{"id":4978,"date":"2024-01-28T23:39:43","date_gmt":"2024-01-28T23:39:43","guid":{"rendered":"https:\/\/economicherald.net\/?p=4978"},"modified":"2024-01-28T23:39:43","modified_gmt":"2024-01-28T23:39:43","slug":"legacy-minerals-set-for-6m-boost-after-farming-out-its-glenlogan-copper-gold-project-to-s2-resources","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=4978","title":{"rendered":"Legacy Minerals set for $6m boost after farming out its Glenlogan copper-gold project to S2 Resources"},"content":{"rendered":"

S2 will spend $6m over five years for a 70% interest in Glenlogan
\nGlenlogan is hosted in the mineral-rich Lachlan Fold belt, which is known for its large copper-gold deposits including Newmont\u2019s Cadia Valley
\nLegacy has the option to be fully funded through to production by S2<\/p>\n

\u00a0<\/p>\n

Special Report<\/em><\/strong>: Legacy Minerals has agreed to a $6m deal with S2 Resources to farm out its highly prospective Glenlogan copper gold project in NSW\u2019s mineral-rich Lachlan Fold belt, where porphyry deposits can turn in to massive low-opex mining operations.<\/strong><\/p>\n

Glenlogan is less than 55km from the giant Cadia Valley porphyry complex and it presents an exceptional opportunity to discover a major porphyry deposit in a region of NSW known for hosting Tier 1 porphyry copper-gold systems, such as the ~50Moz, 10Mt Cadia East deposit established in 1994.<\/p>\n

Last explored by Rio Tinto (ASX:RIO) in 1996, Glenloganwas not drill testedand historical data captured from that period shows the potential of a buried, Cadia-style, copper-gold porphyry target that may be amenable to bulk mining techniques.<\/p>\n

Currently owned by Legacy Minerals (ASX:LGM)<\/strong><\/a>, the tenement have now sparked the interest and attention of S2 Resources (ASX:S2R)<\/strong><\/a>, led by Mark Bennett who oversaw Sirius Resources from its inception to its $1.8b merger with Independence Group (ASX:IGO)<\/strong><\/a>,<\/strong> and is also backed by mining boffin Mark Creasy.<\/p>\n

Regional setting of the Glenlogan project. Pic: Supplied (LGM)<\/p>\n

\u00a0<\/p>\n

Farm in options<\/strong><\/h2>\n

As part of the JV agreement, S2 can spend $6m over five years to earn a 70% interest in Glenlogan across two stages:<\/p>\n

Stage 1 \u2013 $2m over two years to earn a 51% interest
\nStage 2 \u2013 $4m over three years to earn a further 19% interest<\/p>\n

S2 must complete a minimum 1,200m diamond drilling in Stage 1 and issue LGM with 1,000,000 ordinary shares on signing.<\/p>\n

At the decision to progress towards mining, LGM can leverage an option of contributing at its 30% interest or convert to a 20% loan-carried interest to be repaid through production revenue.<\/p>\n

In a further boost for LGM, 20% ownership of a mine means it is fully financed to production with no need for a dilutive capital raising.<\/p>\n

\u00a0<\/p>\n

Partnership for growth<\/strong><\/h2>\n

LGM managing director Christopher Byrne says the JV with S2 provides a clear pathway to development, with the loan financing option allowing shareholders to be carried from discovery through to commercial production without the need to raise capital for the project.<\/p>\n

\u201cS2 is a high-quality exploration company with an exceptional track record of delivering value through mineral discovery,\u201d Byrne says.<\/p>\n

\u201cWe have recognised that a large amount of deep drilling will be required to explore this exciting project and it is appropriate that a well-funded partner with excellent credentials is brought in to help fund this type of exploration.<\/p>\n

\u201cThis is a Tier 1 target near the Tier-1 Cadia Valley operation, and the company is extremely excited to see the results of the drilling.\u201d<\/p>\n

With the successful completion of the recent placement and cap raise, as well as its two projects funded through to production at Glenlogan (S2) and Bauloora (Newmont ASX:NEM) LGM can shift its focus on near-term discovery opportunities at the Black Range and Drake projects.<\/p>\n

\u00a0<\/p>\n\n

\ufeff<\/span>\u00a0<\/p>\n

This article was developed in collaboration with Legacy Minerals, a Stockhead advertiser at the time of publishing.<\/em><\/p>\n

\u00a0<\/p>\n

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n

<\/span><\/p>\n

The post Legacy Minerals set for $6m boost after farming out its Glenlogan copper-gold project to S2 Resources<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

S2 will spend $6m over five years for a 70% interest in Glenlogan Glenlogan is hosted in the mineral-rich Lachlan Fold belt, which is known [more…]<\/a><\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-4978","post","type-post","status-publish","format-standard","hentry","category-finance"],"yoast_head":"\nLegacy Minerals set for $6m boost after farming out its Glenlogan copper-gold project to S2 Resources - Economic Herald<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/economicherald.net\/?p=4978\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Legacy Minerals set for $6m boost after farming out its Glenlogan copper-gold project to S2 Resources - 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