Can Legacy Minerals’ Advanced Geophysics Unlock Drake’s Untapped Resource Potential?

Advanced Geophysics Reinvigorates Drake Exploration

Legacy Minerals has completed a comprehensive Airborne Magneto Tellurics (MT) survey over its Drake Project in New South Wales, marking the first systematic geophysical data collection in 16 years. Covering nearly 300 square kilometres, this survey employed cutting-edge MobileMT technology to image electrical resistivity to depths exceeding one kilometre, revealing geological structures indicative of gold, copper, and silver mineralisation.

New Targets and Untapped Potential

The survey results demonstrate a strong correlation between known mineral deposits and newly identified conductive bodies, suggesting significant strike extensions to established systems such as Mt Carrington, White Rock, and Red Rock. These extensions, some extending several kilometres, lie beneath existing shallow mineral resources, which currently total approximately 0.8 million ounces of gold equivalent and 35 million ounces of silver equivalent.

Importantly, the data has unveiled a pipeline of previously unrecognised targets, including eight priority areas with epithermal and porphyry-style signatures. These targets, such as the Battery Breccia and Emu prospects, represent both brownfield opportunities adjacent to known deposits and greenfield prospects in underexplored zones.

Strategic Implications and Next Steps

Legacy Minerals’ CEO Christopher Byrne emphasises the transformative impact of the MobileMT survey on the company’s exploration strategy. The technology has refined target prioritisation and highlighted zones with high-sulphide gold and base metal vein signatures beneath current resources. The company is now advancing systematic soil sampling programs across key prospects to prepare for targeted drilling campaigns aimed at resource expansion and new discoveries.

The Drake Project’s geological setting within the New England Fold Belt shares similarities with major Pacific Rim deposits like Porgera and Kainantu in Papua New Guinea, reinforcing its exploration potential. Historical drilling results, including high-grade intercepts of gold, silver, and copper, underscore the scale and grade prospects that the new geophysical data supports.

Economic Outlook

A recent 2025 Scoping Study for the Mt Carrington Group within the Drake Project outlines a compelling economic case, forecasting annual gold production of around 31,400 ounces over five and a half years, with strong free cash flow and an internal rate of return exceeding 100%. These figures provide a robust foundation for advancing the project towards development, contingent on successful exploration outcomes.

Legacy Minerals’ integration of advanced geophysical techniques with extensive historical data and infrastructure positions the company well to unlock further value from the Drake Project. The coming months will be critical as soil sampling and drilling results begin to test the newly defined targets.