Legacy Minerals Holdings Limited (ASX: LGM), a company focused on exploring gold, copper, and base-metal projects in NSW since 2017, has announced significant progress at its Mt Carrington (Drake) Epithermal Gold-Silver Project. The company has received drilling approvals from the NSW Government, paving the way for the re-commencement of drilling activities across the project. The approvals cover up to nine holes and 4,500 metres of diamond drilling at the gold and copper Battery Prospect. This new drilling will target previously untested areas, building upon a foundation of over 3,000 historical drill holes and over 100,000 metres of drilling conducted across the Mt Carrington area.
In addition to the drilling approvals, Legacy Minerals has completed a detailed Airborne MT data review, identifying compelling new targets. The review was conducted by an expert familiar with the MT survey data used by K92 Mining Inc. on the world-class Kainantu Mine in Papua New Guinea. Reprocessing of historical geophysics data has highlighted an opportunity for near-mine discoveries, with chargeability features extending to depth below known mineralisation, presenting compelling target opportunities.
Christopher Byrne, CEO & Managing Director of Legacy Minerals, expressed enthusiasm about the project’s advancement, highlighting the receipt of drilling approvals to test new geophysics targets at the Battery Prospect. He noted that the drilling would leverage extensive historical data and interpretation by geophysical experts who have worked on world-class deposits. The Mt Carrington Project boasts 1.2 million ounces of gold-equivalent resources and the historical data give confidence to the targets and discovery potential of the project.
Legacy Minerals is well-funded to advance its exploration programs, having recently completed a $7.75 million equity raising. The company intends to conduct surface geochemical campaigns at Mt Carrington, following up on the Airborne MT data review. The exploration approach focuses on resource extension, discovery drilling, and increasing resource confidence by confirming historical drill results within existing Inferred Resources.
