Legacy Iron Strikes High-Grade Gold and Advances Magnetite Feasibility in WA

Mount Celia Gold Operation Delivers Strong Drilling Results

Legacy Iron Ore Limited has reported a productive quarter ending December 2024, with its Mount Celia Gold Operation (MCGO) continuing to demonstrate promising exploration and mining outcomes. The company executed four ore sales to Norton Goldfields' Paddington Mill, adding to a total of 269,267 tonnes sold at an average grade of 1.27 grams per tonne, containing nearly 11,000 ounces of gold. This steady stream of sales underscores the operational momentum at MCGO.

Resource definition drilling at the Blue Peter deposit yielded encouraging results, with multiple intersections exceeding 3.0 gram-meter gold. Notable intercepts include 4 meters at 15.6 g/t Au and 2 meters at 19.3 g/t Au, indicating high-grade zones that could extend the mine life and enhance resource confidence. These results support ongoing mine planning and grade control model updates, which are critical for optimizing pit design and production scheduling.

Mount Bevan Magnetite Project Advances Feasibility and Exploration

Meanwhile, the Mount Bevan project, located 250 kilometres north of Kalgoorlie, is progressing through early-stage feasibility studies. The joint venture with Hancock Magnetite Holdings is focusing on a staged approach to de-risk the project, with hydrological and environmental surveys underway. A passive seismic survey over the Raeside Paleo Valley complements previous aerial magnetic data, improving drill targeting once tenure is secured.

Mount Bevan hosts a substantial magnetite resource of 1.29 billion tonnes at 33.52% iron, positioning it as a significant asset in Legacy Iron's portfolio. The company is also exploring lithium and nickel-copper potential within the tenement, although initial drilling intersected pegmatites with only weak lithium enrichment. Further grassroots exploration is planned to identify economically viable lithium mineralisation.

Strategic Focus and Corporate Developments

Legacy Iron continues to expand its footprint in the South Laverton gold belt, with a portfolio of tenements including Yilgangi, Yerilla, Sunrise Bore, and Patricia North prospects. The company is prioritizing resource growth at Mount Celia while deferring some regional exploration to concentrate resources on high-impact targets.

On the corporate front, Legacy Iron appointed Vinay Kumar as a non-executive director and transitioned to a new auditor, Carlton & Partners Co, signaling a refreshed governance structure. Payments to related parties during the quarter were limited to director fees, reflecting prudent financial management.

Overall, Legacy Iron's December quarter report highlights a company advancing multiple projects with tangible operational progress and exploration upside. The combination of solid gold production, promising drilling results, and methodical advancement of the Mount Bevan magnetite project positions Legacy Iron as a miner to watch in Western Australia's resource landscape.