Legacy Minerals (ASX:LGM) has secured a new exploration licence over a ‘major’ untested porphyry target within its Cowra Project in the Lachlan Fold Belt of New South Wales.
The $14.14 million market capitalisation defined the Cowra magnetic target with the help of recent inversion modelling of historical magnetic data from the area, undertaken by GeoDiscovery.
The company says the inversion magnetic modelling suggests the target is below a cover sequence and roughly 450m from surface.
Legacy says this is far shallower than historical modelling predicted and untested by historical shallow drilling.
The company has already commenced the drilling approvals process with the New South Wales Resource Regulator, and Legacy is also in discussions with contractors to arrange the drill testing of the target.
Legacy Minerals Managing Director and Chief Executive Officer (CEO) Christopher Byrne says the company is actively assessing the next stages of exploration on Cowra after securing this ‘exceptional’ untested target.
“Using magnetics to target porphyry copper-gold deposits has resulted in the discovery of many great porphyry copper-gold systems, including the nearby Cadia East deposit in 1994.
The Cowra target is less than 5km from the giant Cadia Valley porphyry complex. It presents shareholders with an exceptional opportunity to discover a major porphyry complex at a target last explored by Rio Tinto 25 years ago.
Legacy Minerals has reprocessed the old data with modern magnetic inversion modelling and, due to advancements in this technology, more accurately defined the target.
In comparison with the 800m deep target modelled by Rio Tinto in 1997, modern processing shows it is far shallower than previously thought, at 450m from surface.
“It is rare for a conceptual target such as this nearby a tier-one operation like Cadia Valley to remain untested for so long”
It is rare for a conceptual target such as this nearby a tier-one operation like Cadia Valley to remain untested for so long, and the company is extremely excited to be the first to test this excellent target.”
Legacy notes that the magnetic anomaly is interpreted to be hosted within the Macquarie Arc, Ordovician volcanics at depth and undercover.
Further, monzonite intrusions have been observed near surface in shallow percussion drilling above the Cowra target.
The Cowra target lies in the Central Lachlan Fold Belt of New South Wales, which hosts ‘world-class’ copper-gold orebodies, according to Legacy.
Legacy Minerals is an ASX-listed diversified minerals explorer focused on its assets prospective for gold, copper, and base metals in New South Wales.
As of 30 September 2023, the company had about $1.3 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Legacy Minerals