Legacy begins drilling new targets at Black Range

Legacy Minerals (ASX:LGM) has begun a first-phase 1,100m diamond drilling program at the Sugarbag Hill prospect in New South Wales, focusing on a number of previously untested gold and silver targets.

The prospect sits within the Black Range Project, which covers more than 30km of underexplored epithermal strike length, and shares similarities to various other deposits, including the Round Mountain Mine in the US. 

Legacy, which has a $18.45 million market capitalisation, says no drilling has taken place at the targets in 30 years. 

The last drilling to be completed at Sugarbag Hill was undertaken by Newcrest Mining in 1992, which failed to identify any feeder zones in either drilling or mapping. 

However, Legacy has identified coincident induced polarisation and geochemical targets that were not recognised by Newcrest or any other previous explorer. 

The targets are closely associated with a 2.2km-long gold trend, which returned greater than 20 parts per billion (ppb) gold and up to 296ppb gold in soil sampling. 

Recent rock chip samples collected along the resistivity trend have confirmed altered lithologies to be gold and silver-bearing assays up to 27 grams per tonne (g/t) gold and 29.6g/t silver. 

Legacy CEO and Managing Director Christopher Byrne says the current gold environment, coupled with a greater understanding of epithermal mineral systems, increases the probability of success and the ultimate value of a gold discovery. 

“Undrilled prospects of this nature are rare opportunities to test for high-grade gold and silver targets in mineral systems that are globally recognised for their potential to turn into high-margin gold mines,” Byrne says.  

“In addition to Black Range, Legacy Minerals is in the unique position of controlling three district scale epithermal systems including Bauloora, which is being explored with the world’s largest gold miner Newmont (ASX:NEM), and the Drake gold-silver epithermal system.”

Legacy Minerals is a gold, copper, and base metals focused explorer with assets and has several projects across Australia. 

As of 31 December 2023, the company had $1.6 million cash and cash equivalents at hand, according to its latest quarterly report. 

Write to Adam Drought at Mining.com.au

Images: Legacy Minerals
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.