Diamond drilling commenced at Breccia Sinter, Bauloora
Released
Released
Announcement PDF
ASX ANNOUNCEMENT
28 SEP 2023
Diamond Drilling Commences at Breccia Sinter Prospect
First phase of drilling to test coincident AMT resistivity and Au-Ag geochemical anomalies
Legacy Minerals has commenced its first-pass 1,200m of diamond drilling (DD) at the Breccia
Sinter Prospect.
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The program is expected to take 6-8 weeks with processing and sampling of the core to
be completed shortly thereafter.
The current government approvals allow for up to 10-holes and 5,000m.
The first pass drilling will target an area defined by:
o Mapped low sulphidation epithermal veins where rock chip samples have graded
up to 32.2g/t Au and 290g/t Ag i,1
o Soil sampling which has defined a >20ppb Au soil anomaly 500m x 250m in size.
o A strong resistive anomaly (~9,000 Ohm*m) 500m x 500m that comes within
300m of surface and is directly beneath outcropping sinter lithology ii.
The drill program is designed to test these high-order soil and rock chip Au-Ag results and
the coincident strongly resistive AMT body
The resistive AMT body is interpreted to potentially reflect a feeder structure at depth
and the potential boiling zone which may host significant gold and silver mineralisation.
Figure 1: Diamond drill rig in position on first hole at the Breccia Sinter Prospect, Bauloora, NSW.
1
See Page 9, ‘Endnotes’, for references.
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Legacy Minerals Holdings Limited (ASX: LGM, “LGM”, “the Company” or “Legacy Minerals”)
is pleased to provide an update on diamond drilling underway at the Bauloora Project.
Management Comment Legacy Minerals Managing Director, Christopher Byrne said:
“We are pleased to announce that diamond drilling at the Breccia Sinter Prospect is on
schedule and underway. The recently defined AMT resistivity anomaly at the Prospect
supports the potential for a high-grade feeder structure and boiling zone that may be the
source of the high-grade gold and silver low-sulphidation epithermal veins mapped on surface.
This is the first diamond drilling on the Prospect and the first drilling to test the interpreted
boiling zone at depth. We consider diamond drilling to be critical for understanding the
orientations and textures of the quartz veins as well as the nature of the alteration and
orientation of the host lithologies.
It’s an exciting development for the Prospect to have delivered a compelling and high-value
target that has the support of our Farm-in partner Newmont and we look forward to providing
an update of the progress to shareholders over the coming weeks.”
Diamond Drill Program
This will be the first diamond drilling program completed into the Breccia Sinter Prospect and
will deliver important information, including:
• the controls and characteristics of gold-silver mineralisation
• orientation measurements of structures such as veins, faults and lithological contacts
• lithology types, textures and alteration
• petrophysical downhole survey data
• samples for assay and petrological analysis.
The Breccia Sinter Prospect is defined by an 850m long x 700m wide low-sulphidation
epithermal pathfinder soil anomaly. The anomaly is defined by high tenor Au-Ag-Sb-As-Hg soil
anomalism associated with crustiform-colloform quartz banded veins and quartz vein breccia
outcrop and float trains. Rock chip sampling here has graded up to 32.2g/t Au and 290g/t Ag.
The confirmation of sinter related lithology from petrologic analysis, the elevated levels of Sb
in rock chip samples (up to 276ppm Sb) and dominant chalcedony in crustiform-colloform
banded chalcedony-quartz-adularia+/-hematite veins all suggest the epithermal system has
not been deeply eroded and remains intact at depth.
Diamond Drill Targets
The diamond drilling will test the low-sulphidation epithermal vein system with a focus on
intercepting mapped surface gold and silver bearing veins at depth to determine the vein
structural orientations, epithermal textures, and controls to mineralisation. The targets to be
tested in the following campaign consist of combinations of the following features:
1) strong resistive anomaly (~9,000 Ohm*m) and resistive trends identified in the
recently completed AMT survey.
2) Low-sulphidation epithermal pathfinder soil and rock chip geochemistry.
3) Mapped low-sulphidation epithermal vein outcrop and float trails.
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Figure 2: Breccia Sinter Prospect conceptual low-sulphidation epithermal schematic model showing depth
from paleo-surface, temperature, element distribution, vein textures, and alteration zones. (modified from
Buchanan 1981, Morrison et. al 1995)ii.
Figure 3: Breccia Sinter terrace and high-grade rock chips.
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Figure 4: 3D Model Cross section showing resistive anomaly at the Breccia Sinter Prospect, drill
intercept results, and highlight rock chip and (looking north)ii.
Figure 5: Geological model overlain on the 3D modelled AMTii.
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Figure 6: Location of proposed drilling at the Breccia Sinter Prospect showing Sb soil results and AMT
>9,000 Ohm.m 500m depth slice over mapped geologyii,iii.
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About the Bauloora Project
Legacy Minerals’ Bauloora Project is located in the Lachlan Fold Belt of New South Wales
which is host to world-class copper-gold orebodies including the Cadia-Ridgeway,
Northparkes, and Cowal Mines. In 2023, Newmont Exploration Pty Ltd entered into a Farm-In
and Joint Venture on the Project. It covers a large hydrothermal alteration zone 27km2 in size,
within which is an anomalous gold zone currently mapped to 15km2. Rock chip and soil
samples collected by the Company from the project area have highlighted several priority
areas of anomalous precious metal values with highly anomalous values of epithermal
pathfinders iv. The drilling of the first of these targets resulted in the discovery of the Bluecap
Prospect returning 13m at 1.66g/t Au, 6.68g/t Ag, 0.14% Cu and 4.23% Pb+Zn from 57miv.
Extensive epithermal alteration exists on the project, including widespread zones of high-level
chalcedonic veins, clay alteration and local sinter formations. The project has seen very
limited exploration drilling and the Company believes the results from work to date strongly
support the assessment that there is significant potential for a major low-sulphidation
epithermal-style gold-silver deposit at the Bauloora Project.
Figure 7: Regional setting of the Bauloora Project v,vi,vii,viii,ix
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Approved by the Board of Legacy Minerals Holdings Limited.
For more information:
Chris Byrne
CEO & Managing Director
chris.byrne@legacyminerals.com.au
+61 (0) 499 527 547
DISCLAIMER AND PREVIOUSLY REPORTED INFORMATION
Information in this announcement is extracted from reports lodged as market announcements referred to above
and available on the Company’s website https://legacyminerals.com.au/. The Company confirms that it is not
aware of any new information that materially affects the information included in the original market
announcement and that all material assumptions and technical parameters underpinning the estimates in the
relevant market announcement continue to apply and have not materially changed.
This announcement contains certain forward-looking statements. Forward looking statements are only
predictions and are subject to risks, uncertainties and assumptions which are outside of the control of Legacy
Minerals Holdings Limited (LGM). These risks, uncertainties and assumptions include commodity prices,
currency fluctuations, economic and financial market conditions, environmental risks and legislative, fiscal or
regulatory developments, political risks, project delay, approvals and cost estimates. Actual values, results or
events may be materially different to those contained in this announcement. Given these uncertainties, readers
are cautioned not to place reliance on forward-looking statements. Any forward-looking statements in this
announcement reflect the views of LGM only at the date of this announcement. Subject to any continuing
obligations under applicable laws and ASX Listing Rules, LGM does not undertake any obligation to update or
revise any information or any of the forward-looking statements in this announcement to reflect changes in
events, conditions or circumstances on which any forward-looking statements is based.
COMPETENT PERSON’S STATEMENT
The information in this Report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore
Reserves is based on information compiled by Thomas Wall, a Competent Person who is a Member of the
Australian Institute of Geoscientists. Mr Wall is the Technical Director and a full-time employee of Legacy
Minerals Pty Limited, the Company’s wholly-owned subsidiary, and a shareholder of the Company. Mr Wall has
sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and
to the activity being undertaken to qualify as a Competent Person as defined in the 2012 edition of the
Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Wall consents
to the inclusion of the matters based on his information in the form and context in which it appears in this
announcement.
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About Legacy Minerals
Legacy Minerals is an ASX listed public company that has been involved in the acquisition and
exploration of gold, copper, and base-metal projects in the Lachlan Fold Belt since 2017. The
Company has six projects that present significant discovery opportunities for shareholders.
Au-Cu (Pb-Zn) Cobar (EL9511)
Au Harden (EL8809, EL9257)
Undrilled targets next door to the Peak Gold Mines.
Several priority geophysical anomalies and gold in
lag up to 1.55g/t Au.
Large historical high-grade quartz-vein gold
mineralisation. Drilling includes 3.6m at 21.7g/t Au
116m and 2m at 17.17g/t Au from 111m.
Au-Ag Bauloora (EL8994, EL9464) Newmont JV
Au-Cu Fontenoy (EL8995) Earth AI-Alliance
One of NSW’s largest low-sulphidation epithermal
systems with a 27km2 epithermal vein field and
15km2 gold zone.
An 8km long zone of Au and Cu anomalism defined
in soil sampling and drilling. Significant drill
intercepts include 79m at 0.27% Cu from 1.5m.
Cu-Au Rockley (EL8296)
Au-Ag Black Range (EL9466, ELA6613)
Prospective for porphyry Cu-Au and situated in the
Macquarie Arc Ordovician host rocks with historic
high-grade copper mines that graded up to 23% Cu.
Extensive low-sulphidation epithermal system with
limited historical exploration. Epithermal
preservation across 7km2 of intense silicification
Cu-Au Drake (EL6273, ELA6640)
Large collapsed caldera (~150km2) and associated epithermal mineralisation bears similar geological
characteristics to other major pacific rim settings and deposits.
Figure 6. Regional setting of Legacy Minerals Projectsv,vi,vii,viii,ix,x,xi
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Endnotes
ASX LGM: 17 August 2022 New High-Grade Gold Assays Expand Bauloora Gold System
ASX LGM: 28 August 2023 Large 500m x 500m Bulls-Eye anomaly defined at Bauloora
iii
ASX LGM: 14 August 2023 Gold-Zone at Breccia Sinter Grows, Geophysics Completed
iv
ASX LGM: 10 May 2023 Drilling Assays Confirm New Epithermal Discovery at Bauloora
i
ii
v
CMOC Northparkes Mining and Technical Information, http://www.northparkes.com/wpcontent/uploads/2022/05/northparkes-mining-and-technical-information.pdf
vi
Alkane Resources Kaiser Resource Estimate of ~4.7M Gold Equivalent 27 February 2023
vii
Newcrest Mining Annual Mineral Resources and Ore Reserves Statement 17 February 2022
viii
ix
x
xi
Regis Resources Annual Mineral Resource and Ore Reserve Statement 8 June 2022
Evolution Mining 2022 Annual Report
Silver Mines, Ord Minnett East coast Mining Conference, March 2023
Sandfire Resources NL 2019 Annual Report
Bowdens Mineral Equivalent: Bowdens silver equivalent: Ag Eq (g/t) = Ag (g/t) + 33.48*Pb (%) + 49.61*Zn (%) + 80*Au (g/t)
calculated from prices of US$20/oz silver, US$1.50/lb zinc, US$1.00/lb lead, US$1600/oz gold and metallurgical recoveries of
85% silver, 82% zinc and 83% lead, 85% gold estimated from test work commissioned by Silver Mines Limited.
Table 1: Major Mineral Resources of NSW
Project & Company
Boda-Kaiser, NSW (Alkane Resources Ltd)
Tomingley, NSW (Alkane Resources Ltd)
McPhillamys, NSW (Regis Resources Ltd)
Cadia-Ridegway, NSW (Newcrest Mining
Ltd)
Cowal, NSW (Evolution Mining Limited)
Nth Parkes, NSW (CMOC Mining Pty Ltd
LEGACY
MINERALS
Mineral
Resource
7.26Moz Au,
1.38Mt Cu
1.75Moz Au
2.29Moz Au
33.31Moz Au,
7.9Mt Cu
9.618Moz Au
3.09Moz Au,
2.63Mt Cu
Measured
Resource
Indicated
Resource
-
-
0.13M Au
1.019Moz Au
2.28Moz Au
33Moz Au,
7.3Mt Cu
7.33Moz Au
1.1Moz Au,
1.1Mt Cu
0.31Moz Au,
0.041Mt Cu
0.367Moz Au
1.64Moz Au,
1.2Mt Cu
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Inferred
Resource
7.26Moz Au, 1.38Mt
Cu
0.59Moz
0.001Moz Au
0.75Moz, 1.1Mt Cu
1.92Moz Au
0.35Moz Au, 0.33Mt
Cu
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