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Highlights
- Legacy Minerals has received above expectation rock chip assay results from geochemistry campaign at Bauloora.
- The results have extended the previously interpreted systems based on numerous emerging new gold-bearing vein trends.
- A low sulphidation epithermal-style gold-silver system is present with shallow level veins.
ASX-listed gold and base metals explorer Legacy Minerals Holdings Limited (ASX:LGM) has shared encouraging initial results from ongoing exploration work at its Bauloora low-sulphidation epithermal-style gold-silver project.
The latest high-grade gold assay results have highlighted an expansion of the Bauloora gold-silver system in the Central Lachlan Fold Belt (LFB), NSW. LFB is renowned for hosting world-class epithermal deposits such as Cowal (15Moz) and Bowden (275Moz Ag Eq).
Based on the antimony levels, a low sulphidation epithermal-style gold-silver system is present with shallow-level veins.
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Why are these initial results so significant?
Legacy Minerals highlighted that the results exceeded its expectations as the latest results demonstrated the system's vast potential for gold exploration along with multiple undrilled target areas.
Following up on the recently completed Gradient Array Induced Polarisation (GA-IP) survey, LGM took 156 samples for the analysis of 49 elements, including Au and Ag mineralisation. The analysis was done at ALS facilities at Orange and Brisbane.
Of these 156 samples, 35% had mineralisation greater than 0.5g/t Au while the remaining had greater than 0.2g/t Au.
The rock chip results have delineated extensive Au and Ag mineralisation with standout results including
- Au results including 2g/t, 17.75g/t and 16.25g/t
- Ag results including 464g/t, 290g/t, and 220g/t
Bauloora sitting within highly prospective Lachlan Fold Belt
The Central Lachlan Fold Belt of New South Wales, where the Bauloora is situated, is home to numerous world-class ore bodies, including the Cowal Mines, Cadia-Ridgeway, and Northparkes.
It is bordered to the east by the Cootamundra Fault and to the West by the Gilmore Fault Zone.
Bauloora's basement comprises of Ordovician turbidites, Late Ordovician to Early Silurian intermediate volcanic rocks, related intrusions, and sedimentary rock. It contains structural remnants of Early Silurian predominantly dacitic volcanic rocks, related granites, Siluro-Devonian sediments, and felsic volcanic rocks.
Future steps
Legacy Minerals is awaiting the results from a well-advanced, thorough soil camping conducted throughout the northern project region, including newly discovered areas of interest and previously found mineralized vein trends.
The company intends to finalise and test initial drill targets in Q4. The newly defined gold target zones have never witnessed drilling.
LGM shares were trading at AU$0.155 midday on 17 August 2022.
