New Legacy with Mt Carrington acquisition

Legacy Minerals (ASX:LGM) has finalised the acquisition of the Mt Carrington Project for $190,000 from privately held White Rock Minerals, which delisted from the Australian Securities Exchange (ASX) on 18 March 2024. 

The $13.18 million market capitalisation company is currently compiling and interpreting historical data, including historical assays and geophysical surveys at the project. 

Results from this work will determine the next steps which may include reconnaissance fieldwork, tenement wide geophysics, and diamond drilling. 

Legacy has also secured exploration licence EL9616, namely the Drake Copper-Gold Project.

Both projects contain a combined resource of 356,000 ounces of gold and 23.315 million ounces of silver, which equates to an acquisition cost of $0.53 per ounce of gold.

Chief Executive Officer (CEO) and Managing Director Christopher Byrne says the gold-silver-copper potential is proven in drilling with ‘significant’ historical grades up to 70.4 grams per tonne gold, 1,778g/t Ag, 7.26% Cu, and 19.5% Zn, across multiple prospects. 

“The Drake Project covers over 350km-square of highly prospective ground and is interpreted to be analogous in both mineralisation character and geological setting to the world-class, 20Moz Au Porgera Gold Field. 

More broadly, the company is in a strong position with potential discovery successes across multiple upcoming drilling campaigns in 2024 on our own projects and through our partnerships with Newmont (ASX:NEM), S2 Resources (ASX:S2R), and Earth AI.”

The company says, White Rock lodged applications with the New South Wales government in July 2023, for the surrender of all mining leases at Mt Carrington. Upon completing the mining leases relinquishment, the rights to the mineral resources will be held by Legacy through the granting of the exploration licence applications. 

Legacy will also focus on its on ground exploration activities in the near term at the Black Range Project. 

The Drake project sits within the New England Fold Belt and covers a 150km-square area. 

Legacy Minerals is a gold, copper, and base metals focused explorer with assets and has several projects across Australia. 

As of 31 December 2023, the company had $1.601 million cash and cash equivalents at hand, according to its latest quarterly report. 

Write to Aaliyah Rogan at Mining.com.au   

Images: Legacy Minerals
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.