Legacy Minerals Eyes Bullseye Targets in Thomson Project
THE BOURSE WHISPERER: Legacy Minerals (ASX: LGM) has picked up what it described as, “a new belt-scale exploration opportunity for large-scale mineral deposits” being the Thomson project in New South Wales.
Legacy Minerals considers the Thomson project a standout opportunity for the company as a highly prospective prospect for iron oxide copper-gold (IOCG) and intrusion related gold (IRG) discoveries.
The project is located west of Bourke, NSW and covers approx. 5,500 square kilometres of tenure in one of the most under-explored geological provinces in Australia.
Legacy explained there to be numerous, undercover targets across the project defined by discrete, ‘bullseye’ magnetic and gravity anomalies with similar character to other Tier-1 deposits.
The company will be systematically progressing the project implementing the latest generation of geophysics, geochemistry, and machine learning to refine drill targets.
“With the opportunity to target large-scale gold and copper discoveries, the Thomson project brings a significant addition of high-quality, Tier 1 drill targets to the Legacy Minerals portfolio,” Legacy Minerals CEO and managing director Christopher Byrne said in the company’s ASX announcement.
“Like our projects at Black Range, Bauloora, Glenlogan, and Drake, the Thomson project fits Legacy Minerals’ strategy of acquiring projects where the discovery opportunity is wide open.
“We consider the Southern Thomson region to be one of the most under-explored orogens in Australia and our reason for staking a significant position here is in line with the belief that the next major new mineral province will be undercover and is yet to be found.
“The limited historical testing of the known mineral systems, which has already been defined at Thomson, presents Legacy Minerals with the opportunity of aiming to discover very large deposits based on the geophysical expression of their often very large alteration signature.
“Characterised by discrete, ‘bullseye’ magnetic and gravity anomalies, the targets in the Thomson project are of a similar character to other Tier-1 IOCG and IRG deposits.
“Not only do they represent significant discovery potential, but further upside is also secured through Legacy Minerals control of virtually the entire southern portion of the belt.
“We have a simple plan to realise value on the project.
“As there has been no on-ground exploration here for over 10 years Legacy Minerals are looking to conduct a systematic review of the targets, historical drilling and geophysical data.
“We are also in a position to capitalise on the extensive Government pre-competitive geophysical and geological data that has been collected over the terrain for a number of years.
“Legacy Minerals’ tenure in NSW now covers over 8,000sqkm and encompasses several significant, district sized projects.
“With a focus on being good stewards of shareholder capital we plan to maintain our attention on drilling and target generation at Black Range and Drake while our Bauloora project, under a farm-in and joint venture with Newmont, and Glenlogan project, under a farm in and joint venture with S2 Resources Earn-In, are in the process of being drill tested.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE
