Legacy Minerals (ASX:LGM) is undertaking a strategic review of the Bauloora and Mt Terrible projects in New South Wales, following Newmont’s (ASX:NEM) decision to withdraw from a 2023 farm-in agreement.
Bauloora was previously held through a joint venture with Newmont which could earn up to an 80% stake in the project through spending $15 million and completing certain conditions. Over the last two years, an estimated $5 million in expenditure has been spent on the Bauloora and Mt Terrible projects, with target generation work completed.
Legacy, which has a market capitalisation of $46.2 million, says the results of the strategic review will determine the next steps which may include reconnaissance fieldwork, tenement wide geophysics, diamond drilling or corporate transaction assessments.
CEO Christopher Byrne says the company is continuing to strengthen its position in building gold, silver, and copper projects in New South Wales.
“Legacy Minerals’ exploration attention remains on delivering value through the discovery and development of the 1.2 million ounce gold-equivalent Mt Carrington Project, located in the New England Orogen,” Byrne says.
“With Bauloor and Mt Terrible, the company will assess strategic opportunities to realise value from these assets which the company has a solid track record of delivering, with the recent example being the deal with Rio Tinto (ASX:RIO) on the Thomson Project.”
The Bauloora Project, located in the Lachlan Fold Belt, covers a hydrothermal alteration zone spanning 27km2, within which is an anomalous gold zone currently mapped by soil and rock chip analysis to 15km2.
The Mt Terrible Project is a large intrusive complex in the New England Orogen. The project is considered primarily prospective for gold and copper.
Legacy Minerals is a gold, copper, and base metals explorer focused on discoveries in New South Wales since 2017.
Write to Aaliyah Rogan at Mining.com.au
Images: Legacy Minerals
