Legacy Minerals Holdings (ASX: LGM) has announced the commencement of drilling operations at its Bauloora Project (EL8994, EL9464) located in New South Wales. With approvals from the NSW Government secured, the company is now moving forward with its exploration activities at the Quarry and Thunderbolt prospects within this promising epithermal vein system.
Drilling Underway at Bauloora: A Significant Step Forward
The drilling program marks a significant milestone for Legacy Minerals as it undertakes the first-ever drilling of outcropping epithermal veins at the Bauloora Project. The exploration team has planned up to four diamond drill (DD) holes, targeting approximately 1,000 meters of drilling. These holes aim to explore undrilled, outcropping low-sulphidation epithermal veins as well as high-tenor geochemical anomalies that coincide with geophysical anomalies observed in the region.
Located within an approximately 29-square-kilometer epithermal vein field, the Bauloora Project is situated in a geologically significant area. The targeted veins are known for their mineral potential, and the presence of geochemical and geophysical signals further enhances the prospects for finding valuable mineralization.
Funding Through Joint Venture with Newmont
This drilling program is being funded under the Phase 1 Earn-In of a $15 million Bauloora Joint Venture agreement with Newmont, a leading global gold producer. The partnership with Newmont strengthens Legacy Minerals’ financial backing and provides access to significant technical expertise, which is crucial for advancing the Bauloora exploration efforts.
Bauloora Project: A Large Preserved Epithermal System
The Bauloora Project is part of a well-preserved epithermal system, which has been characterized by high-level chalcedonic veins, clay alteration, and localized sinter-related formations. These geological features support the interpretation of the project as a low-sulphidation epithermal system, which is known for hosting gold and silver mineralization.
Significant alteration across the vein field, including the presence of sinter, chalcedonic textures, and pathfinder elements, provides additional confidence in the potential for substantial mineralization. These features are consistent with the formation of gold and silver-rich mineral deposits that are the focus of Legacy Minerals’ drilling activities.
CEO’s Perspective: Optimism for Bauloora and Beyond
Christopher Byrne, CEO and Managing Director of Legacy Minerals, expressed his enthusiasm about the drilling program and the project’s potential. “We are pleased to be drilling some new and exciting low-sulphidation epithermal gold and silver targets with funding from our farm-in partner, Newmont,” said Byrne. “The targets include some of the largest and broadest outcropping epithermal veins across the Bauloora Project area, with coincident geochemical and geophysical anomalies.”
Byrne further emphasized the success of previous reconnaissance drilling, which has already yielded intercepts of gold, silver, and base metals in previously unrecognized areas, opening the door for future exploration and follow-up work.
“We are excited by the opportunities this drilling campaign presents and look forward to building on our progress at Bauloora,” he added. “This latest drill campaign, along with ongoing drilling at Fontenoy and significant advancements at the Thomson and Drake Projects, ensures that Legacy Minerals has a busy and productive end to the year.”
Looking Ahead: A Promising Future for Legacy Minerals
As Legacy Minerals embarks on this important phase of drilling at Bauloora, the results from the upcoming drilling campaigns are expected to further enhance the company’s exploration portfolio. With additional drilling programs in progress at Fontenoy, and ongoing developments at the Thomson and Drake projects, Legacy Minerals remains focused on expanding its footprint in Australia’s highly prospective mineral-rich regions.
With the support of a strong partnership with Newmont, Legacy Minerals is well-positioned to continue making significant strides in the exploration and development of its key projects. As the year draws to a close, the company’s strategic exploration efforts offer promising opportunities for future growth and value creation for its shareholders.
