Legacy Minerals Holdings Ltd
- ASX Code: LGM
- Market Cap: $25,014,404
Legacy Minerals Uncovers Large, Untested Gold-Silver Target at Mt Carrington, Drills Already Turning
Legacy Minerals Holdings (ASX: LGM) has reported results from a ground-based induced polarisation (IP) geophysical survey at the Mascotte Prospect, part of its Mt Carrington Project in northern New South Wales. The Legacy Minerals Mt Carrington Mascotte gold silver target drilling underway announcement confirms the survey has defined multiple large chargeability anomalies, with the strongest exceeding 30 mV/V, positioned alongside known gold-silver mineralisation yet never previously drill tested.
Drilling is already underway to test these targets, marking what the company describes as a priority step in its current exploration program at a project that already hosts a 1.6 million ounce gold-equivalent Mineral Resource.
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What the Survey Found: Strong Signals in Untested Ground
The IP survey at Mascotte was completed by Fender Geophysics, with data processing and 2D and 3D inversion modelling carried out by Mitre Geophysics. The survey used two complementary configurations, Gradient Array IP (GAIP) and Dipole-Dipole IP (DDIP), providing what the company described as a consistent picture of the subsurface geology.
According to the report, key findings from the survey include:
- A northeast-trending resistive corridor of approximately 2,000 Ωm runs through the centre of the survey area, with the historic Mascotte mine located on its southern edge
- Several strong chargeability anomalies flank this resistive corridor, interpreted by the company to reflect sulphide-bearing structures or breccias along its margins
- Two primary DDIP chargeability zones were modelled from the data
| Zone | Chargeability amplitude | Depth of core | Status |
|---|---|---|---|
| Northern Zone (centred ~21200N) | >30 mV/V | ~100-120 m | Open to northeast and southwest |
| Southern Zone (~20900N) | up to 30 mV/V | ~60-80 m | Open to northeast and southwest |
Three-dimensional inversion of the DDIP lines is reported to confirm continuity of both chargeability zones between survey lines. The anomalies define a 300-metre strike length that remains open in both directions. Furthermore, comparison against all previous drilling at Mascotte indicates that none of the chargeability highs identified in this survey have been drill tested.
The "Blind Target" Advantage — and Why This Discovery Method Matters
"These are the kinds of untested targets that can lead to the next major discovery at Mt Carrington, and all are outside the existing 1.6 Moz gold-equivalent Mineral Resource. Drilling is already underway, and testing these targets is a priority in the current program."
— Christopher Byrne, CEO and Managing Director, Legacy Minerals
What Does "Blind Target" Mean for Investors?
A blind target refers to a zone of potential mineralisation buried beneath the surface with no visible expression at ground level. There are no outcrops, no anomalous rock chips, and no surface staining to signal its presence. This explains why these anomalies have remained untested for so long — they are effectively invisible to traditional exploration methods such as rock chip sampling or soil geochemistry.
Identifying them requires geophysical techniques like induced polarisation, which can detect the electrical signature of sulphide minerals at depth, followed by drilling to test whether those signals correspond to actual mineralisation.
Why Does This Matter?
The blind nature of these targets adds considerably to their exploration significance. Ground at Mascotte has previously been subjected to surface sampling programs, yet these anomalies were not detected by those methods. This suggests the targets represent genuinely new exploration ground that has not been directly tested by the historical drilling conducted at the project.
Sitting Alongside Known Gold-Silver Mineralisation
The new chargeability targets are not isolated occurrences. According to the announcement, they sit directly alongside and extend beyond known Mascotte gold-silver mineralisation that LGM's own drilling has previously confirmed. Earlier drilling at Mascotte returned intercepts including the following.
| Drill hole | Intercept | Grade detail | Includes |
|---|---|---|---|
| MSDD001 | 40 m from 151 m | 1.0 g/t Au | 9 m @ 2.7 g/t Au |
| MSDD002 | 57 m from 81 m (uncut) | 0.3 g/t Au | 8 m @ 1.3 g/t Au from 129 m |
The spatial relationship between these previously reported mineralised intercepts and the newly defined chargeability targets is said to strengthen the geological rationale for further drilling. Consequently, the IP anomalies appear to extend the known system both along strike and at depth, into territory that has not yet been tested by drill holes.
Glossary: Key Technical Terms Explained
For investors less familiar with geophysical exploration terminology, the following definitions provide context for interpreting this announcement.
Induced Polarisation (IP): A geophysical technique used to detect sulphide minerals underground. When an electrical current is applied to the ground, sulphide minerals — which often accompany gold and silver — store and slowly release that charge. This property is called chargeability. IP surveys measure this response to help identify potential mineralised zones ahead of drilling.
Chargeability (mV/V): A unit expressing how strongly a rock formation stores an electrical charge. Higher chargeability values generally point to a higher concentration of sulphide minerals. Anomalies exceeding 30 mV/V are considered high-priority targets in this survey.
Resistivity (Ωm): A measure of how strongly a rock formation resists electrical current. The high-resistivity corridor of approximately 2,000 Ωm identified at Mascotte may reflect silicification, a feature commonly associated with epithermal gold systems.
GAIP (Gradient Array IP): A broad survey configuration used to map the general distribution of chargeability and resistivity across a large area in an efficient manner.
DDIP (Dipole-Dipole IP): A more detailed survey configuration that provides better depth resolution, used to model the geometry of anomalies first identified through GAIP.
2D/3D Inversion Modelling: A mathematical process that converts raw geophysical measurements into a visual model of the subsurface, showing where anomalies are located and how they connect in three dimensions.
Blind Target: A zone of potential mineralisation with no surface expression, detectable only through geophysical methods followed by drilling.
What Happens Next: Drilling Is Already Underway
Legacy Minerals has not waited to begin testing these targets. According to the announcement, drilling is currently underway at Mascotte as part of the company's approved drill campaign, with the newly defined chargeability zones identified as priority targets within that program.
Planned next steps outlined in the report include:
- Drilling the strongest chargeability zones, specifically the northern zone (>30 mV/V, approximately 100-120 m depth) and the southern zone (up to 30 mV/V, approximately 60-80 m depth)
- Testing for sulphide-related and hosted gold-silver mineralisation within and around the chargeability anomalies
- Extending known Mascotte mineralisation along strike and at depth beyond current limits
- Ongoing geological interpretation and target refinement to inform final drill collar positioning
Because drilling is already in progress rather than being scheduled for a future campaign, assay results and further drill updates could be reported by the company in the coming period.
The Investment Case: Why Mt Carrington Deserves Attention
Mt Carrington is not a project starting from zero. It is an established asset with a defined resource base and a geological setting the company has compared with other Pacific Rim epithermal systems. The Mascotte survey results, furthermore, add a further dimension to the project's overall exploration profile.
Key considerations for investors following this announcement include:
- Established resource base: Mt Carrington already hosts a 1.6 million ounce gold-equivalent Mineral Resource, a foundation from which LGM continues to explore for additional ounces
- Targets are additive: All newly defined Mascotte chargeability targets sit outside the existing Mineral Resource, meaning any discovery here would be incremental to the current resource base
- Consistent geophysical data: The survey delivered results that were internally consistent across two independent IP configurations, GAIP and DDIP, with 3D inversion confirming target continuity between lines
- Proximity to known mineralisation: The chargeability targets extend from drill-confirmed gold-silver intercepts, providing a geological basis for follow-up drilling
- Blind targets represent new ground: Because these targets cannot be identified through surface sampling, they represent exploration ground not directly tested by historical work at the project
- Drill-ready now: With drilling already underway, the time between target identification and testing has been minimal
- Diversified project portfolio: Beyond Mt Carrington, LGM holds a broader portfolio of New South Wales exploration assets spanning gold, silver, copper, nickel and cobalt
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Why Investors Should Keep Watching Legacy Minerals
Legacy Minerals has built a staged exploration narrative at Mt Carrington, growing the resource to 1.6 Moz gold-equivalent, reporting a greenfields gold discovery at Mascotte earlier in the 2025–2026 drilling program, and now defining a further set of high-priority IP targets that have not previously been drill tested.
The Mascotte IP survey results reflect the type of target generation work that typically precedes further drill testing. Strong, well-defined, geophysically consistent anomalies positioned alongside known mineralisation — yet undrilled — are the conditions exploration geologists look to establish before committing to a program. LGM has reported those conditions at Mascotte and confirmed that the Legacy Minerals Mt Carrington Mascotte gold silver target drilling underway campaign is currently active.
Key Takeaway: Legacy Minerals has identified multiple large, untested gold-silver targets at the Mascotte Prospect through IP geophysics, with anomaly strengths exceeding 30 mV/V positioned alongside previously confirmed mineralisation but not yet drill tested. With drilling underway and all targets sitting outside the existing 1.6 Moz gold-equivalent Mineral Resource, investors may wish to monitor for drill results in the period ahead.
Want to Know More About Legacy Minerals and the Mt Carrington Project?
With drilling already underway at the Mascotte Prospect and multiple high-priority, previously untested gold-silver targets now defined, Legacy Minerals (ASX: LGM) is at an active and pivotal stage of its exploration program. To learn more about the company, its 1.6 million ounce gold-equivalent resource base, and the broader Mt Carrington Project, visit www.legacyminerals.com.au and stay informed as drill results from this campaign come to light.
