Legacy Minerals Holdings Limited (ASX: LGM) has received diamond drilling assays by its exploration alliance partner, Earth AI, at the company’s 100% owned Fontenoy Project, NSW.
Discovery drillhole, diamond cored EFO7D, returned magmatic-related platinum group elements (PGEs) and Ni-Cu-Fe sulphides:
- 34m at 0.5g/t 3E PGE
- 10m at 1.2g/t 3E PGE, 0.2% Ni, and 891ppm Cu from 388m down-hole
The PGE component includes 10m at 0.89g/t palladium, 0.19g/t platinum, and 0.1g/t gold, and mineralization is associated with disseminated sulphides pentlandite, chalcopyrite, and pyrrhotite.
Managing director, Christopher Byrne, said, “To kick-off 2024 with a new Magmatic PGE-Ni-Cu discovery, Gramont, at our 100% owned Fontenoy Project is a fantastic result. The key driver of this discovery is the implementation of artificial intelligence through our alliance partner Earth AI. In their search for magmatic-related nickel-copper sulphides and PGE’s, this is genuine frontier exploration in an area previously known for its scandium-nickel-cobalt laterite deposits.”
While NSW is known to host major laterite deposits hosting Ni-Co and Sc, magmatic-related nickel-copper-PGE sulphide systems in this region have never before been recognized. According to Legacy, these styles of deposit are rare and prized for their potentially higher grades, potential suite of valuable metals, and lower extraction costs.
“Magmatic nickel-copper styles of mineralization are targeted globally due to their potential to contain a suite of elements of significant value. The inclusion of platinum group elements and nickel in the Australian and global critical minerals list further underpins the significance of this discovery for
shareholders.” Added Mr. Byrne.
The strong Ni-Cu-PGE surface anomalism encountered south of the discovery intercept is now a priority area for follow up. The confirmation of PGE association with disseminated sulphides is particularly encouraging as there is now the opportunity to follow up with electrical geophysics for future drill targeting.
Furthermore, surface geochemical surveys targeting PGE-related mineralization may further define drill targets for testing. Diamond drill planning is underway to follow up these results.
To find out more, please visit www.legacyminerals.com.au
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