Legacy (ASX:LGM) confirm new epithermal discovery at Bauloora
May 10, 2023Legacy Minerals has received positive results from their initial diamond drill assays, revealing a promising discovery at the Bauloora Project in New South Wales’s world-class Lachlan Ford Belt.
Highly elevated levels of lead and mercury indicated drilling has only yet tested the upper levels of the epithermal vein system in the belt’s area known for its richness in gold, zinc, and lead mineralisation.
According to Christopher Byrne, the CEO and MD of Legacy Minerals, discovering a significant low-sulfidation epithermal deposit is possible based on promising findings from deep drilling.
“The goal of the Mee Mar Prospect drilling was to understand the system level, the strike continuity, and to discover a high-grade shoot within the veins strike. It exceeded our expectations with the consistent interception of high-level quartz textures, epithermal mineralisation, and potential shoots in the vein strike, two in Mee Mar and a discovery at Bluecap,” Mr Byrne said.
“The drilling returned wide mineralised intervals up to 13m downhole width across a 1.4km strike and is open to the north, south and at depth. The results support the theory that more gold could be found at depth as we target the cruciform-coliform ‘boiling zones’ along the vein trend.”
“With the recent joint venture agreement, Newmont’s global expertise will assist in rapidly advancing our exploration at Bauloora.”
New Prospect Discovery – Bluecap:
- 13m at 4.53g/t AuEq incl. 6m at 8.00g/t AuEq from 57m
– 13m at 1.66g/t Au, 6.68g/t Ag, 0.14% Cu and 4.23% Pb+Zn incl.
– 6m at 3.56g/t Au, 10.95g/t Ag, 0.22% Cu and 6.47% Pb+Zn
Mee Mar drilling highlights:
- 3.8m at 3.91g/t AuEq from 179.6m
– 3.8m at 0.93g/t Au, 6.60g/t Ag, 0.28% Cu and 4.17% Pb+Zn - 9m at 2.07g/t AuEq from 79m
-9m at 0.16g/t Au, 5.0g/t Ag, 0.07%Cu and 1.75% Pb+Zn
The project had caught the eye of Newmont Corporation, and the US gold titan entered into a JV through its exploration subsidiary with a $15 million farm-in agreement to fund further drilling as it looks to make another multi-million-ounce discovery.
Legacy Minerals will update the market on the following stages of its exploration program in the coming weeks.
Hole cores showing low sulphidation epithermal textured veins and breccia
LEGACY MIN FPO [LGM]Please note the following valuable information before using this website.
Independent Research
Market Open Australia is intended to be used only for educational and informative purposes, and any information on this website should not be taken as investment advice or guidance. It is important to conduct your own research before making any investment decisions, which should be based on your own investment needs and personal circumstances. Any investment decisions based on information contained on this website should be taken in line with independent financial advice from a qualified professional or should be independently researched and verified.
