Legacy Minerals (ASX:LGM) CEO Christopher Byrne says the Nico Young Project in New South Wales, is among the “largest combined nickel deposits” in the state, following a mineral resource review.
The review reveals that Nico Young has an estimated resource of 167.8 million tonnes @ 0.59% nickel and 0.06% cobalt at a 0.60% cut-off grade, representing contained metal of 1 million tonnes of nickel and 100,000 tonnes of cobalt.
In May 2025, Legacy secured the project following Jervois Global entering into bankruptcy and its wholly owned subsidiary relinquishing the Nico Young Project.
This enabled Legacy to apply for an exploration licence on untenured land containing the deposit as exploration licence applications. The project was secured with no associated liabilities, encumbrances, or private royalties.
Byrne says securing this project represents a highly strategic, counter-cyclical move with immense upside.
“Given the current depressed market conditions for nickel and cobalt, Legacy Minerals is leveraging this low-cost, counter-cyclical approach to position the company to benefit from future strengthening in the nickel market through its 100% owned subsidiary Nickel Mines,” he says.
Legacy, which has a market capitalisation of $25.74 million, says the project is known to contain zones of enriched scandium which has not been historically reported.
“Initiatives are underway to ascertain if these scandium levels are of significance and could potentially be incorporated into a viable development plan,” Byrne says.
“Likewise historical samples were not tested for platinum group metals and steps are underway to reassess these intersections.”
Further, Nico Young allows the company to leverage the development work previously conducted by Jervois, which is estimated at over $25 million. This development work includes drilling campaigns and environmental studies.
Legacy intends to conduct further studies and improved approaches for future mineral resource evaluation work and studies.
These activities include assessing potential mining operations, conducting a detailed review of mineral processing and metallurgical methods, as well as additional drilling to increase confidence in the resource estimate and support defining ore reserves.
Legacy Minerals is a mineral explorer focused primarily on gold, copper, and base metals in New South Wales.
Write to Aaliyah Rogan at Mining.com.au
Images: Legacy Minerals
