Legacy Minerals Holdings Acquires Expansive Gold and Copper Project at Bargain Price

Legacy Minerals Holdings Ltd (ASX: LGM) has secured a significant gold and copper exploration project in northern New South Wales at a very low cost.

This acquisition could mark a major turning point for the company, providing them with a highly prospective license area.

Acquisition Details and Project Creation

Legacy finalized a deal to acquire 100% ownership of the Mt Carrington Exploration Licence (EL6273) for just $190,000. Additionally, they were granted a new exploration license (EL9616) and applied for another (ELA6642).

Upon completion of specific relinquishments, Legacy will hold the rights to the mineral resources through the granted exploration license application.

This newly acquired area, combined with existing holdings, will form the company’s Drake Project.

The project boasts a combined resource estimate of 356,000 ounces of gold and 23.315 million ounces of silver, translating to an exceptionally low acquisition cost of just $0.53 per gold ounce (including associated silver).

Highly Promising Exploration Ground

The Drake Project encompasses over 350 square kilometres of land and may have geological similarities to the world-class, 20-million-ounce Porgera Gold Field.

Historical drilling across the project has identified promising potential for gold, silver, and copper, with grades up to 70.4 grams per tonne of gold, 1,778 grams per tonne of silver, 7.26% copper, and 19.5% zinc identified in various locations.

Legacy Minerals CEO Christopher Byrne commented on the strategic value of the acquisition: “With gold and silver near record highs in 2024, and strong copper demand, this project offers significant potential value for our shareholders.”

He further highlighted the company’s strong overall position, with multiple drilling campaigns planned across their projects and partnerships in 2024.

Unencumbered Exploration Strategy

Legacy plans to leverage the unencumbered nature of the Drake Project to focus on exploration aimed at discovering a major mineral deposit, rather than prioritizing near-term mine development.

Project Location and Geological Context

The Drake Project is situated within the highly prospective New England Fold Belt, known for hosting numerous epithermal gold, silver, and base metal deposits.

Major mines and deposits within the belt include Cracow (2.5 million ounces gold), Mt Carlton (1.2 million ounces gold and 12 million ounces silver), Mt Rawdon (2.5 million ounces gold), and Mt Morgan (8 million ounces gold).

This acquisition positions Legacy Minerals as a key player in this exciting exploration region. Their strategic approach and the project’s potential make Drake a project to watch in the coming years.

 

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