Legacy Minerals (ASX:LGM) updates Mt Carrington resource to 1.6Moz gold equivalent
Legacy Minerals has released an updated Mineral Resource Estimate (MRE) for its Mt Carrington Epithermal Gold-Silver Project in New South Wales, with the updated Resource now standing at 47.9Mt containing 1.6Moz of gold equivalent (AuEq).
The estimate includes 714koz of gold, 35Moz of silver, 40kt of copper, 37kt of lead and 164kt of zinc.
Highlights
Updated open-pit Mineral Resource Estimate increased to 47.9Mt containing 1.6Moz AuEq, including 714koz Au, 35Moz Ag, 40kt Cu, 37kt Pb and 164kt Zn.
High-grade mineralisation within the MRE includes 493koz AuEq at 3.1 g/t AuEq at a cut-off of >1.9 g/t AuEq.
Indicated Resources increased by 69% since the 2025 MRE, with the updated MRE comprising 19.3Mt Indicated and 28.6Mt Inferred Resources.
Resource growth was driven by new copper and silver domains, metal prices and new drill data.
Discovery-focused drilling is underway at the Emu Prospect and Mascotte Prospect, targeting new discoveries and Resource extensions at existing deposits.
The Mt Carrington Project’s updated Resource comprises gold-rich and silver-rich deposits across the project area.
The gold-rich deposits total 28.8Mt containing 856koz AuEq, while the silver-rich deposits total 19.1Mt containing 714koz AuEq.
The updated MRE was prepared by independent consultants WSP Australia Pty Limited and incorporates additional information, including new drilling data, historical drilling data not previously captured in the 2025 MRE, revised precious-metal and commodity prices, additional density measurements, seven geotechnical holes drilled in 2022, and a maiden estimate for the Gladstone deposit.
Legacy Minerals CEO and Managing Director Christopher Byrne said the updated estimate reflected changes to the project since acquisition.
“The updated Mineral Resource Estimate establishes Mt Carrington as one of the largest and most robust gold and silver development and discovery opportunities in Australia. This is now a materially different Project from the one we acquired two years ago.”
The Mt Carrington deposits are hosted within the Drake Volcanics, a subdivision of the Wandsworth Volcanic Group in New England, New South Wales.
The announcement states the project contains several epithermal gold and silver deposits with distinct metal zonation, including silver-rich deposits in the northeast transitioning to gold-zinc and gold-copper deposits to the west.
The increase in Indicated Resources provides the basis for an updated Scoping Study, which will assess the updated Resource, potential future operations and annual Production Targets, with the May 2026 Scoping Study previously underpinned by 10.1Mt processed at 1Mtpa.
Legacy Minerals’ exploration program at Mt Carrington includes Resource extension assessment, discovery drilling and increasing Resource confidence through confirmation of historical drill results within existing Inferred Resources.
Drilling is underway at the Emu Prospect targeting Au-Cu mineralisation, with follow-up drilling planned at Mascotte targeting Au-Ag mineralisation.
The company stated that all deposits remain open along strike and at depth.