Legacy Minerals (ASX: LGM), an ASX-listed public company that has been exploring gold, silver, copper, and base-metal projects in New South Wales since 2017, has announced the commencement of drilling at its Harden Gold Project. The program targets the McMahons Reef Prospect, with funding provided by joint venture partner Hill Tops Gold (HTG) under an earn-in agreement. Concurrently, the company confirmed it has regained 100% ownership of its Thomson Project following Rio Tinto Exploration’s decision not to exercise its earn-in option.
The initial 885-metre drilling program at McMahons Reef will involve eight holes, specifically designed to test for strike and depth extensions of historical high-grade gold mineralisation. Historical production at McMahons Reef yielded 20,000 ounces at 44 grams per tonne gold, with previous drilling intercept highlights including 3.6 metres at 21.7 grams per tonne gold from 115 metres. Drilling is anticipated to take approximately six weeks, with the first assay results expected in the third quarter of 2026. Legacy Minerals holds a 95% interest in the Harden Gold Project, with HTG having the ability to earn up to an 80% interest, solely funding exploration during this period. Legacy Minerals also holds a 5% equity interest in HTG, which is targeting an ASX listing.
Regarding the Thomson Project, Rio Tinto Exploration elected not to proceed with its option, returning full ownership to Legacy Minerals. The company views the Thomson Project as holding significant potential, particularly for intrusion-related gold mineralisation, an area that was not a primary focus for Rio Tinto Exploration. Notable historical drilling results at the Thomson Project include a broad intercept of 370 metres at 0.1 grams per tonne gold, which remains largely untested. Legacy Minerals is now evaluating corporate transaction opportunities for the project.
