Legacy Minerals Holdings Ltd (ASX:LGM) has seen its share price rise more than 20 percent on news that it has intersected multiple epithermal veins at the Bauloora Project in New South Wales, which is being explored as part of a $15 million joint venture with gold giant Newmont Corporation Ltd (ASX:NEM).
Legacy rolled up a diamond drilling project at Bauloora which comprised 8 holes for 1,437 metres, revealing the plethora of veins at prospects that had previously been untouched by drill work, including Moonlight, Ben Hall, and Breakout.
All prospects included broad intervals of epithermal style veins and cockade breccia including crustiform-colloform banded chalcedony-quartz-adularia and sulphides, and samples taken from both soil and rock chips at the Primary Vein Field have further boosted the potential of these targets for gold and silver mineralisation.
On this basis, Legacy is talking about Bauloora as having district-scale potential, while it looks ahead to further exploration of geochemical and drill targets.
Legacy CEO and managing director Christopher Byrne said the company has strong dimensions to build on from these drilling results.
“The observations of widespread epithermal veins at Bauloora further highlight an exciting time for Legacy Minerals shareholders,” he said.
“The campaign was designed to test multiple new prospects across a wide area which would potentially open up new mineralised vein trends and give an indication of the scale of the system.
“Impressively, all prospects have had epithermal veins intercepted in drill core. While alteration, veins and breccia do not directly translate to gold and silver grades, the presence of the broad down-hole width intervals of epithermal veins and cockade breccia with adularia and hematite as well as sulphide mineralisation is a positive outcome.”
At 13:30 AEDT, Legacy was trading at 32 cents, a rise of 20.75 percent since the market opened.