Legacy Minerals has confirmed a new gold-silver epithermal mineralised system at its Mascotte Prospect, with assays showing gold grades up to 9.7g/t Au and significant base metals. The discovery lies entirely outside the current 1.2Moz AuEq Mt Carrington resource, opening the door for resource expansion.
- New gold-silver system confirmed at Mascotte Prospect
- Gold grades up to 9.7g/t and broad mineralisation intercepted
- High-grade lead-zinc-silver breccia indicates polymetallic potential
- All drill holes outside current 1.2Moz AuEq Mt Carrington resource
- Follow-up drilling and geophysics planned alongside Emu copper-gold drilling
High-Grade Gold-Silver Discovery Extends Beyond Current Resource
Legacy Minerals Holdings Limited (ASX:LGM) has delivered a compelling new chapter in its Mt Carrington saga, confirming a fresh gold-silver epithermal mineralised system at the Mascotte Prospect. The final assays from its maiden eight-hole diamond drilling program reveal gold grades reaching 9.7 grams per tonne (g/t) and broad mineralised zones spanning tens of metres, all lying completely outside the existing 1.2 million ounce gold equivalent (AuEq) resource.
The standout intercepts include 40 metres at 1.0g/t Au with a high-grade 9 metres at 2.7g/t Au from the first hole, alongside a 57-metre zone averaging 0.3g/t Au that includes 8 metres at 1.3g/t Au and a 1-metre spike of 8.1g/t Au in a neighboring hole. The highest-grade interval emerged deeper in the campaign, with 3 metres at 3.3g/t Au including a metre at 9.7g/t Au, underscoring the system’s potential to host economically significant mineralisation.
Polymetallic Potential Highlighted by Base Metals and Silver
Adding to the excitement, hole MSDD003 intersected a semi-massive breccia carrying 18.7% lead, 8.7% zinc, and 43 grams per tonne silver over a metre, supporting the presence of a polymetallic system. Broader zones of zinc, lead, and silver mineralisation were also recorded in other holes, hinting at a complex mineralising environment that could enhance project economics beyond gold alone.
Legacy Minerals’ CEO Christopher Byrne emphasised the significance, stating the discovery “presents a clear opportunity to increase the Mineral Resource estimation” given that every drill hole lies outside the current resource boundary. The epithermal system extends over a 1.3-kilometre strike length and remains open both along strike and at depth, inviting further exploration.
Follow-Up Drilling and Geophysics to Target High-Grade Zones
With assays now complete, Legacy is advancing ground geophysical surveys and planning follow-up drilling aimed at delineating higher-grade gold and base metal zones identified in this campaign. The Mascotte Prospect’s mineralisation is associated with historical workings and is interpreted to be controlled by a major hydrothermal fluid pathway, evidenced by geophysical lineaments similar to those seen at other Mt Carrington deposits.
Meanwhile, drilling is underway at the Emu Prospect targeting copper-gold mineralisation near the district’s largest historical copper mine. This campaign marks the first modern drill testing at Emu in 50 years, reflecting Legacy’s broader strategy to unlock value across its Mt Carrington tenure.
Discovery Adds to Mt Carrington’s Growing Resource Base
The Mascotte discovery complements Legacy’s existing 1.2Moz AuEq (115Moz AgEq) resource at Mt Carrington, which has been the focus of recent scoping studies projecting a robust 12-year mine life and a pre-tax NPV of A$514 million. The new drilling results could provide a meaningful resource upgrade if follow-up work confirms continuity and extent.
Analysts and investors will be watching closely as Legacy integrates these results with geological and geophysical data, refining targets for the next phase of drilling. The polymetallic nature of the system, combined with high-grade gold intercepts, adds a layer of complexity and potential upside to the project’s valuation.
Bottom Line?
Legacy Minerals’ Mascotte discovery opens a new front for resource growth at Mt Carrington, with follow-up drilling and geophysics set to test the scale of this promising epithermal system.
Questions in the middle?
- How extensive is the mineralisation at depth and along strike beyond current drill coverage?
- Will follow-up drilling confirm sufficient continuity to support a resource upgrade?
- How might the polymetallic base metal zones influence project economics and development plans?