Legacy Minerals Targets New Silver Discoveries as Drilling Commences at Mt Carrington
Legacy Minerals (ASX: LGM) has secured drilling approvals for high-grade silver targets at the Mascotte Prospect while simultaneously commencing drilling at the Battery Prospect copper-gold target within its 1.2 million ounce gold equivalent Mt Carrington Project.
Historic High-Grade Silver Results Drive New Exploration at Mascotte
The company has received NSW Government approvals to drill up to eight holes totaling 4,000 meters at the Mascotte silver-gold Prospect, targeting a vastly underexplored mineralizing system with impressive historical drill results, including:
- 18.3m at 237g/t silver from 3m, including 9.1m at 394g/t silver
- 9.1m at 112g/t silver from surface
- 24.4m at 45g/t silver from surface, including 3m at 245g/t silver
These historical intercepts come from shallow drilling (less than 70m deep) conducted between 1969-1970 that was never followed up. Significantly, these holes were not assayed for gold content, highlighting additional potential upside.
The historical drilling only tested approximately 50 meters of strike length, leaving approximately 1.3 kilometers of historical workings completely untested. Recent geophysical surveys have identified a district-scale conductive lineament that extends to depth beneath the Mascotte trend, suggesting potential for substantial mineralization at depth.
Battery Prospect Drilling Commences Next Week
In parallel with the Mascotte approvals, Legacy has announced that drilling will commence next week at the Battery Prospect copper-gold target. This prospect was originally identified by CRA Exploration (now Rio Tinto) in 1992 but was never drilled.
The target features:
- A 3.4km diameter volcanic center with potential for a breccia pipe system
- A mafic intrusive breccia with intense stockwork quartz veining consistent with epithermal-porphyry style mineralization
- A conductive blanket identified through recent Mobile MT geophysics
Mt Carrington Project Hosts Significant Silver Resource
Legacy's Mt Carrington Project already contains 24 million ounces of silver within its overall resource of 1.2 million ounces of gold equivalent. The current exploration program aims to expand this resource base significantly.
CEO Christopher Byrne commented: "These are compelling discovery opportunities. Our drilling at the Battery Prospect will be the first follow-up drilling to test the copper targets identified by CRA (now Rio Tinto) back in the early 1990s. At Mascotte, we are following up on historical high-grade silver results, which include assays up to 9.1m at 394g/t silver."
Understanding Epithermal Mineral Systems
Epithermal deposits form relatively close to the Earth's surface (generally less than 1.5km depth) in areas of volcanic activity. These systems create conduits for metal-rich hydrothermal fluids to flow through rock fractures, depositing valuable minerals.
The Mt Carrington Project hosts low-sulfidation epithermal deposits, characterized by stockwork fissure veins and breccia associated with extensive alteration. These systems typically produce gold, silver, and base metals like zinc, copper, and lead—precisely the mineral assemblage observed at Mt Carrington.
Low-sulfidation epithermal systems form when heated groundwater mixes with magmatic fluids at relatively shallow depths. As these fluids cool and interact with surrounding rocks, they deposit minerals in veins and fractures. At Mt Carrington, this process has created several distinct mineralized zones with varying concentrations of precious and base metals.
The recent Mobile MT geophysical survey has provided Legacy with unprecedented insights into the structural geology and potential depth extensions of the mineralization, highlighting conductivity trends that correlate with known mineralization and suggesting significant untested potential at depth.
Regional Exploration Targets
Legacy's exploration efforts extend beyond Mascotte and Battery to include:
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Mascotte Prospect: A 1.3km strike of historical workings with significant silver-gold potential. Recent ground truthing has identified extensive silica alteration across approximately 2km² bounding the workings, with a 400m long zone of increased chalcedony and jasperoidal silica associated with workings in the central portion of the trend.
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Battery Prospect: Potential porphyry copper-gold and breccia targets identified by CRA but never drilled. The target is characterized by a distinct magnetic feature indicative of an intrusive body associated with an interpreted porphyry high-resistivity core.
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Emu Prospect: Planned for testing in coming months as part of the company's regional exploration program.
This drilling forms part of the first phase of Legacy's regional exploration while the company simultaneously advances a Scoping Study on the broader Mt Carrington Project.
Why Investors Should Follow Legacy Minerals
Legacy Minerals presents a compelling investment case for several reasons:
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Existing Resource Base: The Mt Carrington Project already hosts a substantial 1.2 million ounce gold equivalent resource including 24 million ounces of silver
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High-Grade Exploration Potential: Historical drilling results at Mascotte (394g/t silver) indicate potential for additional high-grade discoveries
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Multiple Discovery Opportunities: The company is actively testing several targets with drilling already commencing at the Battery Prospect
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Advanced Geophysical Insights: Recent Mobile MT survey has identified conductivity trends that correlate with known mineralization and highlight new target areas
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Dual-Track Strategy: Legacy is simultaneously advancing exploration while completing a Scoping Study on the broader Mt Carrington Project
The company's current drilling program specifically targets areas that previous explorers identified but never adequately tested. At Mascotte, the historical high-grade silver results come from shallow drilling that tested only a small portion of the overall trend. Similarly, the Battery Prospect represents a target initially identified by Rio Tinto (then CRA) but never drilled.
With drilling now commencing and results expected in the coming months, Legacy Minerals offers investors exposure to multiple potential catalysts across its Mt Carrington Project.
Want to Capitalise on Legacy's Next Silver Discovery?
As Legacy Minerals advances its high-potential drilling programme at the Mt Carrington Project, targeting both the high-grade silver at Mascotte and the untested Battery Prospect copper-gold target, now is the time to follow their exploration journey. With 24 million ounces of silver already in resource and compelling historical intercepts including 9.1m at 394g/t silver, the company is positioned for significant growth. To learn more about their strategic exploration and investment potential, visit www.legacyminerals.com.au today.
