Legacy Minerals (ASX:LGM) has detailed gold-copper airborne magnetotellurics (MT) targets, outlining previously unrecognised prospective trends at the Drake Project in New South Wales.
Eight priority target areas have been identified based on the interpreted potential to deliver brownfield and greenfield discovery opportunities.
Target areas will be further refined with ongoing interpretation work, as well as follow-up ground truthing and systematic geochemical sampling.
The results from the airborne MT survey reveal a correlation between known mineral deposits and more conductive bodies and trends according to Legacy’s assessment of the area.
Legacy, which has a market capitalisation of $28.86 million, says these results show a potentially extensive, untested strike length to Mt Carrington, White Rock, and Red Rock vein systems, expanding several kilometres to the north and south.
The company notes the results also show major depth penetrating conductive features at the Emu, Battery, and Mascotte prospects, indicating highly prospective target areas.
CEO Christopher Byrne says the data builds on the historical data collected by previous companies.
“This prospectivity and the potential for critical minerals essential for decarbonisation efforts are reinforced by the nearby 3,400 historical mine workings across the Drake area, which was developed as a mining town and is one of the longest-lived mining districts in Australia, stretching from 1858 to 1993,” Byrne says.
“Legacy Minerals continues to assess these results and will incorporate them into the upcoming exploration programs planned across Drake with the goal of building on the existing resources and targeting new greenfield discoveries.”
A systematic soil sampling program across the high-priority target areas has begun. The areas will be analysed for a comprehensive suite of elements in preparation for drill testing.
Further, interpretation of the airborne MT results is ongoing and will help to inform identifying drill targets aimed at extending the current resource and delivering greenfield discovery opportunities.
The Drake Project sits within the New England Fold Belt, which is one of many epithermal gold, silver, and base metal districts that formed along the east coast of Australia during the Permian age.
Legacy Minerals is a diversified mineral explorer focused on its portfolio of projects covering 8,000km2 in New South Wales.
Write to Aaliyah Rogan at Mining.com.au
Images: Legacy Minerals
