Exploration company Legacy Minerals (ASX:LGM) reports that it has discovered a new vein trend at the Bauloora Low Sulphidation Epithermal Gold-Silver Project in New South Wales.
The company says 8 diamond drillholes completed at the Mee Mar prospect testing the 2km long gold-silver bearing low sulphidation epithermal Mee Mar Vein. The company also reports a soil geochemistry and rock chip sampling program completed in 2022 defined gold, silver, and pathfinder anomalism.
This program returned gold and silver grades up to 55.5g/t Au and 905g/t Ag. Additionally, the company notes ‘extensive IP resistivity anomalies underlying the geochemical signatures and coincident with north trending zones of low magnetic responses represent ‘compelling’ exploration targets.
“This project’s scale is demonstrated by the fact that every diamond drillhole testing the strike of the Mee Mar vein intercepted epithermal veins and breccia”
Commenting on the discovery, Legacy Minerals Chief Executive Officer (CEO) and Managing Director Christopher Byrne says: “The Legacy Minerals team is pleased to confirm a remarkable discovery at the Bauloora Epithermal Gold Project of low sulphidation epithermal veins and breccia across an extensive strike of the Mee Mar prospect vein trend.
This project’s scale is demonstrated by the fact that every diamond drillhole testing the strike of the Mee Mar vein intercepted epithermal veins and breccia, delivering a continuous strike of 1,500m which remains open to the north, south and at depth.
We are very encouraged by what we have seen in the maiden diamond drilling program into this exciting Mee Mar prospect gold-silver vein target. While alteration, veins and breccia do not directly translate into gold-silver grade, the presence of the broad downhole with intervals of low sulphidation epithermal textured quartz-chalcedony-adularia-hematite veins and cockade breccia as well as extensive lead-zinc sulphides is a very exciting outcome.
The Bauloora project has the potential to be a very large gold-silver epithermal system and presents a great opportunity to deliver shareholder value through discovery. The newly discovered zone at MM008 demonstrates this growth potential with significant anomalous trends and targets of the project that remain completely untested.”
Legacy reports the interpreted position of the mineralised structure has been intersected in all holes to date. Preliminary geological observations indicate these holes intersected host rocks that are variably altered rhyodacite volcaniclastics and tufts. Broad zones of chlorite alteration are observed distal to the structure and sericite-hematite alteration proximal to vein target.
The company says the Mee Mar trend is dominated by crustiform-colloform quartz-adularia-chalcedony veins and breccia. Common minor quartz-carbonate-chalcopyrite, galena, low-iron sphalerite veins are also observed proximal to the main Mee Mar vein trend.
The diamond drillholes have confirmed low-sulphidation epithermal veins, down-dip from gold, silver, and pathfinder rock chip and soil geochemistry anomalism, mapped veins, and are broadly coincident with north striking magnetic lows and resistivity highs. The low sulphidation epithermal veins or breccias have been encountered in all holes drilled to date along the Mee Mar prospect strike length.
Legacy says preliminary downhole structural observations from these holes show veins strike north to north-northeast and have steeply west dipping orientations for veins and breccias, and also notes true widths are not yet known. These widths are estimated to be 70% to 100% of the downhole interval, and the vein trend remains open along strike and at depth.
The company reports the ongoing drill program is expected to be completed within the next 2 weeks, after testing coincident resistivity highs with ‘high-order’ gold-silver-antimony soil anomalies. Legacy says 8 holes have been completed for 1,267.7m with 2 holes remaining.
In light of the widths and ‘significant’ mineralisation observed to date, Legacy reports its drilling strategy is currently under review, and will be reassessed after receiving assays before additional drillholes are planned to test the ‘highest-grade’ zones. Core processing and logging is also currently in progress, and samples will be submitted for assay once the drilling program is completed.
Legacy Minerals is an ASX-listed exploration company focused on gold, copper, and base metal projects in the Lachlan Fold Belt of New South Wales.
These projects include the Cobar Gold-Copper (Lead-Zinc), the Bauloora Low Sulphidation Epithermal Gold-Silver, the Harden Gold, The Fontenoy Gold-Copper, the Rockley Copper-Gold, and the Mulholland Tin-Nickel-Copper projects.
Images: Legacy Minerals Holdings Ltd
