Legacy Minerals’ drilling at Sugarbag Hill successfully intercepted veins indicative of a low-sulphidation mineral system
While the company had the budget to carry out more drilling, the proof of concept was confirmed early on
Four drilling campaigns are planned across LGM’s portfolio with two currently underway
Special Report: Drilling has intercepted veins indicative of a low-sulphidation epithermal style mineral system at Legacy Minerals’ Sugarbag Hill prospect.
Last month Legacy Minerals (ASX:LGM) kicked off exploration at the Black Range asset with a 1,100m diamond drilling campaign after 30 years of inactivity.
The project sits within NSW’s premier Lachlan Fold Belt, a region known for its monster gold-copper mines such as Cadia Ridgeway, one of Australia’s top three largest gold producers.
Black Range project location and major surrounding deposits. Pic: Legacy Minerals
Until now, the most recent drilling program carried out at Sugarbag Hill was completed by Newcrest Mining in 1992 who were unable to find any high-grade feeder zones in their drilling or mapping.
Work by LGM uncovered coincident induced polarisation (IP) and geochemical targets that were not previously recognised by previous exploration, leading it to believe in the potential for gold mineralisation at depth.
Proof of concept achieved
The first phase diamond drilling program has now wrapped up with two holes totalling 870.7m.
Drilling intercepted veins indicative of a low-sulphidation epithermal style mineral system, supporting the targeting model employed at the project by LGM.
“The visual confirmation of epithermal veins is a great first step,” LGM managing director and CEO Christopher Byrne says.
“We had the approval and budget for additional drill holes but we achieved our intended proof of concept early during this campaign and will await assays before we return for follow up drilling.
“Drilling targeted a large, 2.2km gold trend, which includes a higher tenor 800m long zone with an average of 107.5ppb gold in soil sample,” he says.
“With the drill program complete at Black Range, the team is now mobilised to Bauloora where drilling is commencing.”
Two drill campaigns currently underway
Byrne says it is an exciting time for shareholders as the company progresses with its goal of four discovery focused drill campaigns at four different projects.
“These include Black Range, Bauloora with our earn-partner Newmont, Glenlogan with earn-in partner S2 Resources, and EarthAI at Fontenoy,” he says.
This article was developed in collaboration with Legacy Minerals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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