High-Grade Gold Discovery Confirms Mt Carrington's Exploration Potential
Legacy Minerals (ASX: LGM) has reported significant high-grade gold results from recent exploration at its Mt Carrington Project, validating the untapped potential at the Mascotte prospect while simultaneously launching drilling activities at the Battery prospect in search of copper-gold mineralisation.
High-Grade Gold Results Highlight Untapped Potential at Mascotte
Recent rock chip sampling at the Mascotte prospect has confirmed substantial gold-silver mineralisation along an extensive trend, with standout results including:
- 11.2g/t gold, 42.6g/t silver and 1.2% zinc
- 7.2g/t gold and 26.2g/t silver
- 2.1g/t gold, 222g/t silver and 0.8% copper
These high-grade results are particularly significant as they validate previously unrecognised gold potential at Mascotte. Historical drilling conducted between 1969-1970 focused primarily on silver mineralisation, returning impressive silver intersections including 18.3m at 237g/t silver from 3m (including 9.1m at 394g/t silver). However, these historical holes were never assayed for gold, leaving the gold potential largely untested.
"Our drilling at Mascotte will be testing for both gold and silver mineralisation," said Chris Byrne, Legacy Minerals' CEO. "The historical drilling was limited to only 50m of strike, while our work indicates the mineralised trend extends for approximately 1.3km."
Drilling Commences at Battery Prospect – Testing Porphyry Copper-Gold Targets
Legacy has now commenced drilling at the Battery prospect, targeting potential porphyry copper-gold and related breccia targets originally identified by CRA (now Rio Tinto) in 1992 but never drilled. The Battery target features:
- A 3.4km diameter volcanic centre with potential breccia pipe features
- A distinct magnetic signature indicating an intrusive body
- Recently completed soil sampling showing elevated copper and arsenic anomalism
"Our drilling at the Battery Prospect will be the first follow-up drilling to test the copper targets identified by CRA back in the early 1990s and present a compelling discovery opportunity," commented Mr Byrne.
Mt Carrington: A District-Scale Project with Established Resources
The exploration work is taking place within Legacy's Mt Carrington Project, which already hosts a substantial resource base of 1.2 million ounces of gold equivalent. The project contains:
- 24 million ounces of silver within the overall resource
- Eight deposits across the project area
- Multiple styles of mineralisation, including low-sulphidation epithermal gold-silver and porphyry-related copper-gold targets
Understanding Low Sulphidation Epithermal Systems
Low sulphidation epithermal deposits represent one of the most important sources of gold and silver globally. These mineral systems form in volcanic terrains where hydrothermal fluids transport and deposit precious metals along structures and within permeable rock units at relatively shallow depths (typically less than 1.5km from the surface).
At Mt Carrington, the mineralisation is hosted within the Drake Volcanics, a large caldera complex approximately 20km in diameter. The system exhibits several classic characteristics of low sulphidation epithermal deposits:
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Host Rocks: The mineralisation occurs within andesitic volcanic and volcaniclastic rocks of the Permian Drake Volcanics.
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Alteration Patterns: Extensive zones of silicification and clay alteration surround the mineralised structures, creating recognisable footprints that assist in exploration targeting.
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Mineralogy: The epithermal veins commonly contain gold, silver, zinc, copper and lead minerals, with precious metals often associated with sulphide minerals.
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Structural Controls: Mineralisation typically follows structural corridors that acted as conduits for mineralising fluids.
The economic importance of these systems is significant, as they can form high-grade precious metal deposits that are relatively straightforward to mine, particularly when near surface, as evidenced by historical mining operations at Mt Carrington.
Comprehensive Exploration Strategy
Legacy is implementing a methodical exploration approach across the project, with recent activities including:
- Systematic soil sampling programs (398 samples at Battery and 271 samples at Mascotte)
- Targeted rock chip sampling of outcrops and historical workings
- Interpretation of airborne Mobile-MT geophysical data that identified a significant conductivity lineament at Mascotte
- Integration of historical data with modern exploration techniques
The soil sampling has delineated extensive zones of elevated gold, copper and silver along with other pathfinder elements including antimony, arsenic, mercury, lead, tellurium and zinc – classic signatures of epithermal and porphyry systems.
Legacy's technical team has used the soil geochemistry results to refine drill targets, with particular attention to the margins of mapped breccia zones at the Battery prospect, which show elevated copper and arsenic anomalism typical of porphyry-related systems.
Why This Matters for Investors
Legacy Minerals' focused exploration program at Mt Carrington presents multiple opportunities to expand the project's resource base through:
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Gold Potential at Mascotte: The high-grade gold results suggest potential for a significant gold resource beyond the previously recognised silver mineralisation. Historical drilling was extremely limited in scope, covering only 50m of strike along a trend that extends for approximately 1.3km.
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Undrilled Copper-Gold Target at Battery: The Battery prospect offers a completely undrilled porphyry copper-gold target identified by a major mining company (Rio Tinto). These systems can host large-scale resources suitable for bulk mining operations.
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Parallel Development Path: The current exploration program runs alongside a Scoping Study that aims to evaluate development options for the existing resource base, potentially providing near-term and longer-term value catalysts.
The Legacy Minerals Mount Carrington gold discovery provides a solid foundation, while the exploration upside offers potential for significant resource growth. The project's location in an established mining jurisdiction with existing infrastructure further enhances its development prospects.
With drilling now underway and a pipeline of high-priority targets across the project, Legacy Minerals is positioned to deliver a steady stream of exploration news over the coming months as it works to unlock the full potential of this district-scale project.
Are You Ready to Capitalise on Legacy Minerals' Gold Discovery Potential?
Explore Legacy Minerals' exciting progress at the Mt Carrington Project, featuring high-grade gold discoveries and promising copper-gold drilling targets. With 1.2 million ounces of gold equivalent already established and fresh exploration revealing untapped potential, this ASX-listed company offers compelling investment opportunities. To learn more about Legacy Minerals and their district-scale project with multiple value catalysts, visit www.legacyminerals.com.au today.
