Cobar aerial survey highlights priority targets for Legacy Minerals
Legacy Minerals’ aeromagnetic survey over Cobar has identified 21 high-priority targets near to Aurelia Metals’ Peak gold mine.
An aeromagnetic survey of Legacy Minerals’ (ASX: LGM) wholly-owned Cobar licences has highlighted a string of priority copper-gold target areas along New South Wales’ prolific Lachlan Fold Belt.
The survey comprised over 1,000 kilometres of flight lines covering 78% of the project area and identified several high-priority targets, located less than 3km from Aurelia Metal’s (ASX: AMI) Peak mine.
It also highlighted the Yarrawonga prospect as an “area of significant interest” for its zones of elevated induced polarisation (IP) chargeability and anomalous surface geochemistry, including gold in lag grading up to 1.5 grams per tonne.
The aerial survey was completed by Perth-based GPX Surveys, in participation with Geoscience Australia and the Geological Survey of NSW.
Major structures
Legacy noted a continuity of major structures across the two Cobar licences which have been considered a ‘key ingredient’ to facilitating the emplacement of Cobar-style mineralisation.
Exploration manager and executive director Thomas Wall said the structures provide further confidence in Cobar’s prospectivity.
“Cobar-type deposits are primarily structurally-controlled … they require the structural ‘plumbing’ and ‘traps’ for mineralisation to occur and we are seeing this key ingredient here,” he said.
“The major structures identified in our aeromagnetic data trend through the entire length of both tenements and have focused our attention on priority targets for follow-up surface geochemical sampling work.”
Mr Wall said the presence of untested targets only a short distance from the world-class Peak mine and Glencore’s CSA operation was a “very positive” outcome with potential for quality drill targets.
ASX debut
Legacy made its ASX debut in September after raising $5.8 million through an initial public offering.
The listing coincided with the start of drilling at the advanced Harden project with a focus on historical high-grade gold mines at the property.
Proceeds from the IPO are also being used to progress the Cobar, Fontenoy and Rockley projects.
Legacy’s portfolio is targeting porphyry-related copper-gold, low-sulphidation epithermal, Cobar-type, volcanic-hosted massive sulphides (VHMS) and low sulphide quartz-vein mineralisation styles.