Legacy Minerals has received $148,000 in funding from the NSW State Government for its Bauloora Epithermal Gold Project, demonstrating the prospectivity of the asset and the continued support for mineral exploration across the state.
The award, under the state's New Frontiers Exploration Program and comprising a $100,000 drilling grant and a $48,000 geophysics grant, will go towards the first diamond drilling campaign at the Breccia Sinter Prospect.
Competitive process
“The award of two grants, which were in high demand, follows a competitive expert panel review process of applications,” LGM managing director Christopher Byrne said.
“We believe the grants provide independent validation of the potential of our Bauloora Project for a major gold discovery.
"Legacy Minerals considers the Bauloora project to be the largest underexplored low-sulphidation epithermal gold system in NSW.”
Work program
The Breccia Sinter Prospect is a 400 by 600 metres soil anomaly with rock chips up to 32 g/t gold.
Recent petrographic studies have confirmed the presence of sinter-related lithology, indicating a low sulphidation epithermal gold-silver system with high levels of preservation.
The drilling campaign here will target the epithermal veins beneath the mapped sinter horizon and known veins and breccias.
A drone magnetic survey, meanwhile, will be flown over a 47.5 square kilometre area to extend data along vein trends and to help identify structures of the low sulphidation system.
Bauloora soil geochemistry and location of drilling grant and January 2023 campaign areas.
Q2 work program
“The diamond drilling campaign at the Breccia Sinter Prospect is scheduled to commence in quarter 2 to 3 and the geophysical survey will commence later in quarter 2,” Byrne said.
“With drilling also about to commence this month at the Mee Mar Prospect, we look forward to updating shareholders with results from these programs as they become available.”
Outcropping sinter lithology at the Breccia Sinter Prospect and rock chip samples.
About Bauloora
The Bauloora Project is an underexplored, district-scale project hosting widespread gold and silver-bearing veins about 15 square kilometres in size near the town of Cootamundra.
Recent targets defined by geophysical, soil and rock chip geochemical anomalies identified by LGM were never recognised by previous explorers nor drill tested.
The $100,000 grant from the NSW Government will supplement the company’s recently completed $1.2 million placement for the drilling campaign.
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