Legacy Minerals has kicked off an 885m drilling campaign at McMahons Reef within its Harden Gold Project, funded by Hill Tops Gold under a joint venture. Meanwhile, Rio Tinto Exploration has withdrawn from the Thomson Project, returning 100% ownership to Legacy Minerals.
- 885m drilling program underway at McMahons Reef targeting high-grade gold extensions
- Hill Tops Gold sole-funds drilling and plans ASX listing, with Legacy holding 5% equity
- Rio Tinto Exploration withdraws from Thomson Project, Legacy regains full ownership
- Thomson Project reassessed for intrusion-related gold potential with strong historical intercepts
- Legacy Minerals maintains focus on Mt Carrington development and exploration
Drilling Begins at High-Grade McMahons Reef Prospect
Legacy Minerals Holdings Limited (ASX:LGM) has launched an initial 885-metre drilling program at the McMahons Reef Prospect within its 100%-owned Harden Gold Project in New South Wales. The program, funded entirely by Hill Tops Gold (HTG) under a joint venture earn-in agreement, aims to test strike and depth extensions of historically high-grade gold mineralisation.
The drilling campaign consists of eight holes targeting beneath historical workings and along the approximately 700-metre strike of the McMahons Reef trend. Historical production at the site was notably high-grade, with 20,000 ounces recovered at an average grade of 44 grams per tonne gold, including drill intercepts such as 3.6 metres at 21.7 g/t Au from 115 metres and 5.8 metres at 4.7 g/t Au from 104 metres. Assay results from this program are anticipated in the third quarter of 2026.
Hill Tops Gold’s ASX Listing Adds Strategic Exposure
Legacy Minerals retains a 95% stake in the Harden Project, with HTG able to earn up to 80% by sole-funding exploration expenditures during the earn-in. Importantly, Legacy holds a 5% equity interest in Hill Tops Gold, which is targeting an ASX listing in 2026. This equity position provides Legacy with indirect exposure to HTG’s broader NSW gold exploration portfolio, including the Kinzan Gold Project near Grenfell.
Legacy’s CEO Christopher Byrne described the commencement of drilling as a key milestone, highlighting the underexplored nature of McMahons Reef despite its strong historical grades. Byrne noted that Hill Tops Gold’s commitment to fund the program underscores the prospectivity of the Harden tenement package and that the upcoming ASX listing could offer a future liquidity pathway for Legacy’s equity stake.
Rio Tinto Exits Thomson Project, Legacy Regains Full Ownership
In a significant ownership update, Rio Tinto Exploration (RTX) has elected not to proceed with its option to earn into the Thomson Project, returning 100% ownership to Legacy Minerals. RTX’s exploration focused on copper targets and included geophysical surveys, but the results did not meet their criteria for further follow-up.
Legacy Minerals sees the Thomson Project as a compelling opportunity for intrusion-related gold mineralisation, a target that was not a priority for RTX. Historical drilling includes a notable intercept of 370 metres at 0.1 g/t Au, which remains untested by follow-up drilling. The company is now reassessing the project’s exploration strategy with a renewed focus on precious metals, supported by strong gold prices and potential corporate interest.
Balancing Exploration Priorities with Mt Carrington Focus
While advancing drilling at Harden and reassessing Thomson, Legacy Minerals continues to prioritise the development and exploration of its flagship Mt Carrington Project. This project recently received approvals for an extensive drilling campaign targeting gold, silver, and copper resources, reflecting Legacy’s strategic focus on assets with the strongest near-term value potential.
Results from the McMahons Reef drilling will be jointly reviewed by Legacy and Hill Tops Gold to guide any follow-up programs across the Harden tenement package. Meanwhile, the company is exploring corporate transaction opportunities at Thomson, aiming to unlock value from its 100% ownership.
Bottom Line?
Legacy Minerals is advancing its NSW gold exploration with funded drilling and regained project control, setting the stage for assay results and strategic reassessments later this year.
Questions in the middle?
- Will the McMahons Reef drilling confirm extensions of the high-grade gold system and trigger further investment?
- How will Hill Tops Gold’s planned ASX listing impact Legacy Minerals’ equity value and partnership dynamics?
- What new exploration strategies will Legacy pursue at Thomson to capitalise on its intrusion-related gold potential?