Nov 21, 2024

Legacy Minerals Hits 360m @ 0.12g/t 3E PGE at Fontenoy Project, New South Wales

Introduction:

Legacy Minerals (ASX: LGM) (Market Cap: $18.5M | Last Close: $0.175 | Cash: $1.6M ) has reported significant platinum group element (PGE) intercepts from diamond drilling at its Fontenoy Project in New South Wales, highlighted by 360m at 0.12g/t 3E PGE (Pt+Pd+Au) from surface.

Drill Results:

360m @ 0.12g/t 3E PGE from 0m (no cut-off grade)‍
100m @ 0.13g/t 3E PGE from 64m (no cut-off grade)
‍120m @ 0.30g/t 3E PGE from 298m (no cut-off grade)

Project Overview:

The Fontenoy Project is located in New South Wales, Australia. It contains several prospective geological units including the Yandilla Volcanics, Warrenoy Diorite and ultramafic rocks of the Wambidgee Serpentinite. The project area has an 8km strike length of disseminated and veined copper-gold mineralization hosted within the Yandilla Volcanics.

Recent drilling has confirmed the presence of a large magmatic-related PGE-Ni-Cu mineral system. The known mineralized footprint now covers approximately 2 km2, with potential for further expansion. This represents the discovery of a new style of mineralization in the Lachlan Fold Belt of NSW.

Program Details:

The current drilling program, conducted by exploration partner Earth AI, included two diamond drill holes totalling 1,196 meters. Drilling targeted a mafic intrusive complex interpreted to have potential for magmatic PGE and nickel-copper sulphide mineralization. Results indicate PGE mineralization is dominantly occurring within and immediately underlying a high MgO core zone (>33% MgO) with sulphide development, consistent with models for magmatic Ni-Cu-PGE type mineral systems.

Understanding These Results:

The wide, low-grade PGE intercepts reported suggest the presence of a large, disseminated mineralized system. The higher-grade zones within these broader intercepts may indicate more concentrated areas of mineralization that could be targeted in future drilling.

The consistency of mineralization over hundreds of meters and across multiple drill holes supports the potential. The association with high-MgO zones and sulphide development provides important geological context for further exploration targeting.

Management Commentary:

Christopher Byrne, Legacy Minerals CEO & Managing Director, stated:

“Legacy Minerals is pleased to see the results of the great work completed to date by Earth AI in unpacking the palladium, platinum, gold and copper potential of the Fontenoy Project.”

“The latest results build Earth AI’s confidence in the continuity, scale and overall potential of this mineralised system. The known mineralised footprint is now 2km2 in size and has geochemical and geophysical indicators that suggest strong potential for this to further grow and potentially host higher grade zones similar to those identified in the last round of drilling.”

“Importantly, the drill rig is again on site and drilling with three holes planned for completion before the end of the year. Combined with the drilling now commenced at Bauloora, for the Company it is an exciting end to the year with multiple discovery opportunities underway.”

Next Steps & Catalysts:

A drill rig is currently on-site with three drill holes planned for completion before the end of the year. This drilling aims to extend the size of the known mineral system and test for higher-grade PGE zones within the basal zone of the ultramafic unit.

The company is also conducting drilling at its Bauloora project, providing a catalyst in the near term.

Commodity Outlook:

Platinum group elements are critical metals with applications in catalytic converters, electronics, and emerging green technologies. The discovery of a potentially large PGE system in New South Wales is significant, as magmatic-related PGE-Ni-Cu deposits are rare and highly valued for their potential higher grades, suite of valuable metals, and lower extraction costs compared to laterite deposits.

Conclusion:

The latest drilling results from Legacy Minerals' Fontenoy Project demonstrate the potential for a large-scale PGE-Ni-Cu system in New South Wales. With a growing mineralized footprint and ongoing drilling, the project represents an exploration opportunity in a region not previously known for this style of mineralization. Upcoming drill results will be key catalysts in further defining the project's potential.

Sources:

LGM Drill Results Announcement

Additional Figures:

Australia

ASX

Rare Earths

Nov 6, 2024