Legacy Minerals (ASX:LGM) has uncovered a new gold discovery from its first ever diamond drillhole at the Mascotte prospect within the Mt Carrington Project in New South Wales.
Drill results have intersected mineralisation outside of the existing resource estimate, which is open at depth, to surface, and along strike.
Legacy drilled its first hole at the project beneath the 1.3km line of the Mascotte workings, returning grades up to 5.6 grams per tonne gold and 72g/t silver.
Assays include 40m @ 1g/t gold from 151m, including 9m @ 2.7g/t gold from 180m and 1m @ 5.6g/t gold from 157m.
CEO Christopher Byrne says identifying a greenfields gold discovery in the company’s first drilling efforts at Mascotte is an “exceptional result”.
“This drill result lies outside the current mineral resource, and mineralisation is open up-dip to surface, along strike, and at depth, with higher-grade gold zones up to 5.4g/t,” Byrne says.
“This thick intercept and the considerable strike of mine workings at the surface suggest that we have discovered a new epithermal system of similar character to those at Mt Carrington.
“The historical silver results from drilling in the 1970s close to surface – including 9.1m at 394g/t Ag from 3m – suggest that the system may be transitioning to a gold-dominant system at depth or the existence of parallel silver-rich mineralised structures.
“This has significant implications for the prospectivity of high-grade gold at depth and along strike, both here at Mascotte and at our other silver-dominant deposits, including White Rock and Lady Hampden.”
To date, Legacy has completed 1,191m of drilling across six holes at the prospect. Assays are still pending for five drillholes.
All holes intersected thick zones of fine-grained sulphides within veins and breccias.
“The second-last hole of the initial eight-hole program is now in progress,” Byrne says.
“All completed drill holes in this campaign have intersected broad zones of very fine-grained sulphide mineralisation hosted within veins and breccias similar to the first drill hole.
“We intend to follow up the current program with ground geophysics and planning for additional drilling to focus on targeting the higher grades identified in these results.”
Legacy Minerals is a gold, silver, copper, and base metals explorer focused on discoveries in New South Wales.
Write to Maddison Elliott at Mining.com.au
Images: Legacy Minerals
