Legacy Minerals Secures Mt Carrington Drilling Approvals for Gold-Copper Exploration

Legacy Minerals Secures Drilling Approval for Mt Carrington Gold-Copper Project

Legacy Minerals Holdings Limited (ASX: LGM) has received drilling approvals from the NSW Government and completed an advanced geophysical review that has identified significant new targets at its Mt Carrington Project.

Drilling Approvals Unlock High-Grade Potential

The company has secured approvals for up to nine holes and 4,500m of diamond drilling at the Battery Prospect, a promising gold and copper target within the broader Mt Carrington Project. This new drilling campaign will build upon the project's extensive historical database, which includes over 3,000 drill holes and 100,000m of previous drilling.

Historical drilling at Mt Carrington has delivered exceptional high-grade intercepts, including:

• 12.82m at 48g/t Au and 2,589g/t Ag from 16m
• 18.9m at 5.8% Cu from 58m and 10.1m at 7.26% Cu from 88m
• 118m at 1.71g/t Au, 6.9g/t Ag, and 1.12% Zn from 2m

The approved drilling forms part of Legacy Minerals' first phase exploration plan, which includes testing the Battery, Mascotte, and Emu Prospects in the coming months, with additional drilling planned at Red Rock, Kylo, Strass, and White Rock pending cultural heritage clearances.

Advanced Geophysical Review Reveals New Targets

A detailed Airborne MT (Mobile MT) data review has been completed, identifying compelling new targets across the project area. The review was conducted by an expert familiar with the MT survey data used by K92 Mining Inc. on their world-class Kainantu Mine in Papua New Guinea, which hosts over 18 million ounces of gold equivalent resources.

The geophysical review revealed several significant features:

1. Mt Carrington Porphyry Halo: A 10km strike length conductivity zone that's part of a major deep-set structure
2. Emu Creek Intrusive Complex: A 2.5km diameter VLF conductivity anomaly with a high conductivity halo
3. Battery Creek: A distinct magnetic intrusive associated with the Lunatic Field Porphyry high resistivity core
4. Red Rock Intrusive: A conductivity anomaly with depth extent
5. Mascotte Lineament: A near-surface conductivity anomaly and district conductivity lineament
6. White Rock Porphyry Halo: A 4.5km x 1.7km conductivity anomaly below 400m depth

Additionally, the reprocessing of historical geophysical data highlighted significant opportunities for near-mine discoveries, with chargeability features extending to depth below known mineralisation.

Understanding the Caldera Setting

The Mt Carrington Project sits within a large-scale caldera structure measuring approximately 20km in diameter. This setting shares geological similarities with other major Pacific Rim low-sulphidation epithermal deposits, including the Porgera Goldfield and Kainantu deposit.

The project is hosted within the Drake Volcanics, a northwest-trending 60km x 10km Permian bimodal volcano-sedimentary sequence within the highly prospective New England Fold Belt (NEFB). This belt hosts several major mines and deposits, including Hillgrove (1.7Moz AuEq), Cracow (2.5Moz Au), Mt Carlton (1.2Moz Au, 12Moz Ag), Mt Rawdon (2.5Moz Au), and Mt Morgan (8Moz Au).

Substantial Existing Resource Base

The Mt Carrington Project already contains combined resources of 34Mt holding 1.2 million ounces of gold equivalent. This includes:

• 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 2025 Scoping Study demonstrated the project's potential to produce approximately 31,400oz of gold annually for a total of 172,600 ounces over an initial 5.5-year production period, with an all-in sustaining cost of A$1,726/oz.

Well-Funded Exploration Program

The exploration program is fully funded following a successful $7.75 million capital raise that received strong investor support. This reflects confidence in the company's asset portfolio and exploration strategy.

"We are pleased to announce the commencement of the next phase of exploration at the Mt Carrington Project, with several significant milestones being achieved. This work further highlights the prospectivity of the Project, demonstrated through the 1.2 million ounces of gold-equivalent resources on the Project, of which almost half of the resource is critical minerals, and the 3,000-plus mine workings across the Project Area," said Legacy Minerals CEO & Managing Director, Christopher Byrne.

What Makes Epithermal Gold-Silver Systems Valuable?

Epithermal gold-silver deposits like those at Mt Carrington form in volcanic environments where hydrothermal fluids deposit minerals in veins, breccias, and replacement zones. These systems typically form within 1-2km of the Earth's surface at temperatures between 150-300°C.

What makes these systems particularly valuable is their potential to host very high-grade mineralisation in bonanza zones, where precious metals can be concentrated to exceptional levels. The historical intercepts at Mt Carrington, including 12.82m at 48g/t Au and 2,589g/t Ag, demonstrate this high-grade potential.

Additionally, epithermal systems often occur in clusters within volcanic districts, creating the potential for multiple deposits within a single project area. The numerous targets identified at Mt Carrington through the geophysical review highlight this district-scale potential.

Strategic Exploration Approach

Legacy Minerals has outlined a clear three-pronged exploration strategy:

1. Resource extension assessment: Testing brownfield targets at depth and along strike of high-grade gold, silver, and copper zones to potentially grow the existing resource base
2. Discovery drilling: Exploring new greenfield epithermal-porphyry targets within the Drake Caldera, including Battery, Emu, and Mascotte
3. Increasing resource confidence: Confirming historical drill results within existing Inferred Resources to upgrade classification

Why Investors Should Watch Legacy Minerals

Legacy Minerals presents a compelling investment case with its Mt Carrington Project for several key reasons:

1. Established Resource Base: With 1.2 million ounces of gold equivalent already defined across multiple deposits, the company has a solid foundation upon which to build.

2. High-Grade Discovery Potential: The exceptional historical drill intercepts (up to 48g/t Au and 2,589g/t Ag) demonstrate the high-grade potential that exists within the project area.

3. New Target Generation: The advanced geophysical work has identified multiple new targets that have never been adequately tested, creating significant exploration upside.

4. District-Scale Opportunity: The project encompasses a 150km² caldera system with similar geological characteristics to other major Pacific Rim low-sulphidation deposits.

5. Strong Financial Position: With $7.75 million recently raised, the company is well-funded to execute its exploration strategy.

6. Critical Mineral Exposure: Almost half of the resource contains critical minerals, providing additional strategic value beyond precious metals.

7. Infrastructure Advantage: The project encompasses substantial existing infrastructure, including a tailings dam, water source, site office, accommodation, and processing facilities.

As Legacy Minerals advances its drilling program and follows up on the newly identified geophysical targets, investors should watch closely for exploration results that could significantly enhance the value of this already substantial gold-silver-base metal project.

Ready to Explore this Exciting Gold-Copper Investment Opportunity?

Learn more about Legacy Minerals' significant progress at the Mt Carrington Project, including new drilling approvals and promising geophysical targets that could substantially increase the existing 1.2 million ounce gold equivalent resource. For detailed information about this compelling ASX-listed investment opportunity with exposure to gold, silver and critical minerals, visit www.legacyminerals.com.au today.