- Legacy Minerals (LGM) launches reverse circulation (RC) drilling program at the Bauloora project in New South Wales
- A rig arrived at the site with nine holes to be drilled for testing under the prospect of the Bauloora mine which returned up to 3701 g/t silver and 6.9 g/t gold
- Upon completion of drilling, downhole electromagnetic tracking will be performed to define additional drill targets
- Additionally, a gradient array induced polarization study has been completed on the Bauloora North, Mee Mar and Bauloora East prospects with results expected in two weeks.
- Legacy ends the day 6.25% in the green with shares trading at 17 cents
Legacy Minerals (LGM) has started a reverse circulation (RC) drilling program on the Bauloora project in New South Wales.
An RC rig has arrived on site and will undertake a nine-hole drill program, totaling 1,500 meters, to test under the historical prospect of the Bauloora mine.
The mine returned bonanza-grade silver with up to 3701 grams per tonne (g/t) of intersection silver along with 6.9 g/t gold, 6.4% copper and 55 % lead and zinc.
The prospect has a length of at least 400 meters and remains open along the length and in depth.
Upon completion of drilling, downhole electromagnetic (DHEM) monitoring will be performed to define additional drill targets.
In addition, a gradient array induced polarization (GA-IP) survey was conducted over the Bauloora North, Mee Mar and Bauloora East prospects.
The Mee Mar prospect has been mapped to a width of five meters and a strike of over two kilometers with rock samples returning up to 39.1 g/t gold and 267 g/t silver.
Interpretation of the results is expected within the next two weeks.
“As we begin to unlock this underexplored epithermal system, we are excited to see the potential for a significant discovery,” said Chief Executive Christopher Byrne.
“Our strategy here is to systematically explore this great project. This involves geophysical work, including the recently completed large GA-IP survey, detailed magnetism and ground geochemistry ahead of further drill testing.
“We look forward to the completion of the RC drilling campaign and the interpretation of the GA-IP so that we can update our shareholders over the coming weeks.”
Legacy ended the day 6.25% in the green with shares trading at 17 cents for a market capitalization of $12.02 million.