Legacy Minerals (ASX:LGM) has defined an extensive, undrilled palladium-platinum footprint at the Fontenoy Project in New South Wales.
Exploration work completed by its exploration alliance partner, Earth AI, resulted in the discovery of a 5km2 untested platinum group element (PGE) anomaly, with soil anomalism of 20 parts per billion (ppb) palladium and platinum.
A total of 45 rock chip samples were collected, confirming anomalous PGE mineralisation across a 2km by 2.5km area with reconnaissance rock chip samples returning grades of up to 1.1 grams per tonne (g/t) PGE.
Legacy Minerals, which has a market capitalisation of $33.74 million, says this latest discovery highlights the potential scale of the system at Fontenoy.
CEO Christopher Byrne says the discovery using AI earlier this year at the project has been a “tremendous breakthrough”.
“The Earth AI team are keeping up the momentum and have now completed a detailed gravity survey, along with soil and rock chip sampling in preparation for drilling,” he says.
“This work has delivered impressive results and Legacy Minerals is exceptionally pleased with the progress Earth AI have made in targeting these critical minerals.
“The addition of platinum group elements to the Australian and global critical minerals list further underpins the significance of the Fontenoy Project and the discovery upside it may represent for shareholders.
“Plans for drilling are well advanced with the relevant government approvals in place and rigs being mobilised to site. The drilling will target new zones that have never been drilled on the project and which demonstrate some of the highest grade rocks and soils to date.”
A ground gravity survey is being completed to help further refine drilling targets.
Once completed, a diamond drilling program will be undertaken at the project to build on the discovery of magmatic-related PGEs, including 32m @ 0.5g/t PGE from 386m, including 10m @ 1.2g/t PGE, 0.2% nickel and 891 parts per million copper from 388m.
Legacy Minerals is an explorer focused on gold, copper, and base metals in New South Wales.
The Roundup
– 2km x 2.5km PGE (platinum group element) soil anomalism of >20ppb palladium and platinum
– Reconnaissance rock chip results return grades up to 1.1g/t 3E PGE (Pd + Pt + Au).
– The new targets include the highest PGE soil assays to date
Write to Aaliyah Rogan at Mining.com.au
Images: Legacy Minerals
