Legacy Minerals (ASX:LGM) is assessing compelling new targets that present high-value greenfield discoveries and brownfield opportunities within the Drake Project area in New South Wales, after lodging an assessment lease application for the Mt Carrington area.
An assessment lease is a type of prospecting authority over an area containing a well-defined mineral resource and exists as a bridge between exploration and mining, where progression to mining status is reasonably foreseeable, but further work is required.
Legacy Minerals, which has a market capitalisation of $21 million, says historical exploration has focused on 4km2 of the Mt Carrington area, where operations ceased in 1990.
As a result, there is an “outstanding” discovery potential across the broader 150km2 Drake-Caldera structure, with opportunities for new greenfield and brownfield discoveries.
CEO Christopher Byrne says the company is continuing to advance the Drake Project, including updating the status of its exploration licences and a new assessment lease application over Mt Carrington.
“Following our recent review of historical drilling results from the Drake Project — which validated multiple intercepts grading more than 100 grams of gold-equivalent mineralisation per metre — our systematic exploration approach will aim to highlight compelling new targets that present high-value greenfield discoveries and brownfield opportunities,” Byrne says.
Byrne adds work programs are underway at the Drake Project to support the historical results and the company’s objectives.
An upcoming light-detection and ranging interpretation will be completed and planning is underway for an airborne mobile magneto telluric (MT) survey.
The company adds an airborne MT that has recently been deployed by K92 Mining (TSX:KNT) and Tolu Metals (ASX:TOK) to define new discoveries in similar geological settings and mineral systems to those at Drake.
Further, Legacy Minerals accepted a formal notice of proposed decision from the New South Wales Department of Resources that proposes to grant, unencumbered, the areas previously held under mining leases at White Rock, Red Rock, Lady Jersey, Mascitte, and Adeline.
As part of the formal notification, the Mt Carrington mining licences, forming 4km2 of the 150km2 Drake-Caldera, are not part of the proposed grant for an exploration licence.
The company has the option to assess the potential security within the assessment lease, once all of the full details are presented and in light of the potential upside development opportunity that may be present.
This will allow for the company to assess integrating the Mt Carrington area into the broader Drake Project, which sits within the New England Fold Belt — an epithermal gold, silver, and base metal district.
The Drake Project, covering 392.8km2, has had previous exploration that is limited to regional geophysics and surface geochemical sampling, including stream sediment, rock chip, and soil sampling alongside drill testing.
Legacy Minerals is an explorer focused on gold, copper, and base metals in New South Wales. The company’s portfolio of projects include the Black Range, Drake, Rockley, Cobar, Bauloora, Harden, Glenlogan, and Fontenoy projects.
Write to Aaliyah Rogan at Mining.com.au
Images: Legacy Minerals
