Ann: LGM June Investor Webinar, page-18

June 13, 2024

In a tough market for juniors, most companies have no choice but to focus on one main project.

That’s not the case for Legacy Minerals (LGM), which, by the end of this year, will have conducted at least six drilling campaigns across multiple projects in New South Wales’ Lachlan Fold Belt.

Legacy has a hybrid discovery approach, funding its own exploration as well as bringing on partners.

“We like to see as many darts being thrown at the dart board as possible to give our shareholders the best chance of multiple discoveries,” Legacy managing director Chris Byrne told a Resources Rising Stars webinar this week.

Legacy has a A$15 million joint venture with the world’s biggest gold miner, Newmont, at Bauloora, a A$6 million partnership with S2 Resources at Glenlogan and an alliance with Earth AI at Fontenoy.

The Bauloora JV is one of only two deals Newmont has done in Australia in the past three years – the other being the multibillion-dollar takeover of Newcrest Mining.

Drilling is underway at the project now, targeting a tier one epithermal gold deposit.

The three areas being targeted in the program have never been diamond drilled.

Byrne said the campaign would be an important technical step for the project.

“Newmont are aggressively targeting tier one assets,” he said. “As [the company] gets bigger, the bar gets higher.”

Byrne said that while Bauloora was very early stage, there were already encouraging signs, including veins up to 3m wide and rock chips grading up to 3701 grams per tonne silver, 6.9g/t gold, 6.4% copper and 55% lead and zinc.

The first results are expected in August.

S2, run by successful explorer Mark Bennett and backed by prospector Mark Creasy, is Legacy’s partner at Glenlogan, which is seen as a deep Cadia-style target.

“We think it has all the hallmarks of a large porphyry system,” Byrne said.

Drilling is being planned, with assays due from September onwards.