Earth AI Earns 51% at Fontenoy; Rio Tinto Launches Thomson Survey

Exploration Momentum Builds Across Legacy Minerals’ Portfolio

Legacy Minerals Holdings Limited (ASX, LGM) has delivered a robust update on its exploration activities, underscoring the growing momentum across its suite of partnered projects in New South Wales. The company’s strategy of leveraging joint ventures with industry heavyweights like Rio Tinto Exploration and innovative players such as Earth AI is beginning to bear fruit, with multiple programs advancing in parallel.

At the Fontenoy Project, Earth AI has successfully met the Stage 1 earn-in requirements, securing a 51% interest by investing $1.5 million and completing 1,500 metres of drilling within 12 months. This milestone reflects strong confidence in the project’s potential to host significant platinum group elements (PGE), nickel, and copper mineralisation. Early drilling results have been promising, including a standout intercept of 120 metres at 0.30g/t 3E PGE, featuring a higher-grade 10-metre zone at 1.2g/t 3E PGE. Drilling continues, with assays from the current campaign expected in February 2026, which could further validate the project’s prospectivity.

Rio Tinto’s Upcoming Geophysical Survey at Thomson

Meanwhile, Rio Tinto Exploration is preparing to commence a Pole-Dipole Induced Polarisation (PDIP) geophysical survey at the Thomson Project, targeting copper and gold mineralisation. This deep-penetrating electrical survey, planned for mid-November, aims to test geophysical anomalies up to 300 metres below surface across multiple areas of interest. Historically, IP surveys have been effective in identifying sulphide-rich zones at Thomson, and this new program could generate compelling drill targets for follow-up diamond drilling. Rio Tinto’s involvement brings not only funding but also technical expertise, enhancing the potential for a major discovery in this underexplored region.

Portfolio Adjustments and Ongoing Activity

In contrast, S2 Resources has withdrawn from its earn-in agreement at the Glenlogan Project after spending $1.78 million, leaving Legacy Minerals with full ownership. The company is currently evaluating next steps for this underexplored copper-gold project situated near Australia’s prolific Cadia Valley mining district. At the Harden Gold Project, Hill Tops Gold continues to progress, with government approvals underway for drilling at the McMahons Reef Prospect and recent reverse circulation drilling completed at the Kinzan Project. These activities highlight ongoing efforts to unlock value across Legacy’s diverse portfolio.

Legacy Minerals’ CEO, Christopher Byrne, emphasised the significance of these developments, “Our partners’ active exploration programs and recent milestones demonstrate growing confidence in the geological potential of our projects. With multiple programs advancing and a steady flow of news expected, we remain optimistic about the value creation opportunities for our shareholders.”

Looking Ahead

The coming months will be critical as assay results from Fontenoy’s ongoing drilling arrive and Rio Tinto’s geophysical survey at Thomson unfolds. These data points will provide clearer insights into the scale and quality of mineralisation, potentially setting the stage for further investment and drilling campaigns. Legacy Minerals’ ability to attract and retain strong partners while maintaining strategic control over key projects positions it well in the competitive exploration landscape.