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Shares in busy explorers such as Legacy and Great Western are enjoying the trickle-down of a better market but their less active brethren are left to bemoan their lot.

Metals are on a bit of a tear of late yet there is a lot of bleating from junior explorers that the more buoyant prices – including gold being in record territory – are not trickling down to their share prices.

The bleating almost always comes from juniors that have managed to keep the doors open during the investor capital strike in the explorer space of the last couple of years but have done precious little else.

The first to benefit from a return of investor interest in the explorers in light of the improved outlook on the commodity price front has and always will be those that are active explorers. When they have light market caps and projects with the potential to become a “company maker,” all the better.

They are the ones that get talked about and followed while their sleepy peers continue to be ignored. That was clear at the Resource Rising Stars Gather Round investment conference in Adelaide last week which just happened to coincide with the AFL’s gathering of the clans.

There were two presentations in particular that got the room’s attention – Legacy Minerals (ASX:LGM) and Great Western Exploration (ASX: GTE), trading at 16c ($17 million ) and 6.1c ($21 million) respectively.

The pair are as active with potential high-reward programs as could be hoped for. It’s as if they are responding in kind to the legendary half-time plea of AFL Hawthorn coach John Kenndy Snr back in the 1970s for his players to “do something”.

Legacy listed two years ago as a focussed NSW gold-copper explorer. It has $3.2 million in cash and has secured $25.5 million in joint venture spending for some of its projects with the likes of Newmont, Mark Bennett’s S2 Resources, and Earth A1.

The way Legacy MD Chris Byrne sees things, the company is in the thick of drilling programs across four properties with the potential for a breakthrough discovery. The rundown on the projects can be found on the ASX platform.

Suffice to say they look to be full of merit as is reflected in the quality of the three projects involving farm-in partners, with the results across the four projects worth keeping an eye on given Legacy’s current small cap.

“We have got four projects that are to be drilled within the next six months,’’ Byrne told the RSS Gather Round investment conference.

“We are aggressively drilling for Tier 1 discoveries. It’s quite a phenomenal amount of drilling for any junior exploration company.”

But Legacy has just added to its story by picking up the Mt Carrington (Drake) project in the New England fold belt in NSW for a knockdown price from the administrator of White Rock Resources.

White Rock and owners before it pursued Mt Carrington as a gold-silver play. And it does arrive in the hands of Legacy with a resource of 320,000oz of gold and 23Moz of silver for a silver equivalent of 52Moz.

Given gold is in record territory and the silver price has been rising alongside it with the added kicker of it becoming a clear beneficiary of the booming use of it in solar panels, the gold-silver resource clearly has value, not that any of it is currently reflected yet in Legacy’s market cap.

But Legacy is coming at Mt Carrington from a different perspective. It reckons the big magmatic system could host game-changing epithermal gold/copper and/or porphyry copper systems.

“We quite quickly realised there’s an untested porphyry copper story up there,” Byrne said.

“So we’ve gone up there to what is a legacy project (titter titter) with a completely new vision. We’re looking at the blue sky exploration upside.”

Extensive copper mineralization (18m at 5.8% copper from 52m) was never followed up in the past because hey, it was a gold-silver project.

Copper too is now on the tear, and there is an absolute shortage of exploration projects with some scale to them, making Mt Carrington another one to watch within the Legacy stable.

CLICK HERE FOR THE FULL RESOURCES RISING STARS COLUMN

Rising metals tide is not lifting all junior boats | By Barry FitzGerald