Legacy Minerals (ASX:LGM) has provided operational updates as it nears completion of drilling at the Mascotte Silver-Gold Prospect at the Mt Carrington Project in New South Wales and progresses its scoping study.
Six of eight drill holes have been completed at Mascotte, intersecting zones of fine-grained sulphide mineralisation within both veins and breccia that are associated with hematite and interpreted adularia alteration.
The Mascotte Prospect was defined by historical workings, where drilling intersected elevated silver mineralisation including 18.3m @ 237 grams per tonne silver including 9m @ 394g/t silver from 3m.
The primary trend at Mascotte is approximately 1.3km in strike with potential parallel mineralised structures.
Recent Airborne Mobile-MT data has identified a zone of conductivity lineament that trends northeast and is broadly associated with known mineralisation.
Managing Director Christopher Byrne says that the company is pleased with the discovery-focused drilling updates.
“With a mineral resource of 115 million ounces silver equivalent at Mt Carrington and approximately $10 million in cash as of 30 January 2026, the company remains well positioned to advance its discovery and development strategy,” Byrne says.
“Current drilling is targeting silver and gold mineralisation at the Mascotte Prospect, where the second-last hole of the initial eight-hole program is now in progress.
“Highly encouraging, the drilling intersected broad zones of very fine-grained sulphide mineralisation hosted within veins and breccias, similar in style to mineralisation observed at other deposits in the Mt Carrington district.”
Alongside the drilling, Legacy is progressing with its 2026 scoping study, with mining schedules and pit optimisation now complete and processing plant engineering and financial modelling underway.
The company expects to put out the scoping study by mid-April 2026.
Legacy Minerals is a gold, silver, copper, and base metal exploration company operating in New South Wales, Australia.
Write to Amy Rotman at Mining.com.au
Images: Legacy Minerals
