Legacy Minerals Ltd (ASX:LGM) has kicked off an accelerated exploration program as confidence increases for the potential of a major discovery at its Bauloora Epithermal Gold Project in New South Wales.
The company’s systematic exploration work completed to date has provided increased optimism about the scale and character of mineralisation at Bauloora.
Notably, this is akin to those of other pre-discovery observations noted at major epithermal mines including Pajingo and Cracow in Queensland; and Esquel and Cerro Negro in Argentina.
Moving forward, LGM will initially focus on drill target definition and drilling within the known 14 square kilometres anomalous 'gold zone' at the project.
“Significant discovery opportunities”
Legacy managing director Christopher Byrne said: “The strength of the Legacy Minerals’ Lachlan Fold Belt portfolio continues to impress as significant discovery opportunities develop across all projects.
“As such, it is with great excitement that the board and management have determined that the potential presented at the Bauloora Project for a significant gold discovery requires the company’s full focus.
“After extensive work on the ground, the project is now considered by the company to be the largest under-explored low-sulphidation epithermal gold-silver system in NSW and our team believes the project will continue to deliver highly compelling drill targets with the potential for a major gold discovery.
"Consequently, we have taken measures to align our exploration focus both in funding and personnel to commence an accelerated program at Bauloora, focused initially on drill target definition and drilling within the known 14 square kilometres anomalous 'gold zone'.
Primed for major discovery
The Bauloora Epithermal Gold Project is now considered by LGM to be the largest under-explored low-sulphidation epithermal system in NSW.
This project provides the company with district-scale control and exposure to a major gold and silver discovery.
The company has taken a systematic approach to exploration over the project area and has progressively uncovered a system of significant scale and an extensive vein field with localised very high-grade gold and silver rock chip samples.
Geochemical and geological mapping suggests that the system has been well preserved from erosion.
Upcoming work programs
Legacy has a planned phase one diamond drill program at Mee Mar Prospect scheduled for later this year.
The company is planning a minimum of 900 metres of diamond drilling across six holes at a minimum depth of 150 metres.
Also on the cards this year are large-scale soil sampling campaigns and reconnaissance rock chip sampling campaigns.
In parallel with the planned drilling program LGM is also conducting:
- ASTER Data acquisition and interpretation.
- Vein field mapping and regional reconnaissance.
- Independent Technical Review.
Byrne adds: “Systematic work programs at Rockley, Cobar and Harden will continue in line with the company’s strategy to progress these towards compelling drill targets, also drilling is expected to commence at Fontenoy and Mulholland in early 2023 through our strategic alliance partner Earth AI.
“It is a very exciting time for Legacy Minerals and we look forward to updating our shareholders on work and results pending at Bauloora and our other projects as they develop.”