Legacy Minerals’ $3M Raise Fuels Exploration Amid High-Grade Gold and PGE Uncertainties
Legacy Minerals has secured a $3 million capital raise and reported robust exploration results across several New South Wales projects, including high-grade gold-silver zones at Drake and significant PGE intercepts at Fontenoy. These developments position the company for an active 2025 exploration campaign.
- Successful $3 million capital raise including strategic investment from Fleet Space Technologies
- Validation of multiple high-grade gold and silver intercepts at Drake Project
- Significant platinum group element (PGE) mineralisation confirmed at Fontenoy Project
- Advanced geophysical surveys and drilling underway at Thomson and Bauloora projects
- Appointment of Dr John Greenfield as Chief Technical Advisor to bolster exploration expertise
Capital Raise and Strategic Partnership
Legacy Minerals Holdings Limited (ASX: LGM) has successfully completed a $3 million capital raising during the December 2024 quarter, including a $325,000 strategic investment by Fleet Fund Pty Ltd, the investment arm of Fleet Space Technologies. This oversubscribed raise, complemented by a well-supported Share Purchase Plan, provides the company with a solid financial foundation to advance its diverse portfolio of exploration projects across New South Wales.
The strategic investment by Fleet Space Technologies, a leader in mineral exploration technology, underscores confidence in Legacy Minerals’ exploration strategy and technological integration, particularly with the deployment of advanced geophysical surveys.
Drake Project: High-Grade Gold and Silver Confirmations
The Drake Project continues to be a cornerstone of Legacy Minerals’ exploration efforts. The company validated 14 historical drill intercepts grading over 100 AuEq g/t per metre, confirming extensive zones of high-grade gold and silver mineralisation. Notable intercepts include 143 metres at 1.1 g/t Au and 3 g/t Ag at Red Rock, and 37.1 metres at 422 g/t Ag at White Rock.
Complementing these results, a comprehensive LiDAR topography survey revealed an extensive epithermal gold-silver system, now recognised as one of the largest mineral system footprints in NSW. The survey identified over 3,300 historical mining features, including shafts, adits, and trenches, offering numerous walk-up sampling opportunities and potential for further discovery.
Fontenoy Project: Expanding Platinum Group Element Mineralisation
At the Fontenoy Project, Legacy Minerals’ joint venture partner Earth AI reported significant PGE assay results from diamond drilling. Phase 1 drilling returned a standout intercept of 120 metres at 0.30 g/t 3E PGE, including 10 metres at 1.2 g/t 3E PGE. Phase 2 drilling expanded the mineralised footprint to approximately 2 km2, with intercepts such as 360 metres at 0.12 g/t 3E PGE from surface.
The project’s large-scale mineral system is being further delineated with ongoing drilling and geophysical surveys, supported by a formal Farm-in Joint Venture agreement with Earth AI, which includes staged earn-in commitments and a 3% royalty arrangement.
Thomson and Bauloora Projects: Advanced Targeting and Drilling
Legacy Minerals has engaged Fleet Space Technologies to conduct a pioneering ExoSphere Real-Time 3D ambient noise tomography (ANT) geophysical survey over the 5,500 km2 Thomson Project. This survey aims to map subsurface structures that control mineralisation, enhancing drill targeting for intrusion-related gold and copper systems.
At Bauloora, drilling funded under the Newmont Joint Venture commenced targeting undrilled epithermal veins and geochemical anomalies. The project covers one of NSW’s largest low-sulphidation epithermal systems, with extensive alteration zones and promising geochemical pathfinders.
Other Project Highlights and Corporate Developments
Additional exploration successes include high-grade rock chip assays at the Black Range and Rockley projects, with silver assays up to 1,440 g/t and copper-gold results confirming new prospects. The Glenlogan Project’s initial drilling by JV partner S2 Resources revealed significant hydrothermal alteration and copper mineralisation indicators.
Corporate developments include the appointment of Dr John Greenfield as Chief Technical Advisor, bringing extensive experience from Newmont and the Geological Survey of NSW, enhancing Legacy Minerals’ technical capabilities.
As of 31 December 2024, Legacy Minerals held $3.3 million in cash, positioning the company to sustain its aggressive exploration programs into 2025.
Bottom Line?
Legacy Minerals’ robust capital position and multi-project exploration momentum set the stage for a potentially transformative year ahead in NSW mineral exploration.
Questions in the middle?
- How will ongoing drilling at Drake and Fontenoy translate into resource upgrades or new discoveries?
- What impact will Fleet Space Technologies’ geophysical surveys have on accelerating target identification and drilling success?
- How might Legacy Minerals balance exploration expenditure with capital availability beyond the next two quarters?
