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Legacy Minerals Holdings Limited (ASX: LGM) has made a significant addition to its diverse suite of metal exploration projects, acquiring an exploration license for the Mt Carrington (Drake) gold-copper project in a highly prospective district of northern New South Wales.
Legacy acquired exploration license (EL6273) – which covers the Mt Carrington project – from White Rock Minerals for $190,000, in addition to another licence (EL9616), and also lodged an application for exploration across all of White Rock’s mining leases, from the NSW government in July last year.
In total, the acquisition of the Drake project includes 350 square kilometres with a combined resource of 356,000 ounces of gold, and 23.315 million ounces of silver.
This is not surprising, given that the surrounding district – located along the New England Fold Belt (NEFB) – contains a number of significant gold deposits, including the Cracow, Carlton and Mt Rawdon gold mines and the Mt Morgan deposit.
Legacy CEO and managing director Christopher Byrne said both the prospectivity of the Drake project and record gold prices meant this was a notable addition for the company.
“The Legacy Minerals team is extremely pleased to add this highly valued asset to our gold and copper portfolio,” he said.
“The newly established Drake Project contains a combined mineral resource estimate of 356,000 ounces of gold and 23 million ounces of silver across two exploration licenses and a licence application in a district that has had a strong mining history for over 100 years.
“The gold-silver and copper potential is proven in drilling with significant historical grades in grading up to 70.4 grams per tonne of gold, 1,778 grams per tonne of silver, 7.26 percent copper, and 19.5 percent zinc across multiple prospects.”
He added that the Legacy was particularly attracted to Drake, given geological interpretations which linked its mineralisation to that of the Porgera gold field, which holds 20 million ounces of gold.
“With gold and silver at near record highs in 2024, and strong demand for copper, we are pleased to have secured for our shareholders significant leverage to the potential value at Drake,” he said.
Legacy Minerals is trading at 13c.
