Legacy Minerals Unveils Major NSW Surveys and Polymetallic Resource Updates

Exploration Momentum Builds at Drake

Legacy Minerals (ASX: LGM) has announced a significant escalation in its exploration activities across New South Wales, with the Drake Project at the forefront. The company is commencing an Airborne Mobile Magneto-Tellurics (MT) survey covering approximately 279 square kilometres, marking the first systematic large-scale exploration in the region in over three decades. This survey aims to provide detailed electrical resistivity imaging to depths of up to 1 kilometre, enhancing the geological understanding of gold, silver, and base metal mineralisation.

Complementing this, ground truthing of a recent LiDAR survey has identified 3,367 historical mining features, with an initial focus on the Lunatic Antimony Field. This area, notable for its 'Hillgrove style' antimony-gold mineralisation, has seen limited historical work despite its promising high-grade antimony and gold assays. The field's proximity within the New England Fold belt, home to one of Australia's largest antimony deposits, underscores its potential.

Resource Estimate Update and Drilling Plans

Legacy Minerals is updating the mineral resource estimate (MRE) for Drake, incorporating polymetallic elements such as zinc, copper, and lead alongside gold and silver. This update will also reflect current metal prices, which have risen significantly since previous estimates in 2013 and 2020. The company expects to release the updated MRE by mid-February, providing a more comprehensive valuation of the project's potential.

Following the completion of the Airborne MT survey and ongoing ground truthing, drilling is scheduled for the second quarter of 2025. This campaign aims to test newly defined targets derived from the enhanced geophysical and geological datasets.

Advances at Thomson and Integration of AI

At the Thomson Project, Legacy Minerals is progressing with the sampling of previously unsampled historic drill core, potentially expanding known mineralised zones. The completion of passive seismic Ambient Noise Tomography (ANT) and ground gravity surveys has provided new 3D geological models, with interpretations expected soon.

Innovatively, the company is leveraging artificial intelligence through a partnership with Fleet Space to analyse complex geophysical and assay data. This AI-driven approach is designed to refine drill targeting, particularly for intrusion-related gold and copper systems, enhancing the precision and efficiency of upcoming drilling programs.

Joint Venture Projects Progressing

Legacy Minerals' joint venture partners are also advancing exploration. Newmont has completed drilling at the Bauloora Project, with assay results anticipated between late February and early March. S2 Resources has initiated Tensor Induced Polarisation/Magneto Telluric (TIP/MT) surveys at Glenlogan to delineate copper-gold porphyry targets, with results expected within six weeks. Meanwhile, Earth AI is progressing at Fontenoy, with drilling completed and assays pending, alongside ongoing surface geochemical and airborne geophysical surveys.

These collaborative efforts across multiple projects underscore a broad and systematic approach to exploration, combining traditional geological methods with cutting-edge technology and data analysis.

Strategic Outlook

CEO Christopher Byrne emphasised the company's patient and methodical strategy, highlighting the importance of integrating diverse datasets to define high-quality drill targets. With multiple data streams converging and drilling campaigns imminent, Legacy Minerals is positioning itself to unlock significant value from its NSW portfolio.