Legacy Minerals (ASX:LGM) has engaged Fleet Space to conduct a large-scale geophysical survey at the Thomson Project in New South Wales to accelerate drill targeting.
The survey is expected to start in the fourth quarter of this year, with interpretations anticipated within a few weeks of completion.
Legacy Minerals, which has a market capitalisation of $25.3 million, says this interpretation and 3D model will be used concurrently with existing geophysical drilling, as well as geochemical datasets to define targets for drill testing.
Across the entire project, there are numerous undercover targets defined by discrete ‘bullseye’ magnetic and gravity anomalies with similar characteristics to other tier one deposits.
CEO Christopher Byrne says Thomson presents a rare, unexplored, belt-scale gold and copper search space across 5,500km2 with a multitude of targets.
“As part of our plans to fast track a potential discovery we are excited to implement Fleet Space’s end-to-end mineral exploration solution driven by space and 3D artificial intelligence ExoSphere modelling,” Byrne says.
“Fleet Space’s real-time 3D ANT surveys have rapidly become an important new exploration tool that is being utilised by major miners, including Barrick Gold (NYSE:GOLD) and AngloGold Ashanti (NYSE:AU), to target undercover discoveries.
“It provides a systematic dataset that, when combined with regional gravity and magnetic surveys, helps prioritise areas for drill testing.”
Byrne notes that based on Legacy’s consideration the Southern Thomson region is one of the most under-explored orogens in Australia, the company has staked a “significant” position in line with the belief that the next major new mineral province will be undercover, and is yet to be found.
“Using this latest cutting-edge technology, Legacy Minerals is attempting to make a major discovery in the district and we are moving quickly with the survey planned to commence in November with results expected within this quarter,” he says.
The company adds the limited historical drilling at Thomson has been either too shallow, or mis-targeted, to have tested the magnetic and gravity anomalies, but has intersected widespread alteration and mineralisation.
Thomson’s targets include the F1 anomaly, H1 anomaly, and CUT-B anomaly.
Further, Legacy’s wholly owned subsidiary Starlight Exploration is in the process of obtaining two exploration licences for $200,000 cash from Eastern Metals (ASX:EMS). The company has paid $50,000 to date, while the remaining funds will be received upon transfer of the tenements.
The Thomson Project lies near the southern margin of the Thomson Orogen near the interpreted contact with the Lachlan Fold Belt and the Delamerian Orogen.
Legacy Minerals is an explorer focused primarily on gold, copper, and base metals in New South Wales.
Write to Aaliyah Rogan at Mining.com.au
Images: Legacy Minerals
