Legacy Minerals Holdings Limited (ASX: LGM) has commenced an accelerated exploration programme at the 100% owned Bauloora Epithermal Gold Project in NSW, Australia.
Managing Director, Christopher Byrne said the systematic exploration work completed by the company to date has provided increased confidence that the scale and character of mineralisation at Bauloora is akin to those of other pre-discovery observations noted at major epithermal mines including Pajingo and Cracow in Queensland; and Esquel and Cerro Negro in Argentina.
“The strength of the Legacy Minerals’ Lachlan Fold Belt portfolio continues to impress as significant discovery opportunities develop across all projects,” Mr Byrne said.
“As such, it is with great excitement that the Board and Management have determined that the potential presented at the Bauloora Project for a significant gold discovery requires the company’s full focus.
“After extensive work on the ground, the project is now considered by the company to be the largest under-explored low-sulphidation epithermal gold-silver system in NSW and our team believes the Project will continue to deliver highly compelling drill targets with the potential for a major gold discovery.
“Consequently, we have taken measures to align our exploration focus both in funding and personnel to commence an accelerated program at Bauloora, focused initially on drill target definition and drilling within the known 14 sq. km2 anomalous ‘gold zone’.
“Systematic work programmes at Rockley, Cobar and Harden will continue in line with the company’s strategy to progress these towards compelling drill targets, also drilling is expected to commence at Fontenoy and Mulholland in early 2023 through our strategic alliance partner Earth AI.
“It is a very exciting time for Legacy Minerals, and we look forward to updating our shareholders on work and results pending at Bauloora and our other projects as they develop.”
Highlight – Accelerated work programme at Bauloora
Results and interpretation pending
• Major soil geochemical program complete (2,464 samples) – assays pending
• Reconnaissance rock chip program complete (1,013 samples) – assays pending
• Regional Advanced Spaceborne Thermal Emission and Reflection (ASTER) data
acquisition (remote sensing to determine anomalies) – interpretation
• Petrology studies (study of the origin and composition of rocks) – interpretation
Activities Underway
• Drill pad and track access assessment and preparation Drilling Planned
• Q4 2022: Phase 1 Mee Mar Prospect ~six holes average depth of 150m
• Q1-Q3 Phase 2 – Follow up drilling
For further information please visit: https://legacyminerals.com.au/
