Legacy Minerals (ASX:LGM) has extended a 2-hole diamond drilling campaign at its Bauloora Project in New South Wales after intersecting multiple epithermal veins.
The $12.48 million market capitalisation company says a third hole will begin immediately and is scheduled for completion in the next 4 weeks. This hole has been designed to further test the newly intersected veins flagged in both prior drillholes BX001 and BX002.
Both these holes are open from surface, down dip, and along strike at the Breccia Sinter prospect.
Legacy reports drillhole BX002 intersected 2 ‘broad’ vein intervals of low sulphidation epithermal-style veins.
Further, the gold-bearing potential of the prospect area is supported by surface rock chips that returned gold grades of up to 32 grams per tonne (g/t) and 196g/t silver, with more than 20 parts per billion (ppb) gold within a targeted 500m long and 250m wide gold-in-soil anomaly.
Legacy notes observations in the BX002 core samples are consistent with a hot spring depositional model used as a basis for exploration on the project, with mineralogy and textures being consistent with the upper part of a ‘boiling zone’.
Boiling zones could have ‘significant’ vertical extents with the potential for ‘bonanza’ gold-bearing veins.
These observations have encouraged Legacy to test further along strike and at depth.
The company confirms core processing and logging of the 2 initial holes is in progress, and samples will be submitted for laboratory analysis upon the completion of the drilling program. Results are expected in February 2024.
Legacy Minerals Chief Executive Officer (CEO) and Managing Director Christopher Byrne says results thus far support the company’s belief a preserved epithermal system exists at the Breccia Sinter prospect.
“The recognition of textures indicative of a boiling zone is extremely encouraging as this is the zone that can potentially host very-high grades of gold and silver in a low sulphidation system.
“The recognition of textures indicative of a boiling zone is extremely encouraging…”
Importantly, the coincidence of this interpreted boiling zone is below an area which reported significant gold anomalism at surface in rock chip samples up to 32g/t Au, providing encouragement that the veins nearby these rock chips may be gold-bearing.”
Legacy Minerals is focused on the acquisition and exploration of gold, copper, and base metal projects in the Lachlan Fold Belt of New South Wales.
The Lachlan Fold Belt is home to Legacy’s Bauloora project and other ‘world-class’ copper-gold orebodies, including the Cadia-Ridgeway, Northparkes, and Cowal Mines.
As of 30 September 2023, Legacy Minerals had $1.305 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Legacy Minerals