40m at 1.0g/t Gold Outside Existing Resource Boosts Mt Carrington Prospects

A New Chapter for Mt Carrington

Legacy Minerals Holdings Limited (ASX:LGM) has delivered a compelling update from its Mt Carrington Project in New South Wales, revealing a new greenfields gold discovery at the Mascotte Prospect. The maiden diamond drill hole, MSDD001, intersected a substantial 40-metre zone averaging 1.0 grams per tonne (g/t) gold starting from 151 metres downhole, including higher-grade intervals up to 5.6g/t. This discovery is particularly notable as it lies outside the company’s existing 115 million ounce silver equivalent resource, signaling fresh potential in a well-established mineral camp.

Drilling Highlights and Geological Context

The initial drilling campaign, comprising six completed holes with assays pending for five, has consistently intersected zones of fine-grained sulphide mineralisation within veins and breccias, accompanied by hematite and sericite/adularia alteration, hallmarks of an epithermal gold-silver system. The mineralisation style and grades bear strong resemblance to the nearby Mt Carrington deposits such as Kylo, Strauss, and Silver King, located approximately five kilometres north. This suggests the Mascotte Prospect could represent a new epithermal system with significant scale and continuity.

Implications for Resource Growth and Exploration Strategy

Importantly, the mineralisation remains open in multiple directions, up-dip towards surface, along strike, and at depth, offering considerable upside for resource expansion. Historical drilling from the 1970s at Mascotte recorded high-grade silver intervals near surface, but the current drilling indicates a transition to a gold-dominant system at depth or the presence of parallel silver-rich structures yet to be tested. Legacy Minerals plans to leverage these insights by conducting ground geophysics and follow-up drilling to hone in on higher-grade zones, potentially unlocking further value within the Mt Carrington camp.

Management Perspective and Next Steps

CEO Christopher Byrne described the discovery as “exceptional,” highlighting the thick intercept and extensive strike of historical workings as encouraging signs of a new deposit. With two holes remaining in the current program and assay results expected by the end of April 2026, the company is poised to refine its exploration approach. Concurrently, Legacy Minerals is advancing its scoping study for Mt Carrington, anticipated for release in April, which will integrate these latest findings and inform development pathways.

Broader Project Portfolio and Strategic Outlook

While Mascotte is the current focus, Legacy Minerals maintains a diversified portfolio of projects across New South Wales, including White Rock, Lady Hampden, and the Drake Project, each offering distinct exploration opportunities. The new discovery at Mascotte not only enhances the Mt Carrington Project’s profile but also reinforces the company’s broader strategy of targeting epithermal gold-silver systems with significant growth potential.