Legacy Minerals Approved for 8,000m Drilling at Mt Carrington Project

Significant Drilling Approval Targets New Discoveries at Mt Carrington

Legacy Minerals Holdings Limited (ASX:LGM) has secured government approvals for an ambitious 8,000m diamond drilling program across its flagship Mt Carrington Project in New South Wales. The campaign focuses on two high-potential prospects: Mascotte, known for its silver-gold mineralisation, and Emu, a copper-gold target that has never been subjected to modern drilling techniques. This dual approach aims to both extend known mineralisation and explore new porphyry-epithermal systems within the 1.2Moz gold equivalent (115Moz silver equivalent) resource base.

The Phase 2 drilling at Mascotte follows a promising maiden program completed in March 2026, which delivered encouraging intercepts such as 40m at 1.0g/t gold from 151m including a higher-grade 9m at 2.7g/t gold, alongside significant silver grades up to 394g/t over 9.1m in historical holes. The new approval allows for eight diamond holes up to 500m deep to test structural and geochemical extensions beyond the initial eight-hole campaign. Assays from the first phase are pending, with full results expected in June 2026 after laboratory delays. This step-out drilling could materially enhance the scale and depth of the Mascotte mineralised system, which remains open along strike and at depth.

Meanwhile, the Emu Prospect will undergo its first modern drill test following the NSW Government’s approval of eight diamond holes totalling 4,000m. Emu’s targets were delineated through recent airborne Mobile MT geophysics, which identified two key features: a deep, conductive porphyry core and a shallower alteration halo consistent with porphyry-epithermal mineralisation. Historical drilling from over 50 years ago is sparse, leaving significant copper potential untested. Emu sits on the caldera margin and is part of a trio of priority targets alongside Mascotte and Battery, underscoring the regional scale of Legacy’s exploration focus.

Exploration Strategy and Resource Growth Potential

Legacy Minerals CEO Christopher Byrne emphasised the company’s dual-track strategy of discovery and development, noting the recent Scoping Study highlighted the project’s robust economics and significant upside potential. The new drilling approvals align with this strategy, aiming to convert exploration success into resource growth and project optimisation. Byrne highlighted the substantial copper grades historically recorded nearby, such as 18.9m at 5.8% copper and 10.1m at 7.26% copper, which underpin the focus on Emu’s porphyry targets.

The Mt Carrington Project’s mineral resource currently stands at 1.2Moz AuEq (115Moz AgEq), with both Mascotte and Emu offering clear opportunities to expand this base. The company is concurrently refining its Scoping Study, incorporating resources outside the current study area and exploring revised processing pathways that could enhance project value. Drilling is scheduled to commence imminently, with rig mobilisation planned for May 2026 and progressive completion over three months, followed by further resource definition drilling.

The new drilling campaign builds on Legacy’s recent exploration momentum, including the maiden diamond drilling discovery at Mascotte that was reported earlier this year, which confirmed epithermal-style gold-silver mineralisation well outside the existing resource footprint. The pending assay results from Phase 1 drilling have been a focal point for investors, with the company recently addressing share price volatility amid anticipation of these results. This drilling program is a critical next step in validating and expanding those initial findings.

Geophysical Insights and Regional Scale Targets

The Mt Carrington caldera, encompassing approximately 150km², hosts a cluster of low-sulphidation epithermal deposits with a complex structural and geochemical footprint. Recent Mobile MT surveys have been instrumental in identifying deep-seated conductive structures that link known deposits with untested prospects, including Mascotte and Emu. These geophysical anomalies suggest significant scale and depth potential, supporting Legacy’s exploration thesis.

At Mascotte, the mineralised trend extends roughly 1.3km with several parallel structures, historically mined for silver and gold. Ground-truthing and recent rock-chip sampling have confirmed high-grade gold and silver mineralisation in epithermal veins, with assays such as 11.2g/t Au and 222g/t Ag reported. The Phase 2 drilling will test these extensions at depth, where historical drilling was limited to shallow percussion holes generally less than 70m deep. Meanwhile, Emu’s porphyry-epithermal targets sit along the caldera margin, with the Mobile MT data revealing a nested caldera setting that may host large-scale mineralisation systems.

This exploration push follows recent updates to the Mt Carrington Scoping Study, which have recalibrated project economics and resource classifications. The company’s latest study revisions have been disclosed in parallel, illustrating a pathway toward a long-life, low-cost gold-silver operation with significant resource conversion potential. The integration of exploration results with ongoing study optimisation will be a key narrative for Legacy Minerals in the coming months.