Legacy Minerals Ltd (ASX:LGM) has kicked off a 1,600-metre diamond drilling program at Bauloora Project in the Lachlan Fold Belt of New South Wales, exploring a 2-kilometre-long gold-bearing vein dubbed Mee Mar.
The company plans to drill nine holes in the maiden diamond drill program at the epithermal project near Cootamundra, with extra capacity from a recent capital raise should an expansion to the program be warranted.
A tracked diamond core drill rig will be used along with support vehicles capable of completing the work even in adverse conditions.
Specifically, Legacy intends to follow up rock chip and soil samples from Mee Mar, which graded up to 55.5 g/t gold, 904 g/t silver and 1,810 parts per million lead, as well as historical results from a reverse circulation (RC) hole that graded up to 3 metres at 5.8 g/t gold equivalent from 69 metres of depth.
Proof of concept drill program
“We are very pleased to announce that diamond drilling at the Bauloora Project is on schedule and currently underway,” Legacy Minerals managing director Christopher Byrne said.
“This is an exciting progression of this low sulphidation epithermal project as Legacy Minerals will be the first company to drill test newly identified and high conviction gold and silver epithermal targets.
“The drilling will test some key ‘proof of concept’ targets across the 29-square-kilometre low sulphidation epithermal vein field.
“These targets include various combinations of coincident mapped crustiform-colloform banded veins and vein breccia, geochemical anomalies, structural targets and geophysical anomalies.
“Legacy Minerals has put several plans in place to ensure drilling is completed in a timely manner including securing a tracked drill rig that will help enable all weather access to drill sites.
“We look forward to providing an update of the progress to shareholders over the coming weeks.”
Given this is the first time Legacy has drilled these vein trends, the company will be collecting valuable data, including:
- the controls and characteristics of gold-silver mineralisation;
- orientation measurements of structures such as veins, faults and lithological contacts;
- lithology types, textures and alteration;
- petrophysical downhole survey data; and
- samples for assay and petrological observations analysis amongst others.