Legacy Minerals Updates Drake Epithermal Gold-Silver Resource
THE DRILL SERGEANT: Legacy Minerals (ASX: LGM) reported an updated Mineral Resource Estimate (MRE) for the company’s Drake epithermal gold-silver project in New South Wales.
Legacy Minerals’ updated open pit MRE stands at 0.65 million ounces gold, 24.3 million ounces silver, 147,000 tonnes zinc, 33,000 tonnes lead, 20,000 tonnes copper.
The total Resource now stands at 34 million tonnes containing 0.8 million ounces of contained gold equivalent metal and 35 million ounces of contained silver equivalent metal.
Gold and silver are the dominant contained metals in the Resource (653koz Au, 24.3Moz Ag), with a healthy zinc content and lesser amounts of copper and lead.
“With gold and silver prices at all-time highs, it’s a fantastic time to release a substantially increased Mineral Resource Estimate at our Drake Project,” Legacy Minerals CEO and managing director Christopher Byrne said in the company’s ASX announcement.
“The updated MRE highlights the impressive mineral endowment of the large-scale system at the Drake Project.
“Importantly for Legacy Minerals, the updated Resource model highlights the Drake Project’s significant exploration upside potential, with strong opportunities for resource growth through clear strike and depth extensions and new greenfield discoveries.
“Drake is a low-sulphidation epithermal gold-silver system.
“These systems are attractive deposits because they are often high-grade, high-margin, long-life underground mining operations.
“The fact that we are looking at a 34Mt deposit at surface, with no underground resource in the current mineral resource estimate, gives a glimpse of the system’s untested potential at depth.
“Achieving such significant MRE growth in such a short time highlights the quality of the Project and the team’s ability to leverage historical datasets and capitalise on the Project’s significant previous exploration expenditure.
“In addition to significant investment in historical exploration, the Drake Project also contains a substantial amount of critical infrastructure, including a tailings dam, grid easements, a 750ML water source, a site office, accommodation, a core shed, and core processing facilities within the exploration licence.
“The next round of exploration at Drake will aim to deliver substantial extensions to existing mineralised areas and new standalone discoveries that will be targeted upon completing the current geophysical and geochemical work programs.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE
