Legacy Minerals (ASX: LGM) has announced the identification of significant gold-copper targets at its Drake Project in northern NSW, following a recently completed Airborne Magneto Tellurics (Airborne MT) survey. Legacy Minerals is an ASX-listed public company that has been exploring gold, copper, and base-metal projects in NSW since 2017. The Airborne MT survey, the first systematic geophysical data collection over the Drake Project in 16 years, covered a total area of 298 square kilometres and has revealed previously unrecognised prospective trends.
The survey results demonstrate an excellent correlation between known mineral deposits and conductive bodies, particularly highlighting the extensive, untested strike length potential for the Mt Carrington, White Rock, and Red Rock systems. According to the company, this extends several kilometres to the north and south of existing deposits. Interpretation of the Airborne MT data indicates immediate extensions below the existing shallow Mineral Resource Estimates, which total 0.8Moz gold equivalent plus 35Moz silver equivalent.
Modelling of the survey data has revealed a pipeline of gold-silver-copper targets that were previously unrecognised. Legacy Minerals CEO Christopher Byrne stated that the geophysical data demonstrates the extensive prospectivity of the Drake Project. He further noted that the MobileMT survey is proving to be an invaluable tool in defining high-priority targets and will profoundly affect the Company’s exploration and growth strategies.
Legacy Minerals is continuing to assess these results and will incorporate them into upcoming exploration programs planned across Drake. The company’s goal is to build on the existing resources and target new greenfield discoveries. The Drake Project has similar geological characteristics to other major epithermal-porphyry deposits, including the Porgera and Kainantu deposits in Papua New Guinea.
