Legacy Minerals Advances Exploration in New South Wales with New Funding

3 min read | December 01, 2024 05:56 PM PST | By Team Kalkine Media

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Legacy Minerals Advances Exploration in New South Wales with New Funding — Image source: shutterstock

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Highlights

Legacy Minerals (LGM) secures funding for exploration projects in New South Wales.

Exploration focuses on Thomson and Drake projects with advanced technologies.

Drilling programs and geophysics surveys set to commence soon.

Legacy Minerals (ASX:LGM) has successfully raised funds to accelerate its exploration initiatives across key projects in New South Wales. The company has completed a $3 million capital raising, which will support its efforts at the Thomson and Drake projects.

The placement involved issuing 11.16 million shares at $0.15 per share, raising $1.67 million. Additionally, Fleet Space Technologies, through its Fleet Investment Fund, contributed $325,000 as a strategic investor, further strengthening Legacy Minerals’ resources. Fleet Space’s advanced technology offerings are expected to play a significant role in enhancing exploration outcomes, especially at the Thomson Project.

The company has also initiated a share purchase plan, issuing 6.66 million shares at the same placement price, raising an additional $1 million. Legacy Minerals, with a market capitalisation of $17.92 million, plans to allocate these proceeds towards conducting ground gravity and seismic geophysics surveys at Thomson. The funds will also support drill testing of high-priority targets within the project.

At the Drake Project, the company aims to update the mineral resource estimate, conduct airborne geophysics, and explore near-mine and regional targets. Preparations for drilling at the Thomson Project are underway, with the mobilization process expected to begin soon.

The company is focused on maintaining a rapid exploration pace across its projects. In addition to Thomson and Drake, Legacy Minerals continues drilling at the Bauloora and Fontenoy projects, funded through joint venture partnerships. Assay results from Bauloora and Fontenoy are anticipated in the first quarter of 2025.

Christopher Byrne, CEO of Legacy Minerals, emphasized the significance of the funding and partnerships in advancing the company’s exploration strategy. The inclusion of Fleet Space Technologies as an investor highlights the company’s innovative approach to unlocking the potential of its assets. Fleet’s multiphysics technology, powered by space and AI, is expected to enhance subsurface understanding, accelerating exploration progress.

Legacy Minerals specializes in exploring gold, copper, and base metals. Its extensive portfolio includes assets such as Black Range, Rockley, Cobar, Harden, Glenlogan, and others. With ongoing exploration efforts and advanced geophysical techniques, the company remains focused on high-priority discovery opportunities.

Results from a light detection and ranging survey conducted at Drake are expected in the final quarter of 2024, marking a crucial step in Legacy Minerals’ exploration journey.

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