value across the portfolio,” he says.
“Rio Tinto Exploration’s funding and technical guidance for the upcoming IP survey at the Thomson Project represents an important next step in systematically screening multiple prospective target areas, using a geophysical method that has historically proven effective in mapping sulphide-rich zones on the property.
“This work has the potential to generate strong drill-ready targets for follow-up programs.”
Legacy Minerals holds a portfolio of nine projects in New South Wales covering more than 8,000km2. These projects are considered prospective for gold, silver, copper, and critical minerals.
Write to Aaliyah Rogan at Mining.com.au
Images: Legacy Minerals & Earth AI
