Newmont-backed Legacy Confirms Epithermal Discovery

THE CONFERENCE CALLER: “There’s a reason why we bring the rocks to the table,” Legacy Minerals Holdings (ASX: LGM) CEO and managing director Chris Byrne explained from the company booth at the 2023 RIU Sydney Resources Round-up.

Legacy Minerals announced that assays had confirmed high-grade mineralisation and the potential for a large-scale, low-sulphidation epithermal deposit at its Bauloora gold project in New South Wales, where the Newmont subsidiary recently entered a $15 million farm-in and joint venture to fund further drilling.

Highlights from the new Bluecap prospect included 6m at 8 grams per tonne gold-equivalent from 57m.

“What we’ve intercepted is the top of an epithermal system,” Byrne told Resources Roadhouse, indicating a sample on the table in front of him.

“There was a lot of excitement around our visuals that came out 10-odd weeks ago, and what the combination of the grades and the textures demonstrate, is that we’ve got a preserved high-level epithermal system.

“The importance of that preserved system is that we’ve got a boiling zone at depth … and those boiling zones are typically associated with bonanza grades of gold and silver.”

Byrne said Bauloora was “incredibly early stage” and the company had only done one other drill campaign at the 330 square kilometre project.

In answer to why people should get involved in such an early-stage project, Byrne said that was why he brought the rocks to the table.

“It’s the weight of … geological evidence that there is potential for a world-class system,” he said.

“When you look at the textures that we’re seeing in the drill core, the textures that we’ve seen in the rock chips, and if you’ve then seen that, on surface, over a footprint that’s close to 30 square kilometres, you’re talking about … a globally-significant project scale.”

He said it was also the rocks and the textures that had caught Newmont’s eye.
“These systems are Newmont’s bread and butter,” he said.

“They mine these projects, they’ve discovered them, they’ve developed them, they’ve got a good database so they know what they’re looking at – and New South Wales is a safe jurisdiction.”

Bauloora is one of Legacy’s seven projects in NSW’s Lachlan Fold Belt.