Legacy Minerals returns high-grade zinc, lead, gold and silver at Mt Felstead

Legacy Minerals ASX LGM Mt Felstead Bauloora zinc lead gold silver
Legacy Minerals said initial drilling at the NSW prospect shows “every indication” the high-grade mineralisation will continue at depth.

Legacy Minerals (ASX: LGM) has announced it has recovered high-grade zinc, lead, gold and silver from initial drill holes at the Mt Felstead prospect within its wholly-owned Bauloora project in New South Wales.

The junior explorer today reported drill assays with the best result being a 9m intersection grading 9.9% zinc plus lead, 2 grams per tonne of gold, 28.4g/t silver and 0.2% copper from 145m, including 2m at 29.3% zinc-lead, 5.4g/t gold, 94.1g/t silver and 0.4% copper from 148m.

The highlight from a second hole returned 1m at 1.3% zinc-lead, 1.2g/t gold, 38.9g/t silver and 0.6% copper from 108m.

Mt Felstead is one of several gold-silver targets within Legacy’s Bauloora project, which covers a large low-sulphidation epithermal system containing a 4km by 2.5km anomalous gold zone.

Today’s results come from the first three holes drilled in a planned 10-hole reverse circulation (RC) program.

Potential for high-grade shoots

Legacy managing director Christopher Byrne said the company is “exceedingly pleased” with the results, which show gold-silver and base metal mineralisation is present down to at least 175m from surface “with every indication that mineralisation will continue at depth”.

“To see the very high grades of zinc, lead, gold and silver is also very encouraging and highlights the potential for further discovery and definition of high-grade shoots within the larger mineralised area.”

“While it is still early days in the understanding of the geometry of mineralisation, it is evident based on this drilling, and the data from the historically mined Mt Felstead mine, that significant pinching and swelling of ore shoots occurs in both a vertical and horizontal direction at the prospect,” Mr Byrne said.

He added that these shoots present an “exciting opportunity” to delineate high-grade mineralisation both up and down dip of known intercepts, and for the discovery of repetitions along strike.

Next steps

Assays for the remaining seven RC holes are pending and expected to be returned by the end of April. Legacy said these drill holes intersected breccia and vein-hosted zinc and lead mineralisation as observed in logging.

The company is also completing a focused down hole electromagnetic (DHEM) geophysical survey that will test the applicability of this survey method at the Mt Felstead prospect. Three holes are planned for the survey.

Mt Felstead was discovered in the early 1900s with intermittent mining up until the mid-1950s. Historical sampling shows the potential for bonanza-grade silver and high-grade gold mineralisation at the mine with underground face samples assaying up to 3,701g/t silver, 6/9g/t gold, 55% zinc-lead and 6.4% copper.

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