Legacy Minerals (ASX: LGM) has been extremely active of late in terms of exploration. CEO and managing director Chris Byrne outlines the company’s strategy to Wally Graham on Day Two of the 2025 RIU Sydney Resources Roundup.
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
THE DRILL SERGEANT: Legacy Minerals (ASX: LGM) reported further drilling outcomes from the company’s Bauloora project in the Lachlan Fold Belt of New South Wales.
Legacy Minerals recently carried out diamond drilling at the project intersecting multiple new epithermal veins at never-before drill tested prospects, including Moonlight, Ben Hall, and Breakout.
Eight diamond holes tested five prospects in total, which Legacy had defined via a combination of anomalous soil and rock chip geochemistry and geophysical signatures.
The company said the diamond drill holes confirmed epithermal-style veins beneath elevated gold, silver and pathfinder rock chip and soil geochemical results, and mapped veins.
“The observations of widespread epithermal veins at Bauloora further highlight an exciting time for Legacy Minerals shareholders,” Legacy Minerals CEO and managing director Christopher Byrne declared in the company’s ASX announcement.
“The campaign was designed to test multiple new prospects across a wide area which would potentially open up new mineralised vein trends and give an indication of the scale of the system.
“Impressively, all prospects have had epithermal veins intercepted in drill core.
“While alteration, veins and breccia do not directly translate to gold and silver grades, the presence of the broad down-hole width intervals of epithermal veins and cockade breccia with adularia and hematite as well as sulphide mineralisation is a positive outcome.
“The newly discovered vein zones demonstrate the growth potential of the project with numerous anomalous geochemical trends of the project remaining completely untested and open in all directions.
“We are pleased to be able to unpack this epithermal mineral system with Newmont, our earn-in partner, and continue the good exploration work completed to date.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE
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
THE DRILL SERGEANT: Legacy Minerals (ASX: LGM) has commenced a new phase of diamond drilling at the company’s Bauloora project in New South Wales.
Legacy Minerals has the new phase of drilling underway targeting high-grade gold and silver prospects at the Bauloora project.
The company has plans for a total of eight holes for up to 1,300 metres targeting high-grade gold and silver epithermal mineralisation within an approx. 29 square kilometres epithermal vein field (Primary Vein Field).
The current round of drilling is being funded under the Phase 1 Earn-In of the $15 million Bauloora Joint Venture with Newmont.
“Over the past six months, the Bauloora Team has completed an extensive systematic data acquisition process across the Primary Vein Field at Bauloora,” Legacy Minerals CEO & managing director Christopher Byrne said in the company’s ASX announcement.
“This work has included wide-ranging geophysics, geochemistry, and boots on ground mapping and sampling and it’s exciting to see the rig spinning to test the first of the compelling targets that have been generated.
“As with Legacy Mineral’s initial diamond drilling into the low-sulphidation vein field at Bauloora last year, most of these targets have never been tested by drilling despite having strong surface signatures and even outcropping veins in some instances.
“As the rig spins on our Bauloora project the exploration team continues to work on our 100 per cent-owned epithermal projects at Drake and Black Range.
“With drill results coming from two of New South Wales’ epithermal systems in the coming months, and a backdrop of strong demand and prices for gold and silver, now is a great time to be targeting new discoveries at these high-potential projects.”
Legacy Minerals CEO & managing director Christopher Byrne at RI Sydney Resources round-up
TO READ THE FULL ANNOUNCEMENT: CLICK HERE
THE DRILL SERGEANT: Legacy Minerals (ASX: LGM) has completed its first diamond drilling campaign at the company’s 100 per cent-owned Black Range project in New South Wales.
Legacy Minerals carried out its first-phase diamond drilling program at the Sugarbag Hill prospect, completing two holes totalling 870.7 metres.
The drilling intersected veins indicative of a low-sulphidation epithermal style of mineral system, supporting the company’s exploration targeting model.
Diamond core is currently being sampled before dispatch to laboratories for assay with results expected to be received in July 2024.
“The visual confirmation of epithermal veins in the initial drill holes completed at Black Range is a great outcome,” Legacy Minerals CEO & managing director Christopher Byrne said in the company’s ASX announcement.
“Our goal was to identity potential feeding structures that may have caused the widespread gold anomalism at surface.
“We achieved our intended proof-of-concept early in this campaign and have decided to await assays before returning for follow up drilling.
“The diamond drilling targeted a large, 2.2 kilometres surface gold trend at Sugarbag Hill which includes a higher tenor, 800 metres long zone with an average of 107.5ppb gold in soil samples.
“Visual observations in the drill core of chalcedony-adularia and bladed carbonate with fluorite support our interpretation of a low-sulphidation style epithermal system.
“With the initial drill program complete at Black Range, the team is now mobilised to Bauloora where drilling is commencing.
“This is an intensive period of exploration and an exciting time for our shareholders, as we progress with our goal of executing four discovery-focused drill campaigns at four different projects this year.
“These include Black Range, Bauloora with our earn-in partner Newmont, Glenlogan with earn-in partner S2 Resources, and EarthAI at Fontenoy.”
Chris Byrne with The Resources Roadhouse at RIU Sydney Resources Round-up.
TO READ THE FULL ANNOUNCEMENT: CLICK HERE
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
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.
THE DRILL SERGEANT: Legacy Minerals Holdings (ASX: LGM) brought the market up to speed regarding the exploration program being implemented at the company’s Harden Gold Mine prospect in New South Wales.
Diamond drilling was carried out to follow earlier RC drilling that returned high-grade gold intercepts that confirmed mineralisation extended along strike and down dip of historically mined areas.
This returned broad intersections that combined with the former to highlight the previously unknown large scale of the system, with broad mineralised zones intercepted within a wide and extensively altered shear zone.
Legacy has taken encouragement from these results for future drill campaigns targeting along strike and at depth.
“While not replicating the success of the initial reverse circulation drilling, the diamond drill program has confirmed a significant mineralised system and delivered significant geological insight into the Harden Gold Mine mineralisation providing LGM with additional data for its geological model,” Legacy Minerals managing director Christopher Byrne said in the company’s ASX announcement.
“It was disappointing that two of the priority drill holes intersected un-mapped workings, however these are the first ever diamond cored holes drilled into the prospect and the campaign has confirmed and highlighted the scale and extent of the mineralised system.
“The Harden project has significant potential which remains untested over the 1.2 kilometres mineralised strike.
“The company is developing drill targets to test part of the southern strike at McMahons Reef that saw historical intercepts including 3.6 metres at 21.7 grams per tonne gold.
“In the near term we will focus our exploration efforts on the Bauloora, Cobar, and Rockley projects.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE
Email: info@legacyminerals.com.au
Web: www.legacyminerals.com.au
THE DRILL SERGEANT: Legacy Minerals (ASX: LGC) has been busy of late at the company’s 100 per cent-owned Bauloora project in New South Wales.
Legacy Minerals reported high-grade silver, gold, lead and zinc assay results achieved by RC drilling on the Mt Felstead prospect where breccia and vein hosted massive and semi-massive sulphides have been intersected.
Legacy explained the Mt Felstead prospect is the first of several high priority target areas to be drill tested at the Bauloora project with the new assay results highlighting the high-grade nature and strike extent of the deposit.
Drill result highlights include:
BM008
3 metres at 1.65 grams per tonne gold, 152.8g/t silver, 0.35 per cent copper and 6.9 per cent lead + zinc (Pb+Zn) from 149m, including 1m at 4.75g/t gold, 442g/t silver, 0.99 per cent copper and 19.47 per cent Pb+Zn from 149m; and
BM002
5m at 0.99g/t gold, 17.9g/t silver, 0.27 per cent copper and 2.76 per cent Pb+Zn from 97m, including 1m at 3.03g/t gold, 63.4g/t silver, 0.58 per cent copper and 8.12 per cent Pb+Zn from 99m.
Legacy Minerals has engaged ALS to conduct metallurgical test work on selected samples representative of the mineralisation intercepted to date at the Mt Felstead prospect with the aim of determining the best means of beneficiating the mineralised material and the best commercial means of recovering the contained metals values.
“The Mt Felstead prospect continues to showcase its high-grade nature,” Legacy Minerals managing director Chris Byrne said in the company’s ASX announcement.
“Like our initial drilling assays, we are exceedingly pleased with the results showing gold-silver and base metal mineralisation is present and open at depth and along strike.
“The Mt Felstead prospect is one of five key prospects at our Bauloora epithermal project in which where we are aggressively exploring an eight square kilometres anomalous gold zone with plans to continue drilling in the near future.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE
Email: info@legacyminerals.com.au
Web: www.legacyminerals.com.au
