Legacy Minerals (ASX:LGM) has announced it has secured an exploration licence application (ELA6901) for the Nico Young Nickel-Cobalt Project in central New South Wales. Legacy Minerals is an ASX-listed public company focused on exploring gold, copper, and base-metal projects in NSW. The acquisition follows the relinquishment of the exploration licence by the administrators of Jervois Global Limited, opening a strategic opportunity for Legacy Minerals to peg the nationally significant deposit.
The Nico Young deposit is estimated to contain a Mineral Resource of 167.8 Mt @ 0.59% Ni and 0.06% Co at a 0.6% NiEq cut-off, representing approximately 1 million tonnes of nickel and 100,000 tonnes of cobalt. According to Legacy Minerals, there are no liabilities, encumbrances, or private royalties associated with the Nico Young deposit. The company believes it presents them with exceptional optionality and leverage to nickel and cobalt prices.
Christopher Byrne, CEO & Managing Director of Legacy Minerals, commented that securing the exploration license application over Nico Young represents a highly strategic, counter-cyclical move with immense upside. Legacy Minerals intends to minimise holding costs and preserve the asset until market conditions improve to realise value, funded from existing cash reserves. While Nico Young presents a strategic opportunity, the company stated that the Drake, Thomson, and Black Range Projects remain Legacy Minerals’ core focus.
The project is located approximately 300 km west of major coastal ports and is favourably positioned near existing rail and road infrastructure. Legacy Minerals is actively looking to secure a partner for the Project, as it represents a significant opportunity for national and international parties looking to secure a strategic deposit of critical minerals nickel and cobalt.
