Legacy Minerals (ASX:LGM) is planning to conduct first-ever testing on several anomalies in the December quarter within the group’s Thomson Project in New South Wales, after receiving assays from two drillholes.
The company is also planning to undertake a follow-up drilling program at the F4 and Cut B targets. This work will be done after a geophysical review and interpretation of pathfinder mineralisation intercepts in the two holes drilled has been carried out.
A recent diamond drilling program at the Cut B and F4 anomalies intersected zones of silver, up to 20 grams per tonne, and tungsten, up to 0.48%, as well as base metals and elevated gold associated with quartz-sulphide veins.
CEO Christopher Byrne says the results give the company confidence that the overall system remains highly prospective for “large-scale” mineral discoveries across numerous untested targets.
“The recent drilling has intercepted zones elevated in pathfinder elements that are characteristic of the distal assemblages associated with gold-copper mineralisation seen in large intrusion-related deposits, such as Haverion,” Byrne says.
“The results also support the observations of widespread hydrothermal alteration and veining, suggesting that we are in a district that can host extensive mineral systems.
“We are exploring a new frontier, being the first company to drill test some of these large geophysical anomalies and pursue the opportunity for a significant new gold and copper discovery.”
Legacy, which has a market capitalisation of $26 million, says the target area has limited drill testing and as such, intends to further assess the results in parallel with the geophysical dataset to assess the next steps required to delineate targets for follow-up testing.
The Thomson Project, covering 5,500km2, is located near the margin of the Thomson Orogen, near the interpreted contact with the Lachlan Fold Belt and the Delamerian Orogen.
Legacy Minerals is a gold, copper, and base metals explorer focused on its 10 projects in New South Wales.
Write to Aaliyah Rogan at Mining.com.au
Images: Legacy Minerals
