Legacy Minerals Confirms New Gold-Silver Discovery at Mascotte Mt Carrington

Legacy Minerals confirms new gold-silver discovery at Mascotte, defining resource growth pathway at Mt Carrington

Legacy Minerals Holdings Ltd (ASX: LGM) has confirmed a Legacy Minerals new gold-silver discovery at Mascotte Mt Carrington, part of the Mt Carrington Project in northern New South Wales. Final assays from the maiden Mascotte diamond drilling program have reported gold grades up to 9.7 g/t Au, broad mineralised intervals and high-grade base-metal results, all located outside the existing 1.2 million ounce AuEq (115 million ounce AgEq) Mineral Resource.

According to the ASX announcement dated 16 June 2026, the results support interpretation of a coherent epithermal gold-silver system along a 1.3 km strike that remains open along strike and at depth. For Legacy Minerals Holdings Ltd, furthermore, the Mascotte programme provides an additional exploration front within a project that already hosts a sizeable gold-silver resource base.

"The receipt of final assays from our maiden diamond drilling at Mascotte has confirmed what the first hole suggested, which is that we have made a new gold-silver discovery. The implications are significant as these results show a coherent epithermal system extending over the 1.3km Mascotte trend and sitting entirely outside the existing 1.2Moz AuEq (115Moz AgEq) Mineral Resource Estimate at Mt Carrington.

"Because every hole lies outside the current Resource Estimate, these results present a clear opportunity to increase the Mineral Resource estimation," said Christopher Byrne, CEO & Managing Director, Legacy Minerals Holdings Ltd.

What the Mascotte drilling delivered

The Mascotte maiden programme comprised eight diamond drill holes (MSDD001–MSDD008) for 1,840.95 m, testing beneath and along the historic Mascotte line of workings over approximately 1.3 km of strike. All holes intersected zones of sulphide mineralisation hosted in veins and breccias, associated with hematite and sericite/adularia alteration. This mineralisation style is described as consistent with the epithermal deposits already defined 5 km to the north at Mt Carrington.

Headline intercepts reported in the ASX announcement include:

Widths are reported as downhole and true widths are not yet determined.

The drilling results indicate two main mineralised components:

• A gold-dominant epithermal system defined primarily by MSDD001, MSDD002 and MSDD007.
• A spatially associated base-metal and silver breccia corridor, highlighted by MSDD003 and supported by broader, lower-grade mineralisation in MSDD006 and MSDD008.

For investors following Legacy Minerals Holdings Ltd, these outcomes consequently present both gold-focused and polymetallic exploration options within the same prospect footprint.

Understanding the discovery: what is an epithermal system?

The Mascotte results are interpreted as part of a low-sulphidation epithermal (LSE) system. These deposit types are a common focus for gold and silver explorers because they typically form at relatively shallow depths and can host both high-grade veins and broader mineralised zones.

How do epithermal systems form?

Epithermal deposits develop when hot, mineral-rich fluids move through cracks and fractures in the upper crust and then cool near the surface, depositing metals such as gold, silver, lead, zinc and copper. The key characteristics include:

• Formation at shallow depths, usually within 1–2 km of the surface.
• Strong alteration of the host rocks, often involving minerals such as adularia, sericite and hematite.
• Veins and breccias that can concentrate metals into mineable zones.

At Mascotte, Legacy Minerals Holdings Ltd reports:

• Fine-grained sulphide mineralisation in veins and breccias.
• Hematite and sericite/adularia alteration similar to that mapped at Mt Carrington's Strauss, Kylo and other deposits.
• Association with a Mobile-MT (electromagnetic) conductivity lineament interpreted as a major fluid pathway.

These features support the interpretation of a low-sulphidation epithermal gold-silver system, consistent with the broader Mt Carrington caldera setting.

Quick glossary

For non-specialist readers, the key point is that the style of mineralisation observed at Mascotte aligns with a well-understood and globally important gold-silver deposit type.

Discovery sits outside the current Mt Carrington Mineral Resource

A central feature of the Mascotte results from an investment perspective is their location relative to the existing Mt Carrington Mineral Resource. The announcement confirms that:

• All eight Mascotte holes are located outside the current Mt Carrington Mineral Resource.
• The current project Mineral Resource is reported as 1.2 Moz AuEq (gold equivalent) or 115 Moz AgEq (silver equivalent).
• The Mascotte trend extends for 1.3 km and remains open to the northeast, southwest and at depth.

"Every Mascotte drill hole reported by Legacy Minerals Holdings Ltd is positioned outside the boundary of the Mt Carrington 1.2 Moz AuEq (115 Moz AgEq) Mineral Resource, indicating that any future resource defined at Mascotte would represent additional ounces rather than reclassified material."

Context within the Mt Carrington project

The Mt Carrington Project lies within a ~150 km² caldera hosted by the Drake Volcanics, a volcanic sequence that has already produced multiple gold-silver deposits. According to previous ASX releases referenced in the 16 June 2026 announcement, the area hosts:

• Multiple low-sulphidation epithermal vein systems.
• Gold-dominant deposits (such as Strauss and Kylo).
• Silver-dominant deposits (such as Lady Hampden and Silver King).

Mascotte adds a further mineralised trend approximately along strike from known workings, but with new drilling-supported gold mineralisation at depth and adjacent high-grade silver and base-metal zones. For Legacy Minerals Holdings Ltd, this configuration consequently provides a defined pathway to potential resource growth within an established mineral camp.

Polymetallic dimension: base metals and silver at Mascotte

Although gold is the primary focus, Mascotte has also delivered meaningful base-metal and silver results. The most notable intercept is from MSDD003, which intersected:

• 2 m at 9.4% Pb, 4.7% Zn and 22.8 g/t Ag from 180 m, including:
  • 1 m at 18.7% Pb, 8.7% Zn and 43 g/t Ag.

These grades are consistent with a high-grade galena-sphalerite breccia (galena is a lead sulphide mineral, sphalerite is a zinc sulphide mineral). The core photographs referenced in the announcement show semi-massive sulphide textures along strike of the gold breccia zone.

Other holes also recorded base-metal mineralisation. For instance, MSDD006 and MSDD008 intersected broader, lower-grade zinc-lead-silver zones, whilst MSDD008 reported 6 m at 0.8% Zn, extending the mineralised footprint to the west and south of the main trend.

Historical drilling at Mascotte had already indicated strong silver values near surface, with a best historical intersection of 18.3 m at 237 g/t Ag, including 9.1 m at 394 g/t Ag from 3 m (PDMS005A, as referenced in earlier ASX releases).

Taken together, the current and historical data suggest:

• A gold-bearing system at depth, as defined by the new drilling.
• Silver-rich, polymetallic structures adjacent to the gold zones.
• Multi-commodity potential consistent with the wider Mt Carrington area, which hosts gold, silver, copper, lead and zinc.

From an investment standpoint, this polymetallic aspect may provide potential future flexibility around project configuration, subject to further drilling, metallurgical testwork and economic analysis.

Next steps: work programme and upcoming catalysts

The 16 June 2026 announcement outlines several planned activities following completion of the Mascotte maiden campaign and receipt of all assays.

Planned work at Mascotte

Legacy Minerals Holdings Ltd reports that it will:

1. Integrate datasets — Combine geological logging, assay data, surface geochemistry and geophysical information to refine the mineralisation model.

2. Conduct ground geophysics — Undertake targeted geophysical surveys over the Mascotte trend to help identify zones of higher-grade gold and base-metal/silver mineralisation at depth and along strike.

3. Plan follow-up drilling — Design a follow-up drilling programme aimed at testing along-strike extensions to the northeast and southwest, depth extensions beneath current intercepts, and further defining the high-grade base-metal and silver breccia zones.

Parallel activity at Emu and across Mt Carrington

In addition to Mascotte, the company advises that drilling preparations are underway at the Emu Prospect, where the target is copper-gold mineralisation near the largest historical copper-producing mine in the Mt Carrington district. Approvals and site preparation are also continuing across the broader Mt Carrington, White Rock and Emu prospects.

For investors, the combination of follow-up work at Mascotte and new drilling at Emu indicates that Legacy Minerals Holdings Ltd is positioned to generate further exploration newsflow across multiple prospects.

Investment context: why Mascotte matters for Legacy Minerals Holdings Ltd

From an investment viewpoint, the Mascotte update contributes several elements to the Legacy Minerals Holdings Ltd story.

1. Potential for resource growth — All Mascotte holes are outside the existing 1.2 Moz AuEq (115 Moz AgEq) Mineral Resource. Any future Mineral Resource Estimate (MRE) at Mascotte, if achieved, would be additive to the current Mt Carrington inventory, subject to further drilling and evaluation.

2. Scale of the mineralised system — A coherent gold-silver system has been confirmed over 1.3 km of strike. The mineralisation remains open along strike and at depth, indicating that the present drilling has only tested a portion of the prospective trend.

3. Multi-commodity optionality — The coexistence of gold, silver, lead and zinc at Mascotte mirrors the broader Mt Carrington polymetallic character, potentially giving Legacy Minerals Holdings Ltd flexibility in future development concepts if subsequent studies support economic extraction of multiple metals.

4. Geological alignment with known deposits — The mineralisation style and alteration at Mascotte are described as consistent with the epithermal deposits already drilled and modelled at Mt Carrington, which can assist in targeting as the company leverages existing geological understanding.

5. Broader project portfolio in NSW — Beyond Mt Carrington, Legacy Minerals Holdings Ltd holds additional gold, copper, nickel-cobalt and polymetallic assets in New South Wales, including Bauloora, Rockley, Cobar, Black Range and others. The company states that it is focused on discovery drilling and development of Mt Carrington, whilst also progressing opportunities across this wider portfolio.

Why investors may continue to monitor Legacy Minerals

According to the latest ASX announcement, Legacy Minerals Holdings Ltd is in an active exploration phase. The Legacy Minerals new gold-silver discovery at Mascotte Mt Carrington has delivered high-grade gold up to 9.7 g/t Au alongside broad mineralised intervals, a distinct lead-zinc-silver breccia adjacent to the gold mineralisation, and a mineralised trend that remains open along strike and at depth.

For informed retail investors and industry participants, the key considerations include:

• How future Mascotte drilling impacts the potential to expand the Mt Carrington Mineral Resource.
• The extent to which polymetallic mineralisation can be defined and, in time, evaluated from a processing and economic perspective.
• The pace and results of the parallel copper-gold programme at Emu and other prospects within the Legacy Minerals Holdings Ltd portfolio.

"Legacy Minerals Holdings Ltd has reported that its Mascotte maiden drilling programme at Mt Carrington has confirmed a new gold-silver epithermal system outside the current 1.2 Moz AuEq (115 Moz AgEq) Mineral Resource. With a 1.3 km mineralised trend still open in multiple directions, high-grade gold up to 9.7 g/t Au and a separate lead-zinc-silver breccia corridor, Mascotte provides a defined path for potential resource growth and multi-commodity exploration alongside ongoing copper-gold drilling at the Emu Prospect."

Want to Learn More About Legacy Minerals and the Mt Carrington Project?

Legacy Minerals Holdings Ltd (ASX: LGM) has confirmed a new gold-silver discovery at Mascotte that sits entirely outside its existing 1.2 Moz AuEq Mineral Resource — with a 1.3 km mineralised trend still open along strike and at depth, high-grade gold up to 9.7 g/t Au, and a distinct lead-zinc-silver breccia corridor adding polymetallic optionality. With follow-up drilling at Mascotte and copper-gold preparations underway at the Emu Prospect, Legacy Minerals is entering an active period of exploration newsflow across its NSW portfolio. Investors looking to understand the full scope of the Mt Carrington Project and Legacy Minerals' broader asset base can visit www.legacyminerals.com.au for the latest updates and company information.