Announcement PDF Legacy Minerals Holdings Limited ABN 43 650 398 897 Annual Report for the year ended 30 June 2023 Legacy Minerals Holdings Limited Annual Report 30 June 2023 Page 1 Corporate Directory Directors Website Dr David Carland – Non-Executive Chairman www.legacyminerals.com.au Christopher Byrne – CEO & Managing Director Securities Exchange Thomas Wall – Executive Director Australian Securities Exchange (ASX) Matthew Wall – Non-Executive Director ASX Code: LGM Douglas Menzies - Non-Executive Director Securities Registry Company Secretary and Chief Financial Officer Automic Pty Ltd Ian Morgan Registered Office C/- Benbow & Pike Chartered Accountants 401/ 54 Miller Street North Sydney NSW 2060 Telephone +61 02 9959 3520 Level 5, 126 Phillip Street Sydney NSW 2000 Telephone (within Australia): 1 300 288 664 (outside Australia): +61 2 9698 5414 Auditor Nexia Sydney Audit Pty Ltd Level 22, 2 Market Street Sydney, NSW 2000 Site Office 3/203 Russell Street Bathurst NSW 2795 Email info@legacyminerals.com.au Legacy Minerals Holdings Limited Annual Report 30 June 2023 Page 2 Table of Contents Corporate Directory........................................................................................................................................... 2 Table of Contents .............................................................................................................................................. 3 Chairman’s Letter .............................................................................................................................................. 4 Directors’ Report ............................................................................................................................................... 6 Consolidated Statement of Profit or Loss and Other Comprehensive Income ............................................... 42 Consolidated Statement of Financial Position................................................................................................. 43 Consolidated Statement of Changes in Equity ................................................................................................ 44 Consolidated Statement of Cash Flows ........................................................................................................... 45 Notes to the Financial Statements .................................................................................................................. 46 Directors’ Declaration...................................................................................................................................... 71 Auditor’s Independence Declaration............................................................................................................... 72 Independent Auditor’s Report ........................................................................................................................ 73 Additional Shareholder Information ............................................................................................................... 77 Legacy Minerals Holdings Limited Annual Report 30 June 2023 Page 3 Chairman’s Letter Dear Fellow Shareholder, I am pleased to introduce the third Annual Report of Legacy Minerals Holdings Limited’s (ASX: LGM, Legacy Minerals or the Company) to shareholders following a period of strong progress at our portfolio of projects in the world-class, Lachlan Fold Belt in New South Wales. The 2023 financial year was highlighted by significant exploration progress at our tenements and the discovery of a large-scale epithermal system at the Bauloora Project. Legacy Minerals has also identified and acquired further major projects that fit its discovery strategy, which the Company is confident will deliver significant upside for shareholders. Within our portfolio, the Bauloora Epithermal Gold Project has emerged as a standout example of the application of our discovery model. We have identified the Project’s considerable potential to become the type of large-scale, low-sulphidation, epithermal project that may deliver a world-class mine. Through the systematic work completed at Bauloora by our exploration team, the potential of the Project was increasingly realised. In April, we announced a farm-in and joint venture (JV) agreement with Newmont Exploration, a subsidiary of Newmont Corporation. The $15 million discovery-focused JV was a strategic decision to partner with a large mining company and is now allowing Legacy Minerals to leverage Newmont’s global epithermal expertise towards a major discovery and will sustain the funding required to advance exploration. Large scale exploration programs are underway at Bauloora under the JV agreement, and we look forward to reporting on the continued aggressive exploration here. In addition, Legacy Minerals continued its strategy of building a portfolio of projects that show characteristics of a mineralised scale that can potentially host world-class deposits. In April, Legacy Minerals acquired the Black Range Gold Project (Black Range). Black Range, located 65km from Bauloora, is another large, under-explored, epithermal system which complements our exploration strategy. Prior to Legacy Minerals commencing work on Black Range, the 905km2 licence had not had any major exploration conducted on it since 1992, when Newcrest Mining held it in their NSW portfolio. Black Range creates another significant discovery opportunity for the Company in the Lachlan Fold Belt. Further, the acquisition of the Drake Copper-Gold Project exploration licence in July increased Legacy Minerals’ low-sulphidation, epithermal focused tenure to over 1,500km2, when combined with the Company’s position at Bauloora and Black Range. Our pipeline of high-quality projects in the Lachlan Fold Belt also includes the Cobar and Rockley Projects, as well as the Fontenoy Project which is part of a strategic alliance with artificial intelligence exploration company, Earth AI. Exploration activities are either already underway or proposed at these Projects in the 2024 financial year. The markets have remained strong for gold and copper, the commodities on which Legacy Minerals is focussed. While there has been much ownership consolidation in these sectors, they have done little to relieve the widening copper supply shortfall in the medium term to support the transition to a low-carbon future. Legacy Minerals Holdings Limited Annual Report 30 June 2023 Page 4 On behalf of the Board, we are sincerely grateful to our small but experienced and highly skilled exploration and management team who have done outstanding work to deliver our significant progress for Legacy Minerals over the year. Finally, I would like to thank our shareholders for the loyalty and confidence you continue to place in us. We particularly thank those who participated in our $1 million placement in December 2022. We remain committed to maximising the value of our precious cash resources in achieving our objectives. With the progress at Bauloora setting a strong foundation, Legacy Minerals’ confidence in its discovery model and its portfolio of projects has grown significantly over the year in review. We are committed to building on this in the current year and we look forward to reporting on the next phase of Legacy Minerals’ journey. Yours sincerely, David J Carland Non-Executive Chairman Legacy Minerals Holdings Limited Annual Report 30 June 2023 Page 5 Directors’ Report The directors of Legacy Minerals Holdings Limited (ASX: LGM, Company or Legacy Minerals) and its subsidiaries Legacy Minerals Pty Ltd (LMPL) and Greenpath Minerals Pty Ltd (together referred to as the Group) present their report, together with the financial statements for the year ended 30 June 2023. Directors The Directors of the Company at any time during or since the end of the financial year are: Dr David Carland (Non-Executive Chairman) PhD (Econometrics), MEc, BEc (Hons), MAICD Appointed 21 June 2021 David has over 40 years of investment banking and commercial experience in both the private sector and government. He is the Executive Director of Australian Resources Development Pty Ltd, a company focused on the provision of specialised advice and assistance on the structuring, financing, and developing of energy and resource projects. He is the former chairman of Rex Minerals Limited (ASX: RXM), and former nonexecutive director of Indophil Resources NL (ASX: IRN) and Polymetals Mining Limited (ASX: PLY). David holds a PhD (Econometrics), MEc, BEc (Hons1) and is a member of the Australian Institute of Company Directors. In the last three years, Dr Carland has been a director of Rex Minerals Limited (ASX: RXM), appointed on 12 December 2013 and retired on 31 May 2021; and Aguia Resources Limited (ASX: AGR) appointed on 4 December 2020 and resigned on 15 July 2022. Christopher Byrne (CEO & Managing Director) BsC, BEngs (Hons), M.PM, MAusIMM, MAICD Appointed 21 May 2021 Chris has a number of years of experience as an engineer and manager in the mining, infrastructure, and logistics sectors in NSW and QLD. In the mining and exploration space he has worked in greenfield and brownfield environments, from early exploration projects through to mine establishment and operations. Chris’s experience has been focused on large and complex project delivery, project management, maintenance and operational support. Outside the mining sector, Chris has lead infrastructure teams in the public sector in the provisioning and delivery of large capital projects. Chris is a Member of AusIMM and the Australian Institute of Company Directors. Matthew Wall (Non-Executive Director) CTE, MCILT, MAICD Appointed 21 May 2021 Matthew is a metals and mining specialist with over 35 years of experience in sales, marketing, shipping/logistics, trading, capital raising and risk management. He has held senior management roles with Rio Tinto, EDF Trading and Wood Mackenzie. Matthew has advised a number of small private and junior listed mining companies in Australia and overseas on capital raisings and market development. Matthew is a Member of the Australian Institute of Company Directors and the Chartered Institute of Logistics & Transport (CILT). In the last three years, Mr Matthew Wall was a director of Allegiance Coal Limited (ASX: AHQ). He was appointed on 23 February 2022. AHQ was delisted on 28 August 2023. Legacy Minerals Holdings Limited Annual Report 30 June 2023 Page 6 Directors’ Report (continued) Thomas Wall (Executive Director and Exploration Manager) BsC (Hons), MPhil (Geology), MAIG Appointed 21 May 2021 Thomas is a geologist with wide-ranging experience within the resource sector in NSW and WA having previously held senior roles at Peak Gold Mines, New South Resources and Omya Australia. He has demonstrated mining and exploration success across a variety of commodities and deposit styles with particular focus within the Lachlan Fold Belt of NSW. Thomas is a Member of the Australian Institute of Geoscientists (AIG). Douglas Menzies (Non-Executive Director) DipBA, GradCertIT, BsC (Hons) Appointed 21 May 2021 Douglas has over 28 years of experience in the mineral exploration and GIS industries including as a consultant. Douglas has experience exploring for porphyry gold-copper and epithermal gold mineralisation in Australia, PNG, Indonesia, Fiji, Laos, Chile, Argentina and Mexico. Douglas is a Member of the Australian Institute of Geoscientists (AIG). In the last three years, Mr Menzies was a director of Godolphin Resources Limited (ASX: GRL). He was appointed on 1 May 2020 and resigned on 9 January 2023. Company Secretary and Chief Financial Officer Ian Morgan B Bus, M Com Law, Grad Dip App Fin, CA, AGIA, MAICD, F Fin Appointed 21 May 2021 Ian is a member of Chartered Accountants Australia and New Zealand and the Governance Institute of Australia, with over 35 years of experience. Ian provides secretarial and advisory services to a range of companies, including holding the position of Company Secretary and CFO for other listed public companies. Nature of Operations and Principal Activities Legacy Minerals is involved in the acquisition and exploration of gold and copper projects in the prospective Lachlan Fold Belt (LFB) and New England Fold Belt (NEFB) of New South Wales (NSW). The Group wholly owns 2,690km2 of granted and pending exploration licence applications spanning eight projects. The LFB, also known as the Lachlan Orogen, hosts world-class copper-gold orebodies including the Cadia-Ridgeway, Northparkes and Cowal Mines. Legacy Minerals has a straightforward exploration strategy: to systematically define and drill a pipeline of prospective targets for gold and copper mineralisation. The work conducted on Legacy Minerals’ tenements has defined a number of compelling drill ready prospects. Legacy Minerals’ projects contain numerous untested geochemical, geophysical and geological targets. These afford the Company multiple opportunities for gold and copper discoveries; commodities which the Company considers having long term favourable fundamentals. Highlights of the projects include: • • • drill-ready targets that provide immediate opportunities for gold and copper discoveries; projects with a prime position in the LFB targeting porphyry-related Cu-Au, Cobar-type, and low sulphidation epithermal-style systems; and high grade and shallow exploration targets in underexplored or overlooked projects that present an opportunity for aggressive resource definition. There were no significant changes in the nature of the activities of the Company during the financial year. Legacy Minerals Holdings Limited Annual Report 30 June 2023 Page 7 Directors’ Report (continued) Dividends There were no dividends paid or declared by the Company to members during or since the end of the financial year. Review of Operations and Outlook1 Across eight wholly-owned projects in New South Wales, Legacy Minerals targets numerous styles of mineralisation however the Company is focused primarily on those that are Cu-Au porphyry related, epithermal and Cobar-type deposits. The portfolio of projects provides the Company with significant exposure in the Lachlan Fold Belt, a mineral province that hosts several world-class, tier-one ore bodies, and the New England Fold Belt, which hosts several major gold, silver and base metal deposits. BAULOORA PROJECT (EL8994 and EL9464) The Bauloora Project exhibits one of the largest zones of low-sulphidation, epithermal-style alteration and mineralisation in NSW. The project hosts numerous targets with shallow, high-grade Au-Ag occurrences which includes the Mee Mar Prospect with veins out-cropping over 2km and rock samples up to 55.5g/t Au and 933g/t Ag. Legacy Minerals has progressively developed the Bauloora Project through systematic exploration work including geological mapping, rock chip sampling, gradient array IP surveying, detailed ground magnetic surveying, ASTER data acquisition and interpretation, and widespread soil sampling. The results from this work strongly support the assessment that there is significant potential for a major, low-sulphidation, epithermal-style gold-silver discovery at the Bauloora Project. The Bauloora Project, in the Central Lachlan Fold Belt NSW, is in a zone which is bounded to the west by the Gilmore Fault Zone and to the east by the Cootamundra Fault. Bauloora contains structural remnants of Early Silurian dominantly dacitic volcanic rocks and related granites, Siluro-Devonian sediments and felsic volcanic rocks deposited on a basement of Late Ordovician turbidites, Late Ordovician to Early Silurian intermediate volcanic rocks and related intrusions and sedimentary rocks. 1 The information in the Directors’ Report that references previously reported exploration results is extracted from Legacy Minerals Holdings Limited’s ASX Announcements released on the date noted in the body of the text where that reference appears. Legacy Minerals Holdings Limited Annual Report 30 June 2023 Page 8 Directors’ Report (continued) F IGURE 1: R EGIONAL SETTING OF THE B AULOORA P ROJECT.2 Diamond Drilling Program3 During the reporting period, Legacy Mineral’s exploration activity at Bauloora was highlighted by highgrade mineralisation assay results from a 10-hole diamond drilling program testing the 2km long gold-silver bearing low-sulphidation epithermal, Mee Mar Vein. Drilling focused on the Mee Mar prospect, where outcropping veins have been mapped and high-grade gold and silver rock samples have been collected. Geological observations indicated all drill holes intersected host rocks that are dominantly variably altered quartz-eye and feldspar-phyric dacitic crystal lithic tuffs. Sericite and hematite alteration are commonly observed in the periphery to the main vein trend with sericite increasing in intensity proximal to more abundantly veined zones. The Mee Mar vein trend is dominated by crustiform-colloform quartz-adulariachalcedony veins and breccia (+/- hematite, galena, low-Fe sphalerite and chalcopyrite). Common minor quartz-carbonate +/- chalcopyrite, galena, low-Fe sphalerite and chlorite veins are also observed proximal to the main Mee Mar vein trend. Textural observations and interpretations of the chalcedony-quartz-sulphide veins and breccia intersected to date indicated that drill holes have tested the lower chalcedonic superzone to upper crustiformcolloform superzone. This interpretation is based on the observation of abundant chalcedony dominant over crystalline quartz in association locally with amethyst and floating clast breccia. This is further 2 A supporting list of mineral resource estimates for Major Mineral Resources of NSW is included in Additional Shareholder Information, on page 81 of the Annual Report for the year ended 30 June 2023. 3 ASX LGM 15 February 2023 Significant new discovery at the Bauloora Epithermal Project. Legacy Minerals Holdings Limited Annual Report 30 June 2023 Page 9 Directors’ Report (continued) supported by the widespread elevated levels of Hg (up to 125ppm) and Sb (up to 216ppm) in drill assay results for most drill holes. The implication of the high levels of Hg, Sb and Au, when combined with the widths of mineralisation, is that a potentially wide, high-grade gold bearing boiling zone remains at depth. With increasing depth towards the crystalline crustiform-colloform superzone, there is also the potential for gold grades to greatly increase. As such, with these high-grade results returning from the interpreted higher-level zones of the system, there is great encouragement for further testing at depth targeting the interpreted boiling zone. The low-sulphidation epithermal veins and breccias of the Mee Mar vein trend are open to the north and south along strike, down dip and to surface. Structural observations from these holes show veins strike north to north-north-east and have steeply west dipping (80°-85°) orientations for veins and breccias and, though true widths are not yet confirmed, they are estimated to be 70% to 100% of the down hole interval. The best assay intercept was for hole MM008 which returned 6 metres at 3.56g/t Au, 10.95g/t Ag, 0.22% Cu, 1.89% Pb and 4.58% Zn from 57 metres depth. Textural vein observations to date are interpreted to indicate drilling has only intercepted a high level in the system above the boiling zone and so it is expected that the system will develop at depth. F IGURE 2: MEE M AR PROSPECT SHOWING THE LOCATION OF COMPLETED DIAMOND - CORED DRILL HOLES , OVER ANTIMONY SOIL SAMPLE RESULTS , WHICH TESTED LOW - SULFIDATION EPITHERMAL A UAG BEARING VEINS WITH ANOMALOUS PATHFINDER ELEMENTS . Legacy Minerals Holdings Limited Annual Report 30 June 2023 Page 10 Directors’ Report (continued) Surface Geochemistry4 Legacy Minerals announced results from rock samples and soil samples collected across the known epithermal vein field. 2,714 soil samples were collected across newly defined vein trends and the wider known epithermal vein field. The soil sampling program was completed across 13km2 of the project on a 50m x 100m grid with localised areas infilled to 25 x 50 metres. These, along with over 1,000 rock samples were taken at the end of last year as part of the follow up work to the Gradient Array Induced Polarisation (GA-IP) survey that identified numerous areas of interest and to ground truth historic geological mapping of quartz veins. The rock sampling results define a ~15km2 footprint of gold mineralisation in rock chips assaying >0.2g/t Au. Highlights include sample number 5540 grading 55.5g/t Au & 444g/t Ag and sample number 5547 grading 0.41g/t Au & 904g/t Ag, both located at the Waratah Prospect. The soil sampling results have delineated extensive anomalies in Au and Ag as well as other pathfinder elements including Sb, As, Pb, Zn, Cu, Mo and Bi with peak soil results of 668ppb Au, 11.2ppm Ag, 409ppm As, 299ppm Cu, 9.47ppm Mo, 1450ppm Pb, 75.2ppm Sb, 15.4ppm W and 945ppm Zn. The widespread abundance of adularia within the veins, and the forms of silica vein material and their textures, all indicate that the veins on the Bauloora Project extend from the paleo-water table to the boiling level, and through the Crustiform-Colloform Superzone to the lower levels of the Chalcedonic Superzone (i.e., Buchanan’s Precious Metals Interval). As well as vertical and horizontal zonation of these textural and depositional types, there has likely been a telescoping of various types of mineralisation at some locations as seen in the localised higher base metal contents to some portions of the veins. The implication is that the veins on the Bauloora Project present an excellent opportunity for the discovery of shallow gold mineralisation. Recent petrography has confirmed sinter related lithology extends across the anomalous gold area. This observation, along with elevated levels of Hg, Sb and As, indicate a preserved epithermal system and the potential for high-grade gold at depth (boiling zone). Petrography5 Petrographic analysis (the study of the mineral content and the textural relationships within rocks) supports geological mapping of widespread sinter related lithology over the 27km2 low-sulphidation epithermal vein field. The presence of widespread sinter over 5.6km strongly supports Legacy Mineral’s interpretation that the footprint of a large epithermal gold system is preserved at depth at the Bauloora Project. Previous geochemistry samples from the Breccia Sinter Prospect have returned some of the highest gold results across the Bauloora Project to date: sample number 2966 returned grades of 32.2g/t Au, 196g/t Ag and 120ppm Sb. 4 ASX LGM 5 December 2022 Bauloora soil results define multiple gold drill targets 5 ASX LGM 8 November 2022 Widespread sinter recognition underpins Bauloora potential Legacy Minerals Holdings Limited Annual Report 30 June 2023 Page 11 Directors’ Report (continued) F IGURE 3: S INTER OUTCROP AT THE B RECCIA SINTER P ROSPECT, AND INSERTS SHOWING SINTER RELATED LITHOLOGY SAMPLE 4241 OF THE B RECCIA S INTER P ROSPECT AND SAMPLE 4242 FROM THE Q UARRY P ROSPECT. S AMPLES SHOW DOMINANT LIGHT AND DARK GREY CHALCEDONIC -QUARTZ BANDING WITH YELLOW TO LIGHT BROWN OXIDES AFTER POSSIBLE IRON -CARBONATE . F IGURE 4: MODEL FOR THE MEE MAR PROSPECT WITH INTERPRETED ZONES OF PRESERVATION BENEATH SINTER HORIZONS (MODIFIED AFTER B UCHANAN, 1981 AND DONG AND MORRISON , 1995). Legacy Minerals Holdings Limited Annual Report 30 June 2023 Page 12 Directors’ Report (continued) Geophysics6 Analysis of satellite hyperspectral data ASTER (Advanced Spaceborne Thermal Emission and Reflection) defined a potential district scale hydrothermal alteration footprint across an area of 150km2 with nine high priority zones typical of that associated with low-sulphidation epithermal mineralisation. A large, Audio-Magnetotellurics (AMT) geophysical survey comprising 83 line-km has commenced covering over 10km2 of the Primary Vein Field with the goal of defining resistive ‘feeder structures’ that may host high-grades of gold and silver. AMT is a geophysical survey technique that has been successful in targeting low-sulphidation, epithermal Au-Ag deposits around the world and will provide visibility to more than 1km depth. Newmont Farm-in and Joint Venture Agreement7 Legacy Minerals entered into a A$15 million farm-in and joint venture agreement with Newmont Exploration, a subsidiary of the Newmont Corporation, at its Bauloora Project. Farm-in and Joint Venture Summary Minimum Commitment • Drill testing at the Breccia Sinter Prospect by end of 2023. • Undertake a regional aerial magnetic survey of the tenements by end of 2023. • A$2 million spend within 24 months. Phase 1 - $5M earn-in for 51% • • • Subject to satisfying the minimum commitments, Newmont may acquire a 51% farm-in interest in the Bauloora tenements by spending a total of A$5 million within 48 months. Undertaking 4,000m of drilling within 48 months. Legacy Minerals will act as operator during the initial earn in period. Phase 2 - $10M earn-in for 75% • • Subject to completion of Phase 1, Newmont may earn a further 24% farm-in interest in the tenements by spending an additional A$10 million. Undertaking a further 8,000m of drilling within 48 months. Newmont financing facility and Mining Joint Venture • • • A Mining Joint Venture may be formed between the companies upon the decision to mine. At the discretion of Legacy Minerals, LGM may enter an agreement to a loan carried through to production through a Newmont financing facility, allowing Newmont to earn-in up to 80%. The loan would be re-paid from Legacy Minerals’ share of any future mining proceeds. BLACK RANGE PROJECT (EL9466 and EL9589) 8 Following its success at Bauloora, Legacy Minerals commenced a search of NSW for low-sulphidation systems that presented similar opportunities. From that review, the Black Range Project in the Central Lachlan Fold Belt, NSW was identified as an underexplored and highly prospective epithermal region that 6 ASX LGM 1 November 2022 Geophysics expands potential size of Bauloora Gold System 7 ASX LGM 5 April 2023 Newmont Farm-in at Bauloora Project 8 ASX LGM 27 April 2023 Exploration underway at new low-sulphidation epithermal, NSW Legacy Minerals Holdings Limited Annual Report 30 June 2023 Page 13 Directors’ Report (continued) has many geological similarities to the Bauloora Project. It is Legacy Mineral’s belief that the Black Range Project has historically been insufficiently tested for epithermal systems. The Project presents a large unexplored area hosting low to intermediate sulfidation mineralisation in association with large scale silicasericite-pyrite alteration zones (up to 2.5km2). The Black Range Project covers 905km2 of volcanics prospective for low-sulphidation epithermal mineralisation. The project is within a late Devonian, early Silurian volcanic system dominated by acid volcanics. Rhyolite to dacitic volcanism with lavas, breccias and tuffs are widely distributed and associated with epithermal mineralisation. A 5.2km2 zone of silica-sericite-pyrite alteration has been mapped with lowsulphidation gold mineralisation intercepted in historical shallow percussion and diamond drilling. The interpreted low temperature quartz and low-iron sphalerite that is associated with gold mineralisation indicates the Project may host a large, preserved epithermal environment. F IGURE 5: BLACK R ANGE PROJECT OVERVIEW SHOWING GEOLOGY AND EXPLORATION LICENCES . Limited Exploration History Legacy Minerals Holdings Limited Annual Report 30 June 2023 Page 14 Directors’ Report (continued) Historical maps detail large extents (4.3km x 1.2km) of mapped “silicification/chert” which remains unsampled and requires petrography to assess potential for paleo-water table lithology or sinter. In 1992 Newcrest identified Bauloora as the closet known mineralisation signature in the Lachlan Fold Belt from isotope ratios (ages and origins of rocks) in samples from Sugarbag Hill. Newcrest Mining conducted the last on-ground exploration in 1992 at the Sugarbag Hill Prospect and, since then, no further on ground exploration has been conducted at this prospect. Limited drill testing has occurred across the remainder of the tenement. District Scale Control With the inclusion of Black Range into its portfolio, Legacy Minerals has control of 100% of the known epithermal style mineralisation within the Mountain Creek Volcanics covered by a 905km2 licence and licence application. This area contains over 30km of underexplored strike between known epithermal occurrences including the high priority targets of Sugarbag Hill Prospect and Mylora Prospect. High-Grade Rock Chips and Encouraging Intercepts Results from the historical drilling at the Sugarbag Hill demonstrates need for deeper testing with historical results: FRC-1: 30m at 0.3g/t Au from surface FRC-21: 7m at 0.39g/t Au, 97.1ppm Mo and 18.1ppm Bi from 20m FRC-24: 4m at 0.77g/t Au from 90m Regional historical rock chip results returned up to 2.8g/t Au (Mt Mylora Mine) and 3.6g/t Au (Winooka Reef). Results from historical soil geochemical sampling at the Sugarbag Hill Prospect have defined a ~2.5km 2 footprint of Au, As, Pb and Zn anomalism (soil samples assaying >25ppb Au and as high as 550ppb Au). Planned Exploration Legacy Minerals plans to progressively develop the Black Range Project through systematic exploration work including data compilation and reprocessing, geological mapping, rock chip sampling and petrography before assessing the benefits of conducting further geophysical or geochemical surveys including drill campaigns. The initial assessment from the literature review and data compilation from this work, supports the assessment that there is significant potential for a major low sulfidation epithermal-style gold deposit at the Black R