Legacy Minerals Expands Mt Carrington Study After Positive Metallurgical Breakthrough
Legacy Minerals has advanced its Mt Carrington project with a positive metallurgical study and initiated an expanded scoping study covering the full 1.2 million ounce gold-equivalent resource. The new study aims to unlock greater value through enhanced processing and existing infrastructure.
- Positive Metallurgical Bridging Study validates flotation processing approach
- Expanded Stage 2 Scoping Study to evaluate entire 1.2Moz gold-equivalent resource
- Stage 1 Scoping Study showed robust economics with A$388M NPV8 and 141% IRR
- Significant sunk capital and infrastructure valued at approximately A$40 million
- Ongoing drilling targets resource growth and discovery across polymetallic deposits
Positive Metallurgical Results Pave Way for Expanded Study
Legacy Minerals Holdings Limited (ASX – LGM) has reported encouraging progress at its Mt Carrington Gold-Silver Project in New South Wales, following the completion of a positive Metallurgical Bridging Study. Conducted by global engineering firm Ausenco Pty Ltd, the study highlights the potential of flotation processing to maximize recoveries from the polymetallic deposits, including gold, silver, copper, and zinc. This marks a significant shift from previous carbon-in-leach methods, promising improved payability and revenue from the silver-rich zones.
Expanded Stage 2 Scoping Study Targets Full Resource
Building on the success of the initial Stage 1 Scoping Study, which evaluated only 0.2 million ounces of gold and demonstrated robust financial metrics with an NPV8 of A$388 million and an IRR of 141%, Legacy Minerals has engaged Ausenco to undertake an expanded Stage 2 Scoping Study. This new study will assess the entire 1.2 million ounce gold-equivalent mineral resource, integrating mining and processing strategies to optimize project economics. Completion is expected in early Q1 2026.
Leveraging Existing Infrastructure and Capital Investment
The Mt Carrington Project benefits from substantial sunk capital, with Legacy Minerals estimating approximately A$40 million invested by previous operators. Existing site infrastructure includes stripped open pits, haul roads, a tailings dam, a 750ML freshwater dam, and grid connections, all of which significantly reduce upfront capital expenditure and development risk. This infrastructure foundation strengthens the project's development case and supports a streamlined path toward production.
Ongoing Exploration and Resource Growth Potential
Legacy Minerals is pursuing a dual-track strategy combining discovery-focused drilling with project development. Current drilling programs target greenfield epithermal-porphyry mineralization within the Drake Caldera and brownfield extensions of high-grade gold, silver, and copper zones. These efforts aim to increase resource confidence and potentially expand the mineral resource base, which remains a key value driver for the project.
Outlook and Next Steps
With the expanded Stage 2 Scoping Study underway, Legacy Minerals is positioned to refine its financial models and mine-mill integration plans, incorporating the latest metallurgical insights. While the study remains preliminary and subject to further technical and financial validation, the positive outcomes to date suggest Mt Carrington could evolve into a modern, polymetallic mining operation with significant upside. Investors will be watching closely as the company advances toward more detailed engineering phases and continues its exploration programs.
Bottom Line?
Legacy Minerals’ next scoping study could redefine Mt Carrington’s value, but funding and technical risks remain key hurdles.
Questions in the middle?
- How will the expanded flotation processing impact overall project recoveries and costs?
- What are the timelines and funding strategies for advancing beyond the scoping study phase?
- Can ongoing drilling materially increase the resource base or improve resource confidence?
