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- Legacy Minerals (LGM) wins two grants under the New South Wales State Government’s New Frontiers Exploration Program
- The first is a $100,000 grant which will support a first-ever drilling program at the Breccia Sinter prospect within the Bauloora project in NSW
- Legacy has also been awarded a $48,000 grant to fund a magnetic survey over 47.5 square kilometres at Bauloora to better understand the system’s potential
- Drilling is scheduled to begin in the June quarter once drilling wraps up at the Mee Mar prospect
- Company shares last traded at 19.5 cents at 2:33 pm AEDT
Legacy Minerals (LGM) has been awarded two grants under the New South Wales State Government’s New Frontiers Exploration Program.
The company was awarded a $100,000 drilling grant that will complement a recently completed $1.2 million placement to fund the first-ever diamond drilling program at the Breccia Sinter prospect within Legacy’s Bauloora project.
This program will target low sulphidation epithermal veins at the prospect, which is a 400-metre by 600-metre soil anomaly with rock chip values of up to 32 grams per tonne (g/t) gold and 196 g/t silver.
Legacy Minerals also received a $48,000 grant to fund a drone magnetic survey over a 47.5-square-kilometre area within the Bauloora project.
The geophysics program will gather additional data to better understand the scale of the system, identify the structures of the low sulphidation system and support drill targeting.
LGM Managing Director Christopher Byrne said the company is delighted to receive this funding from the NSW Government and Geological Survey of NSW.
“We believe the grants provide independent validation of the potential of our Bauloora project for a major gold discovery.
“Legacy Minerals considers the Bauloora project to be the largest under-explored low-sulphidation epithermal gold system in NSW,” Mr Byrne said.
The drilling program at Breccia Sinter will begin in the second quarter of this year, once the company finishes its maiden diamond drilling program at the Mee Mar prospect which commences this month.
Company shares last traded at 19.5 cents at 2:33 pm AEDT.
