Legacy Minerals Gets High-Grade Gold Drilling Underway at Black Range
THE DRILL SERGEANT: Legacy Minerals (ASX: LGM) has drilling underway at the company’s 100 per cent-owned Black Range project in New South Wales.
Legacy Minerals has commenced a first-phase, 1,100 metres diamond drilling program at the Sugarbag Hill prospect a large epithermal gold-silver system that has remained undrilled for three decades.
The last drilling conducted at Sugarbag Hill was by done by Newcrest Mining in 1992, which resulted in that company being unable to find any high-grade feeder zones.
Legacy Minerals has now identified coincident Induced Polarisation (IP) and geochemical targets that were not recognised by previous explorers and remain untested by drilling.
“The gold targets at Sugarbag Hill are large, compelling, and untested since Newcrest ceased exploration 32 years ago,” Legacy Minerals CEO and managing director Christopher Byrne said in the company’s ASX announcement.
“The target remains open as Newcrest’s exploration program did not identify the high-grade feeding targets and there has been no on-ground exploration or drilling since 1992 at Sugarbag Hill.
“To Legacy Minerals’ advantage there has been both a significant advance in epithermal mineral system understanding, as well as a sustained growth in the gold price.
“This increases both the probability of success and the value of a gold discovery.
“Undrilled prospects of this nature are rare opportunities to test for high-grade gold and silver targets in mineral systems that are globally recognised for their potential to turn into high-margin gold mines.
“In addition to Black Range, Legacy Minerals is in the unique position of controlling three district scale epithermal systems including, Bauloora, which is being explored with the world’s largest gold miner Newmont, and the Drake gold-silver epithermal system.
“With the drilling now underway at Sugarbag Hill we look forward to updating the market as this exciting drilling program progresses.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE
