Legacy Minerals now on the trail of ‘significant’ gold and silver at Bauloora
Legacy Minerals (ASX: LGM) has identified an anomaly at its Bauloora project in New South Wales which points to gold and silver mineralisation.
Bauloora is located 130km northwest of Canberra and is subject to a farm-in by US gold major Newmont Mining.
Legacy has carried out an audio-frequency magnetotelluric (AMT) test at the Breccia Sinter prospect within the Bauloora ground.
It returned a strongly resistive anomaly about 1,000m from surface and which comes to within 300m of the surface
“The strongly resistive body supports the interpretation of a feeder structure at depth and the potential boiling zone which may host significant gold and silver mineralisation,” the company notes.
Coincides with pathfinder elements, to be drilled
The anomaly is 500m by 500m and sits directly beneath mapped outcropping sinter.
Also, says Legacy, the AMT anomaly coincides with pathfinder elements associated with low-sulphidation systems.
It is interpreted to be down dip of the recently announced soil anomaly where rock chip samples assayed up to 32.2 grams per tonne gold and 290g/t silver.
The AMT anomaly has now been designated a high priority target and will be drill-tested in the current quarter.
A minimum 1,200m of diamond drilling is planned.
Already one discovery
Bauloora is located on the target rich Lachlan Fold Belt which is host to several large copper-gold deposits including the Cadia-Ridgeway, Northparkes and Cowal mines.
Rock chip and soil samples from over the project area have highlighted several priority areas for anomalous precious metals.
The drilling of the first of these targets resulted in the discover at the Bluecap prospect which returned 13m at 1.66g/t gold, 6.68g/t silver, 0.14% copper and 4.23% zinc—lead, from 57m down hole.
Apart from Bauloora, Legacy owns its Cobar project (gold-copper, lead-zinc), Drake (gold-silver-base metals), and Harden with high-grade gold.
Additionally, they own Bauloora (a joint venture with Newmont), Fontenoy (gold-copper), Rockley in a zone that historically produced copper up to a grade of 23%, and gold-silver at Black Range.