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- Legacy Minerals (LGM) discovers a new vein trend at the Mee Mar prospect within its Bauloora epithermal gold project in New South Wales
- While assays are still pending, all eight diamond drillholes completed so far in LGM’s maiden program hit epithermal veins and breccia over a 1500-metre strike length
- The mineralisation is open to the north, south and at depth, which CEO and MD Christopher Byre says demonstrates growth potential
- In light of the observations to date, LGM plans to review its drilling strategy, with further drilling programs to follow
- LGM shares are up 15.6 per cent trading at 18.5 cents at 2:50 pm AEDT
Legacy Minerals (LGM) has discovered a new vein trend at the Mee Mar prospect within its Bauloora epithermal gold project in New South Wales.
While assay results are still pending, all eight diamond drillholes of the company’s maiden drilling program hit epithermal veins and breccia over a 1500-metre strike length, which remains open to the north and south, and at depth.
One drill hole intercepted 16 metres of low sulphidation epithermal style veins parallel to the main Mee Mar prospect, marking the company’s largest intercept to date across the Bauloora project.
Further to this, geological observations indicated the holes intersected host rocks that are variably altered rhyodacite volcaniclastics and tuffs.
Although the alteration, veins and breccia do not directly translate to gold-silver grade, Legacy Minerals CEO and Managing Director Christopher Byrne said the veins, breccia and extensive lead-zinc sulphides recorded from the drilling provides a “very exciting” outcome.
“The Bauloora project has the potential to be a very large gold-silver epithermal system and presents a great opportunity to deliver shareholder value through discovery.
“The newly discovered zone… demonstrates this growth potential with significant anomalous trends and targets of the project that remain completely untested,” Mr Byrne said.
This first round of drilling tested the two-kilometre long Mee Mar Vein, where previous soil geochemistry work and rock chip sampling by the company returned up to 55.5 grams per tonne (g/t) gold and 905 g/t silver.
Two more drill holes are yet to be completed, and LGM anticipates drilling will wrap up in the next two weeks. In the meantime, core processing and logging is in process, with assay results expected in April.
Legacy has now begun a review of its drilling strategy in light of the observations to date, and has planned a reassessment once assay results are received, before planning additional drilling.
LGM shares were up 15.6 per cent trading at 18.5 cents at 2:50 pm AEDT.
