Legacy Minerals (ASX:LGM) has secured government approval to commence drilling at its Mt Carrington Gold-Copper Project in New South Wales, with work targeting new geophysical anomalies identified in a recent airborne survey
The nine hole for 4,500m diamond drilling program will also build on the more than 3,000m historical drillholes and over 100,000m of drilling conducted across Mt Carrington, which has returned grades up to 48 grams per tonne gold, 2,589g/t silver, and 7.26% copper.
The historical results, coupled with new data and interpretation completed by geophysical experts, gives Legacy confidence in the targets and discovery potential at Mt Carrington.
Reprocessing of historical geophysics highlighted an opportunity for near-term discoveries with chargeability features extending to depth below known mineralisation. The company notes existing resources remain untested and present compelling target opportunities.
Legacy, which has a market capitalisation of $23.52 million, says this forms part of the first phase of plans to drill test the Battery, Mascotte, and Emu prospects over the coming months.
Staged drilling will also be carried out at the Red rock, Kylo, Strass, and White Rock prospects, pending cultural heritage clearances.
CEO Christopher Byrne says this work highlights the prospectivity of the project, which is shown through the 1.2 million ounces of gold-equivalent resources on the project.
“This significant historical production makes it one of the longest-lived mining districts in Australia, with production spanning from 1858 to the closure of the last operational mine in 1993,” Byrne says.
“Our ongoing exploration programs are well-funded following a successful $7.75 million capital raise. This raising received exceptionally strong support from investors, reflecting the very strong quality of the company’s asset portfolio and exploration programs.”
Legacy is currently completing surface geochemical campaigns at Mt Carrington in follow-up to the recently delivered airborne magnetotelluric data review. The results are anticipated within six weeks.
The Mt Carrington Project, covering 390km2, has a combined resource of 34 million tonnes containing 1.2 million ounces of contained gold-equivalent metal.
Legacy Minerals is a gold, copper, and base metals explorer that is focused on discoveries within New South Wales.
Write to Aaliyah Rogan at Mining.com.au
Images: Legacy Minerals
