- Legacy Iron Ore (LCY) has started a drilling program at the Yilgangi gold deposit which is part of the South Laverton Gold Project in Western Australia
- The company will drill between 10 and 12 holes over 1000 metres to follow-up on previously identified targets
- Legacy also hopes the program will uncover more mineralised zones near the Golden Rainbow deposit, where a mineral resource is due for an upgrade
- Drilling is expected to be completed on December 24 and will be followed by additional resource work in the new year
- Company shares are up 22.5 per cent and trading at 4.9 cents
Legacy Iron Ore (LCY) has started a drilling program at the Yilgangi gold deposit which is part of the South Laverton Gold Project in Western Australia.
Aside from the Yilgangi deposit, the South Laverton Gold Project also includes the Mt Celia, Yerilla, Patricia North and Sunrise Bore tenements.
The reverse circulation (RC) drilling program will include between 10 and 12 holes, for around 1000 metres.
Previous drilling and sampling work, conducted in 2018 and 2019, generated multiple encouraging drill-ready targets which Legacy will now be targeting in the upcoming drilling.
Overall, the program will increase the company’s confidence in the geology of the deposit as well as in the potential for discovering more targets for exploration.
“This drilling provides additional confidence in the region and has the potential to develop additional resources as satellite pits to our main Mt Celia project,” CEO Rakesh Gupta said.
Additionally, Legacy hopes the drilling program will delineate more mineralised zones at depth and along strike of the Golden Rainbow deposit, the mineral resource the company is planning to upgrade.
Drilling will begin today and is expected to be completed by December 24. In the new year, Legacy is planning to conduct further resource work.
Company shares are up 22.5 per cent and trading at 4.9 cents at 1:39 pm AEDT.