- Legacy Iron Ore (LCY) has received promising results from drilling at the Yilgangi gold deposit which is part of the South Laverton Gold Project in WA
- Reverse circulation drilling was conducted in December last year and aimed to uncover mineralised zones and discover more exploration targets
- Drilling intersected a broad, shallow mineralised zone adjacent to, and along strike of the Rainbow and Golden Rainbow prospects which form part of the Yilgangi area
- Moving forward, the miner will test the continuity of orientation along the main strike length as well as mineralisation at depth
- Company shares are up 26.9 per cent on the back of these results with shares trading at 3.3 cents
Legacy Iron Ore (LCY) has received promising results from drilling at the Yilgangi gold deposit which is part of the South Laverton Gold Project in Western Australia.
The reverse circulation (RC) drilling program began in mid-December and included 13 holes, for 854 metres.
LCY hoped the program would increase its confidence in the deposit’s geology as well as in the potential for discovering more exploration targets. It also aimed to uncover more mineralised zones at depth and along strike of the Golden Rainbow prospect.
Within the Yilgang area lies the Rainbow, Rainbow South (Snowy) and Golden Rainbow gold occurrences.
Pleasingly, drilling intersected a broad mineralised zone from surface adjacent to, and along strike of the Rainbow and Golden Rainbow prospects.
Best results include nine metres at 5.78g/t gold, including 10.9g/t gold at 11 to 12 metres, 17.8g/t gold at 12 to 13 metres from four metres, three metres at 1.82g/t gold from 24 metres, two metres at 1.78g/t gold from 19 metres, one metre at 2.89g/t gold from 23 metres and three metres at 1.46g/t gold from 16 metres.
“The drilling has identified some outstanding intersections, and of particular importance is that much of the mineralisation is close to surface,” CEO Rakesh Gupta said.
“We are encouraged with these results as it provides further confidence of additional mineralisation in the area and more importantly a potential linking of known mineralisation into a larger geological system,” he added.
Legacy Iron Ore’s next phase of drilling will involve testing the continuity of orientation along the main strike length and the potential of layered or splayed
mineralised quartz-rich zones. The WA-focused miner will also carry out more infill drilling to test mineralisation at depth.
Company shares are up 26.9 per cent on the back of these results with shares trading at 3.3 cents at 11:13 am AEDT.