Untested Historic Drilling Reveals Resource Growth Potential Amid Missing Core Intervals

Historic Drilling Unlocks New Value

Legacy Minerals Holdings Limited (ASX: LGM) has delivered a significant update from its Drake Project in northern New South Wales, revealing new assay results from previously unassayed diamond drill core. These historic holes, drilled in 2021 by Thomson Resources for geotechnical purposes ahead of a Definitive Feasibility Study (DFS), have now been analysed and returned broad intervals of gold, silver, and base metals that confirm resource continuity and extensions at the Strauss and Kylo deposits.

The standout intercepts include 95 metres at 0.9 g/t gold and 0.35% zinc from near surface, including a high-grade 10-metre zone at 6.0 g/t gold, and 18 metres at 1.4 g/t gold with significant silver and lead-zinc content. These results underscore the scale and grade potential of the system, which remains open in all directions, particularly at depth where drilling has been limited.

Building on a Robust Economic Foundation

This drilling success complements the recently updated Mineral Resource Estimate (MRE) and Stage 1 Scoping Study announced in April 2025. The MRE now stands at 0.8 million ounces gold equivalent and 35 million ounces silver equivalent, with substantial quantities of zinc, lead, and copper also present. The Stage 1 Scoping Study, focused on 209,500 ounces of gold within the Kylo and Strauss deposits, delivered robust economics including a pre-tax Net Present Value (NPV) of A$290.4 million at an 8% discount rate and an Internal Rate of Return (IRR) of 112%, assuming a base gold price of A$4,250 per ounce.

Legacy Minerals CEO Christopher Byrne highlighted the strong potential for resource growth, noting that the new assays were from holes not originally intended for mineralisation testing but which have now revealed significant mineralised zones. Byrne also pointed to the upside potential with 24.3 million ounces of silver and 450,000 ounces of gold outside the current study area, which could be evaluated in a planned Stage 2 Study.

Strategic Exploration and Geophysical Advances

In addition to the assay results, Legacy Minerals has completed an airborne mobile magnetotelluric (MT) geophysical survey over the Drake Project. This survey represents the first systematic geophysical assessment of the region in three decades and is expected to provide critical insights into the subsurface geology and guide future drill targeting. The company aims to leverage these data to test brownfield extensions at depth and along strike, pursue new greenfield discoveries within the Drake Caldera, and increase resource confidence by validating historical drill results.

The geological setting of Drake is analogous to major epithermal-porphyry systems such as Porgera and Kainantu in Papua New Guinea, which have produced multi-million-ounce gold equivalents. Legacy Minerals’ exploration strategy is thus well aligned with the potential for significant resource expansion in a district-scale mineralised system.

Infrastructure and Project Scale

The Drake Project covers a substantial 390 square kilometres with granted exploration licenses and an assessment lease over the Mt Carrington area. It benefits from existing infrastructure including a tailings dam, water supply, and core processing facilities, which could accelerate development timelines. The project’s combined resource base spans multiple deposits, including Red Rock, White Rock, and Mt Carrington groups, with a diverse metal portfolio that enhances project resilience.

Legacy Minerals’ methodical approach to integrating historic data, new assays, and advanced geophysical techniques positions the Drake Project as a compelling development candidate in the Australian gold and base metals sector.