Legacy Minerals (ASX:LGM) has begun a 2,000m diamond drilling program for high-priority silver and gold targets at its flagship Mt Carrington Project in New South Wales.
The initial drill program will target nine holes, testing beneath historic silver results as well as new structural and geochemical targets at the Mascotte Mine area.
Drilling is expected to take six weeks and provides the company with an opportunity to increase the current mineral resource of Mt Carrington, which stands at 115 million ounces silver equivalent at 105 grams per tonne silver equivalent.
Historic drilling in this area was completed in 1970, but these drill holes were not assayed for gold. Historic drilling focused over a 50m strike, with the remaining approximately 1.3km trend of historical workings remaining untested.
CEO Christopher Byrne notes that the launch of this drilling program represents an “important step in unlocking the broader value potential” at Mt Carrington.
“Mascotte sits within a highly prospective low-sulphidation epithermal gold-silver system, where historical high-grade silver intersections, strong surface geochemistry, and extensive untested strike provide compelling evidence for a discovery potential.”
Byrne also points to the record high trading prices for both gold and silver, and the significance of this for the project.
“These market conditions further enhance the strategic importance of advancing high-quality silver and gold assets, such as Mt Carrington, which contains a silver-equivalent mineral resource estimate of 115 million ounces of silver equivalent.”
In parallel to this drill program, the company has engaged in a new scoping study on the existing deposits containing the 115 million ounce silver equivalent mineral resource, as previously reported. This study is being delivered by Ausenco and is expected to be completed in early Q1 2026.
Results from the drilling at Battery that was recently completed are also expected at the end of January.
Legacy Minerals is exploring for precious metals, copper, and base metals in New South Wales, with a focus on developing the Mt Carrington Project.
Write to Amy Rotman at Mining.com.au
Images: Legacy Minerals
