Legacy Minerals advances exploration at Lachlan Fold Belt projects

Legacy Minerals ASX LGM Rockley Bauloora Harden Cobar Fontenoy Mulholland
Legacy Minerals is expecting assays from Bauloora and Harden, while geophysical survey results are anticipated from Rockley and Cobar.

Assays are pending for seven reverse circulation percussion drill holes which intersected breccia and vein-hosted zinc-lead mineralisation at Legacy Minerals’ (ASX: LGM) Bauloora project in New South Wales.

Initial drill chip assays have been received for three holes and down hole electromagnetics (DHEM) have been completed; however a preliminary review identified significant noise which may impact the results.

A full interpretation of the DHEM results is expected over the coming weeks.

Legacy has also reported exploration progress at other tenements within its portfolio in the state’s Lachlan Fold Belt.

Cobar sampling

Soil programs are nearing completion across the Woggle, Kidman, Yarrawonga and Hillview prospects within the Cobar project.

These priority areas are adjacent to Aurelia Metals’ (ASX: AMI) Peak gold mine and 15km from the high-producing CSA copper mine recently purchased from Glencore by US-listed Metals Acquisition Corp for US$1.1 billion.

Approximately 3,500 samples from Cobar have been collated and submitted for assays and Legacy expects results within the next two months.

Ground magnetics are also underway across the northern portion of the project area, with results expected before end July.

Rockley surveys

Legacy has engaged NSW-based contractor Thomson Airborne to complete a detailed aerial magnetic and radiometric survey across the northern and southern parts of the Rockley project.

The results are expected to provide the company with a more defined data set than that which is provided through government-issued information.

Queensland-based GeoDiscovery Group will conduct initial processing of the data with final interpretations and reports expected in coming weeks.

Harden drilling

Diamond drilling at the Harden gold mine prospect was completed earlier this year and Legacy is awaiting final assays.

The delays have been attributed to disruptions across the industry, as well as additional quality control and assurance processes needed to ensure accuracy in reporting gold assays in light of the fine grain gold program identified in the previous campaigns.

Exploration alliance

Last month, Legacy signed a $4.5 million exploration alliance with Australian start-up Earth AI over the Mulholland and Fontenoy battery and critical minerals-focused projects.

The alliance allows Earth AI to utilise its machine learning and artificial intelligence techniques to vector towards mineralisation, using its own drill rigs to test targets.

Earth AI is currently undertaking a preliminary data review and targeting metal deposits across both projects, with results expected to lead to geological mapping and drilling over the next three months.

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