Legacy Minerals (ASX:LGM) has confirmed ‘high-grade’ mineralisation from initial diamond drill assays from the Bauloora Epithermal Gold Project in New South Wales.
The company reports initial diamond assays returned ‘high-grade’ mineralisation and the potential for a ‘large’ low-sulphidation epithermal deposit at Bauloora. At the Mee Mar prospect, these results include drillhole MM002 with 3.8m @ 3.91g/t AuEq from 179.6m, including 3.8m @ 0.93g/t Au, 6.60g/t Ag, 0.28% Cu, and 4.17% Pb+Zn.
The drilling work also outlined a new prospect discovery dubbed ‘Bluecap’. From this prospect, results included 13m @ 4.53g/t AuEq, including 6m at 8.00g/t AuEq from 57m.
As of 12:07pm AWST, Legacy’s share price has increased by 13.33% to $0.17.
Back in April 2023 Legacy and Newmont Exploration, a subsidiary of gold mining giant Newmont Corporation (NYSE:NEM), entered into a $15 million farm-in and joint-venture (JV) agreement to fund further drilling at the Bauloora Epithermal Gold Project in New South Wales, Australia.
Commenting on the agreement, Legacy Minerals Chief Executive Officer (CEO) and Managing Director Christopher Byrne says: “With the recent joint venture agreement, Newmont’s global expertise will assist in rapidly advancing our exploration at Bauloora.
“With the recent joint venture agreement, Newmont’s global expertise will assist in rapidly advancing our exploration at Bauloora”
Legacy Minerals looks forward to updating the market with the next stages of the exploration program in the coming weeks.”
Legacy Minerals is an ASX-listed company that has been involved in the acquisition and exploration of gold, copper, and base-metal projects in the Lachlan Fold Belt in New South Wales, Australia.
Images: Legacy Minerals Ltd
