Legacy Minerals (ASX:LGM) is hoping to return a ‘world-class’ dataset to pave the way for drill testing epithermal gold mineralisation targets in 2024 at its Bauloora Project in New South Wales.
Bauloora is held through a joint venture with gold giant Newmont (ASX:NEM), of which the latter may obtain an 80% interest through a $15 million earn-in and completion of conditions precedent.
The $12.77 million market capitalisation company says foundational geochemical and geophysical surveys are now underway, including a two-phase audio frequency magnetotelluric (AMT) and ground gravity surveys, as well as geological mapping.
Legacy Minerals Chief Executive Officer (CEO) and Managing Director Christopher Byrne says results from the multifaceted, geochemical, geophysical, and geological data acquisition will hopefully lead to the definition of ‘major’ epithermal gold targets.
“After the completion of diamond drilling at the Breccia Sinter [prospect] in December 2023, we are recommencing our systematic exploration programs at Bauloora with purpose.
With the upcoming news including the release of assays from the diamond drilling campaigns at the Breccia Sinter prospect and at Fontenoy, the company also intends to provide updates soon at its Black Range Project, including planned drilling and results of ASTER analysis completed last year.”
Geophysical contractors Quantec and AGS are onsite completing the AMT survey, which will cover about 10km-square. The objective is to identify and target ‘large’ strike extensive resistivity anomalies that may be zones of silicification associated with epithermal veining.
It is expected the survey will provide quality resistivity datasets to depths greater than 1,000m and expand upon the knowledge gained from a gradient array induced polarisation (IP) survey.
The IP survey demonstrated that linear resistive trends at Bauloora are associated with mapped quartz veins and silicic alteration at surface.
The first phase of the survey will be completed over the Breccia Sinter prospect, while the second phase will cover the broader Bauloora vein field, including the Mee Mar prospect vein trend.
The surveys follow the completion of a 7,000 line-km survey and a more than 1,700m diamond drilling program in December 2023.
Drilling is reported to have intercepted the target zone with mineralogy and low sulphidation epithermal quartz vein textures in the drill core consistent with the upper ‘boiling zone’ at Breccia Sinter
Assays from additional epithermal pathfinder element analysis are pending.
Legacy Minerals is a multielement explorer focused on the acquisition and exploration of gold, copper, and base metal projects in the Lachlan Fold Belt of New South Wales.
Write to Adam Drought at Mining.com.au
Images: Legacy Minerals
