Mascotte Drilling Advances: Six Holes Complete, Assays Pending at Mt Carrington
Legacy Minerals advances drilling at its Mascotte Silver-Gold Prospect within the Mt Carrington Project, with assay results imminent and a comprehensive Scoping Study expected in April 2026.
- Drilling at Mascotte Prospect nearing completion with six of eight holes done
- Assays pending for initial drill holes, testing beneath historic high-grade silver zones
- Scoping Study delayed to April 2026 due to expanded pit optimisation and infrastructure assessments
- Mt Carrington Project holds a significant 115Moz silver equivalent Mineral Resource
- Company well-funded with $10 million cash to support ongoing exploration and development
Drilling Progress and Early Encouragement
Legacy Minerals Holdings Limited (ASX:LGM) is making steady progress with its discovery-focused drilling program at the Mascotte Silver-Gold Prospect, part of the broader Mt Carrington Project in New South Wales. With six of the planned eight holes completed, the company is poised to receive assay results imminently for the first hole, a critical step in validating the potential of this historically significant silver-gold mining area.
The drilling has intersected broad zones of very fine-grained sulphide mineralisation within veins and breccias, closely resembling textures found at other notable deposits in the district, such as White Rock. Historical drilling at Mascotte returned impressive silver grades, including 18.3 metres at 237 grams per tonne silver and a standout 9.1 metres at 394 grams per tonne silver. Legacy’s current program is designed to test extensions beneath these historic high-grade zones, aiming to unlock further value.
Scoping Study Update and Strategic Outlook
Parallel to the drilling campaign, Legacy Minerals is advancing its Scoping Study for the Mt Carrington Project. Originally expected earlier, the study’s release has been pushed to mid-April 2026 to accommodate additional scenario testing, including pit optimisation and staged development options, alongside detailed infrastructure assessments. This comprehensive approach reflects the company’s commitment to robust project evaluation before moving towards development.
The Mt Carrington Project boasts a substantial Mineral Resource of 115 million ounces silver equivalent, underscoring its significance in Legacy’s portfolio. The company’s strong cash position, with $10 million on hand as of late January 2026, provides a solid financial foundation to support ongoing exploration, assay processing, and strategic planning.
Geological Context and Exploration Potential
The Mascotte Prospect is defined by a 1.3-kilometre strike associated with historic mine workings, with several parallel mineralised structures identified. Surface sampling has revealed elevated gold, silver, copper, and zinc values, while airborne geophysical surveys have highlighted a major hydrothermal fluid pathway, suggesting potential for significant mineralisation at depth. These geological indicators add weight to the prospect’s discovery potential and justify the company’s focused drilling efforts.
Legacy Minerals’ CEO Christopher Byrne emphasised the company’s dual focus on discovery and development, noting that the ongoing drilling and expanded Scoping Study work position the company well to unlock value from Mt Carrington. The upcoming assay results and Scoping Study will be pivotal in shaping the project’s next phase.
Bottom Line?
As assay results and the Scoping Study approach, Legacy Minerals stands at a critical juncture that could redefine Mt Carrington’s development trajectory.
Questions in the middle?
- Will the upcoming assay results confirm extensions of the high-grade silver zones beneath Mascotte?
- How will the additional pit optimisation and infrastructure assessments influence the project’s economic viability?
- What are the potential timelines and capital requirements following the Scoping Study release?
