Legacy Minerals Uncovers Significant Gold-Copper Targets at Drake Project
Advanced Airborne Survey Reveals Extensive Untapped Potential
Legacy Minerals (ASX: LGM) has announced groundbreaking results from the first systematic geophysical survey conducted at its Drake Project in 16 years, uncovering significant legacy minerals gold copper targets that could substantially expand the project's resource potential.
The recently completed Airborne Magneto Tellurics (Airborne MT) survey covered 298km² and has revealed extensive untested strike length potential at the Mt. Carrington, White Rock, and Red Rock systems, extending several kilometres beyond known deposits.
New Technology Uncovers Hidden Potential
The advanced Airborne MT survey provides electrical resistivity imaging to depths greater than 1km, offering crucial insights into geological structures related to copper-gold-silver mineralisation without any ground disturbance.
Most significantly, the survey has identified a strong correlation between known mineral deposits and conductive bodies, highlighting immediate extension potential below the existing shallow mineral resource estimates, which currently total 0.8Moz gold equivalent plus 35Moz silver equivalent.
"This is an exceptional set of geophysical data that demonstrates the extensive prospectivity of the Drake Project," said Christopher Byrne, Legacy Minerals CEO & Managing Director. "The modelled results from the MobileMT survey reveal a series of epithermal and potentially porphyry mineral targets located in both previously underexplored areas and adjacent to existing deposits within our exploration licenses."
Eight High-Priority Target Areas Identified
The company has identified eight priority target areas that could deliver significant brownfield and greenfield discovery opportunities:
| Target Area | Description | Potential |
|---|---|---|
| Battery Breccia | Historical anomalous quartz and limonite staining | Epithermal-porphyry style mineralisation |
| Emu Target | Contains the Emu Creek copper mine (operated 1966-1971) | Increased conductivity west of previous exploration focus |
| Red Rock Extensions | 2.4km² target associated with 232koz Au Eq resource | Conductive signature extending to over 1.5km depth |
| Gladstone | 2.7km² conductivity anomaly extending over 1.5km depth | Potential source for Gladstone and All Nations copper-gold trends |
| Silver King North | 1.4km long silver-dominant trend | Extends 1.5km north of previous drilling |
| White Rock Extensions | 9km² target associated with 18Moz Ag Eq resource | Conductive signature at depth extending over 1.5km |
| Adeline Area | Historical workings along strike of Mt Carrington | Depth and strike extensive elevated conductivity |
| Mascotte Area | Adjacent to 1.2km² zone of mapped silica alteration | Associated with 2.5km strike length of Mascotte workings |
World-Class Geological Setting
The Drake Project sits within the highly prospective New England Fold Belt, one of several epithermal gold, silver, and base metal districts along Australia's east coast. The project has similar geological characteristics to other major epithermal-porphyry deposits, including the Porgera deposit and Kainantu deposit (18Moz AuEq) in Papua New Guinea.
Historical drilling at Drake has demonstrated significant grade potential, including exceptional intercepts such as:
- 12.82m at 48g/t Au and 2,589g/t Ag from 16m
- 118m at 1.71g/t Au, 6.9g/t Ag, and 1.12% Zn from 2m
- 18.9m at 5.8% Cu from 58m and 10.1m at 7.26% Cu from 88m
Understanding Airborne MT Technology
Airborne Magneto Tellurics (Airborne MT) represents a significant advancement in mineral exploration technology. This non-invasive geophysical method measures natural variations in the Earth's electromagnetic field to map subsurface resistivity structures, helping identify potential mineralised zones.
Unlike traditional ground-based surveys, Airborne MT can rapidly cover large areas and provide deep penetration (over 1km) without any environmental impact. The technology is particularly effective at identifying conductive bodies associated with sulfide mineralisation and alteration zones common in epithermal and porphyry copper-gold systems.
The system used at Drake—Expert Geophysics' proprietary MobileMT system—represents the latest generation of airborne electromagnetic technologies, offering greater depth range and resolution than previous systems.
Strong Economic Potential Already Demonstrated
The Drake Project's existing resources have already shown robust economic potential. A 2025 Scoping Study evaluated developing 209.5koz at the Mt Carrington Group and demonstrated potential to produce approximately 31,400oz of gold per annum for a total of 172,600 ounces over an initial 5.5-year production period.
The study indicated an attractive all-in sustaining cost (AISC) of approximately A$1,726/oz, with projected free cash flows averaging A$52.8 million pre-tax per annum during the first five years of operation, an IRR of 112% and an NPV of approximately A$290.4 million.
Next Steps
Based on the Airborne MT results and historical data, Legacy Minerals is advancing its exploration strategy for both resource expansion and new discoveries. The company has commenced systematic soil sampling across high-priority areas to be analysed for a comprehensive suite of elements in preparation for drill testing.
Ongoing interpretation of the Airborne MT results will help inform the identification of drill targets aimed at extending current resources and delivering greenfield discovery opportunities.
Why Investors Should Follow Legacy Minerals
Legacy Minerals presents a compelling investment opportunity with several key advantages:
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Established Resource Base: The Drake Project already boasts substantial resources of 0.8Moz Gold-Equivalent and 35Moz Silver-Equivalent, providing a solid foundation.
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Significant Expansion Potential: The new Airborne MT survey has identified multiple untested target areas that could substantially increase the resource base.
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Advanced Infrastructure: The project encompasses substantial existing infrastructure, including a tailings dam, grid easements, a 550ML water source, site office, accommodation, and processing facilities.
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Proven Economic Potential: The 2025 Scoping Study demonstrated robust economics with an IRR of 112% and NPV of A$290.4 million.
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Strategic Mineral Focus: The project contains gold, silver, and copper—metals essential for both traditional investment purposes and the ongoing global transition to renewable energy.
With an experienced management team, substantial existing resources, and newly identified high-potential legacy minerals gold copper targets, Legacy Minerals is well-positioned to deliver significant value as it advances the Drake Project toward development and new discoveries.
Ready to Explore Legacy Minerals' Gold-Copper Discovery Potential?
For investors looking to capitalise on Legacy Minerals' significant findings at the Drake Project, including the newly identified gold-copper targets and robust economic potential demonstrated by the advanced Airborne MT survey, visit www.legacyminerals.com.au today. Discover how Legacy's 0.8Moz gold equivalent resource base and eight high-priority target areas could deliver substantial shareholder value in this promising ASX-listed opportunity.
