Legacy Minerals Kicks Off Critical Metallurgical Study at Mt Carrington Gold Project
Ausenco Engaged to Unlock Full Potential of 1.2Moz Gold-Equivalent Resource
Legacy Minerals (ASX: LGM) has taken a significant step forward at its Mt Carrington Project, engaging global engineering leader Ausenco to complete a Metallurgical Bridging Study that will inform processing options for the company's promising polymetallic gold-silver deposit.
This metallurgical work represents a crucial advancement for Legacy, as it will feed directly into the upcoming Stage 2 Scoping Study scheduled for completion in Q4 2025. The comprehensive assessment will evaluate the project's full 1.2 million ounce gold-equivalent resource—a substantial increase from the 0.2Moz considered in the initial study.
CEO Christopher Byrne emphasized the strategic importance of this development: "We are optimistic about the upside potential that an optimised processing pathway may show, especially since the Stage 2 Scoping Study will assess the full 1.2Moz of gold-equivalent resources, approximately 1Moz more than included in the Stage 1 Scoping Study."
Stage 1 Results Demonstrate Robust Economics
The Stage 1 Scoping Study completed in Q2 2025 delivered impressive economic metrics that highlight the project's potential:
| Financial Metric | Value |
|---|---|
| NPV8 | A$388 million |
| IRR | 141% |
| Free Cash Flow | A$405 million |
| Total Gold Production | 172,600oz Au |
| Mine Life | 5.5 Years |
| All-in-Sustaining Cost | A$1,726/oz |
These figures, based on an A$5,000/oz gold price assumption, represent just a fraction of the project's full potential. The completed study only assessed approximately 17% of the total resource, suggesting significant upside as additional ounces are brought into development planning.
Mt Carrington: A Multi-Metal Deposit with Extensive Infrastructure
The Mt Carrington Project encompasses three granted exploration licenses covering 390km² and an Assessment Lease Application over the main resource area. The deposit hosts a diverse range of metals including:
- 653,000 ounces of gold
- 24.3 million ounces of silver
- 147,000 tonnes of zinc
- 20,000 tonnes of copper
- 33,000 tonnes of lead
A key advantage of the project is its established infrastructure, including a tailings dam, grid easements, a 550ML water source, site office, accommodation, core shed, and processing facilities. This existing infrastructure significantly reduces capital requirements and development timelines.
Understanding Epithermal Gold Systems
Epithermal gold deposits like Mt Carrington form relatively near the Earth's surface in volcanic environments. These systems typically develop when hydrothermal fluids, heated by magmatic activity, rise through fractured rock and deposit minerals as temperatures and pressures decrease.
Mt Carrington exhibits characteristics of intermediate to low-sulphidation epithermal systems with intrusion-related porphyry-copper elements. These geological settings can host significant precious metal deposits, with the advantage that mineralization often occurs at shallow depths, making them more economical to mine.
For investors, epithermal deposits typically offer:
- Relatively shallow mineralization requiring less capital-intensive mining
- Potential for high-grade bonanza zones
- Often amenable to conventional processing methods
- Possibility of multiple mineralized zones within a single deposit
Accelerated Development Timeline and Exploration Upside
Legacy is advancing the Mt Carrington Project on multiple fronts, with four key work programs underway:
- Discovery drilling targeting new epithermal-porphyry discoveries within the Drake Caldera
- Resource extension assessment testing brownfield targets at depth and along strike
- Resource confidence upgrades through confirmation and infill drilling
- Metallurgical and engineering studies to optimize development plans
Previous exploration has delivered exceptional results that highlight the project's potential, including:
- 118m at 1.71g/t Au, 6.9g/t Ag, and 1.12% Zn from just 2m depth
- 18.9m at 5.8% Cu from 58m and 10.1m at 7.26% Cu from 88m
These high-grade intercepts demonstrate the quality of mineralization present and suggest significant exploration upside remains to be unlocked across the project area.
Why Investors Should Take Note of Legacy Minerals
Legacy Minerals presents a compelling investment case based on several key factors:
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Resource Scale with Growth Potential: The current 1.2Moz AuEq resource provides a substantial foundation, with significant exploration upside across a large 150km² caldera system.
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Robust Economics: The Stage 1 Scoping Study demonstrated exceptional returns with an IRR of 141% and NPV8 of A$388 million—and this represents just a fraction of the total resource.
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Infrastructure Advantage: Existing site infrastructure significantly reduces capital requirements and shortens the path to production.
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Multi-Metal Exposure: The polymetallic nature of the deposit provides exposure to gold, silver, zinc and copper, offering natural diversification against metal price fluctuations.
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Clear Development Path: With metallurgical studies underway and a Stage 2 Scoping Study targeted for Q4 2025, investors can expect consistent news flow and project advancement.
The company's engagement of Ausenco—a globally recognized leader in mining project development—demonstrates management's commitment to applying industry best practices in advancing Mt Carrington toward production.
As global precious metal markets continue to strengthen, Legacy's well-timed advancement of the Mt Carrington Project positions the company to capitalize on favorable market conditions while building substantial long-term value for shareholders.
Ready to Capitalise on Mt Carrington's Full 1.2Moz Potential?
Discover why Legacy Minerals' advanced metallurgical studies could unlock significant shareholder value beyond the already impressive Stage 1 economics. With robust infrastructure in place, multiple precious and base metals exposure, and a clear development pathway supported by industry leader Ausenco, LGM presents a compelling opportunity for investors seeking exposure to advanced Australian gold projects. For comprehensive information about Legacy Minerals and the Mt Carrington Project, visit their website today.
