Legacy Iron Ore (ASX:LCY) has received final approvals by the Department of Mines, Industry, Regulation and Safety (DMIRS) for the mining proposal and closure plan of its Mount Celia gold deposit.
The $96.10 million market capitalisation company is now en route to becoming a gold producer, with key contracts and agreements nearing finalisation.
Legacy now plans to mobilise its soon-to-be-appointed mining contractor to the site early this month, with surface mining from the Blue Peter pits to commence before the end of October.
Commenting on the upcoming start of mining, Legacy Iron Ore Chief Executive Officer (CEO) Rakesh Gupta says: “We are excited to become Western Australia’s next gold producer. Mount Celia is the first production opportunity for Legacy Iron from a portfolio of prospective tenements in the Eastern Goldfields.
The Mount Celia Gold Project will generate cash flow for the company to fund ongoing exploration and development programs it has planned for its South Laverton Project area.”
“The Mount Celia Gold Project will generate cash flow for the company to fund ongoing exploration and development programs it has planned for its South Laverton Project area”
Mount Celia forms part of Legacy’s South Laverton Project, which lies within the Laverton Tectonic Zone – considered to be one of the world’s most ‘prolific’ gold belts, holding 30 million ounces.
Legacy Iron Ore is an exploration and development company focused on its mineral projects in Western Australia prospective for iron ore, gold, base metals, nickel, lithium, and rare earths.
As of 30 June 2023, the company had $10.24 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Legacy Iron Ore
