Legacy Minerals Holdings Limited (ASX: LGM) believes it may have uncovered the potential for a major epithermal gold-silver system with its current diamond drilling programme at its Bauloora Epithermal Gold Project in NSW, Australia.
“The Legacy Minerals team is pleased to confirm a remarkable discovery at the Bauloora Epithermal Gold Project of low sulphidation epithermal veins and breccia across an extensive strike of the Mee Mar Prospect vein trend,” CEO and Managing Director, Christopher Byrne, said.
“This project’s scale is demonstrated by the fact that every diamond drill hole testing the strike of the Mee Mar vein intercepted epithermal veins and breccia – delivering a continuous strike of 1,500m which remains open to the north, south and at depth.
“We are very encouraged by what we have seen in the maiden diamond drilling programme into this exciting Mee Mar Prospect gold-silver vein target. While alteration, veins and breccia do not directly translate to gold-silver grade, the presence of the broad down-hole width intervals of low sulphidation epithermal textured quartz-chalcedony-adularia-hematite veins and cockade breccia as well as extensive lead-zinc sulphides is a very exciting outcome.
“The Bauloora Project has the potential to be a very large gold-silver epithermal system and presents a great opportunity to deliver shareholder value through discovery. The newly discovered zone at MM008 demonstrates this growth potential with significant anomalous trends and targets of the project that remain completely untested.
“With two holes remaining in the campaign, we look forward to keeping investors updated and providing assay results in the months ahead.”
Diamond Drilling Progress Update
At the Mee Mar Prospect, eight diamond drill holes have been completed testing the large, two km-long gold-silver (Au-Ag) bearing low sulphidation epithermal Mee Mar Vein.
Gold, silver and pathfinder anomalism was defined by last year’s soil geochemistry programme and extensive rock chip sampling programme, which returned gold and silver grades up to 55.5g/t Au and 905g/t Ag. In addition, extensive IP resistivity anomalies underlying the encouraging geochemical signatures and coincident with north trending zones of low magnetic responses, possibly because of hydrothermal alteration, represented compelling exploration targets.
The diamond drill holes have confirmed low-sulphidation epithermal veins, down dip from gold, silver and pathfinder rock chip and soil geochemistry anomalism, mapped veins and are broadly coincident with north striking magnetic lows and resistivity highs. The low sulphidation epithermal veins or breccias have been encountered in all holes drilled to date along the Mee Mar Prospect strike length.
Preliminary down hole structural observations from these holes show veins strike north to north- north-east and have steeply west dipping orientations for veins and breccias and though true widths are not yet known, they are estimated to be 70% to 100% of the down hole interval. The vein trend remains open along strike and down dip.
The ongoing drill programme is expected to be completed within the next two weeks, after testing coincident resistivity highs with high order gold-silver-antimony soil anomalies. Eight holes have been completed for 1,267.7m, with two holes remaining for a total of ten holes expected to be completed by the beginning of March.
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