Legacy Minerals Ignites Mt Carrington with New Drilling and Geophysical Targets

Drilling Greenlight at Mt Carrington

Legacy Minerals Holdings Limited (ASX – LGM) has received formal drilling approvals from the New South Wales Government, enabling the company to recommence diamond drilling at its Mt Carrington Project near Drake, NSW. The initial phase targets the Battery Prospect with up to nine drill holes planned, totaling approximately 4,500 metres. This marks a significant milestone in advancing exploration across a project area rich in gold, copper, and critical minerals.

Building on a Wealth of Historical Data

The Mt Carrington Project benefits from an extensive legacy of exploration, with over 3,000 historical drill holes and more than 100,000 metres drilled previously. Noteworthy intercepts include high-grade gold and silver zones such as 12.82 metres at 48 grams per tonne gold and 2,589 grams per tonne silver, alongside substantial copper mineralisation. These results underpin the project's 1.2 million ounce gold-equivalent resource base, which also contains significant quantities of zinc, lead, and critical minerals.

New Geophysical Insights Drive Targeting

Legacy Minerals has completed a detailed review of airborne magnetotelluric (MT) survey data, employing cutting-edge MobileMT technology flown over 1,642 line kilometres. The data was interpreted by experts with experience on world-class deposits, including Papua New Guinea’s Kainantu Mine. This review has identified compelling new targets, including deep chargeability anomalies and conductivity zones that remain untested by previous drilling. These targets offer promising opportunities for near-mine discoveries and resource extensions.

Well-Funded Exploration Program

Supporting these exploration initiatives, Legacy Minerals recently completed a $7.75 million equity raising, reflecting strong investor confidence in the project’s potential. The funds will underpin drilling at Battery, Mascotte, and Emu Prospects, with additional staged drilling planned at Red Rock, Kylo, Strass, and White Rock, subject to cultural heritage clearances. Concurrent surface geochemical campaigns are underway to complement geophysical data and refine drill targeting.

Economic Potential and Infrastructure

A 2025 Scoping Study highlights the economic promise of Mt Carrington, projecting annual production of approximately 31,400 ounces of gold over an initial five-and-a-half-year period, with robust pre-tax free cash flows and an internal rate of return exceeding 100%. The project benefits from existing infrastructure, including a tailings dam, water supply, and processing facilities, positioning it well for potential development.

Strategic Position in a Proven District

Situated within the New England Fold Belt, a prolific epithermal gold-silver-copper district, Mt Carrington shares geological characteristics with several major Australian deposits. The project’s large caldera setting and polymetallic mineralisation style offer a fertile ground for further discoveries. Legacy Minerals’ methodical approach, combining historical data with modern geophysical techniques and well-funded drilling, aims to unlock this potential.