Legacy Iron Ore (ASX:LCY) is starting reverse circulation (RC) drilling at its Yilgangi and Patricia North tenements in Western Australia.
The $96.1 million market capitalisation company plans to complete about 3,000m of drilling across both tenements before the end of this month.
At Yilgangi, Legacy is planning 2,000m of drilling, targeting down-dip mineralisation. Drill samples will be used to update the geology and mineralisation models of the area and its current resource estimate.
The remaining 1,000m of drilling is planned at the Patricia North tenement for further target delineation and early drill testing.
Drilling will focus on anomalous gold mineralisation from an earlier phase of rotary air blast drilling and ‘significant’ gold values previously reported from outcrop and traverse mapping.
Legacy says both tenements are ‘strategically important’ and demonstrate ‘significant’ exploration potential that could contribute additional gold ounces to the Mount Celia Gold Project, which the company plans to transition to production next year.
The company says the potential increase to its mineral JORC-compliant resource base justifies further investment to advance the Yilgangi and Patricia North tenements with the goal of developing to the ore reserve stage.
Legacy Iron Ore is a Perth-based exploration company focused on its assets prospective for iron ore, gold, and base metals. 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