Legacy Minerals Retains Bauloora, Acquires Mt Terrible with Multi-Million Dollar Exploration History

Legacy Minerals Strengthens NSW Portfolio

Legacy Minerals Holdings Ltd (ASX, LGM) has announced it will retain 100% ownership of the Bauloora Gold-Silver Project in New South Wales after Newmont Exploration Pty Ltd, a subsidiary of Newmont Corporation, withdrew from their 2023 earn-in agreement. At the same time, Legacy Minerals has secured the high-grade Mt Terrible Gold-Copper Project licence, also in NSW, following Newmont’s recent relinquishment.

This development comes amid record gold and silver prices, underscoring the strategic value of these assets. Legacy Minerals has invested approximately $5 million over the past two years across Bauloora and Mt Terrible, completing significant target generation work that highlights the projects’ exploration upside.

Bauloora, A Large Undrilled Epithermal System

Bauloora is one of the largest preserved epithermal vein systems in NSW, located within the Lachlan Fold Belt, a region known for world-class copper-gold deposits. Despite its scale, the project has seen limited drilling, with Legacy Minerals identifying several high-priority targets such as the Mt Felstead and Bluecap prospects that remain untested.

Historical assays from Bauloora reveal bonanza-grade mineralisation, including samples with up to 3,701 g/t silver, 6.9 g/t gold, and significant base metals like copper, lead, and zinc. Drill intercepts have returned encouraging grades such as 13 meters at 3.6 g/t gold equivalent and narrower high-grade zones exceeding 10 g/t AuEq, indicating strong potential for discovery.

Mt Terrible, High-Grade Gold-Copper Potential

The Mt Terrible Project, covering a large intrusive complex in the New England Orogen, offers compelling exploration potential for alkalic intrusive breccia, porphyry, and epithermal gold-copper mineralisation. Legacy Minerals’ recent acquisition of exploration licence EL9795 follows Newmont’s exit and marks the company as only the third holder of this historically underexplored asset.

Historical drilling at Mt Terrible has revealed significant gold intercepts, including 2 meters at 33.3 g/t gold and 78 g/t silver at the Silicon Valley prospect, and 14 meters at 4.1 g/t gold at the Hillside prospect, with high-grade intervals reaching 160 g/t gold over short widths. These results highlight the project's potential for a high-grade discovery using modern exploration techniques.

Strategic Focus and Next Steps

Legacy Minerals’ CEO Christopher Byrne emphasized the company’s commitment to building a leading portfolio of gold, silver, and copper projects in NSW. While exploration efforts continue at the flagship Mt Carrington Project, which hosts a 1.2 million ounce gold-equivalent resource, the company plans to conduct a strategic review of Bauloora and Mt Terrible. This review will incorporate historical data, geophysical surveys, and may lead to further drilling or corporate transactions to unlock value.

Legacy Minerals has a track record of securing partnerships to enhance shareholder optionality, exemplified by its recent agreement with Rio Tinto on the Thomson Project. The company’s approach balances advancing its core assets while exploring strategic opportunities to realise value from its broader portfolio.