Legacy Minerals kicks off drilling at generative NSW assets

• LGM commences exploration across two NSW projects
• The company is drilling for platinum and palladium at the Fontenoy project
• Drilling is also underway at the new Hilltops Gold joint venture

Special Report: Legacy Minerals is ramping up gold, platinum and palladium exploration, including drilling, across its Fontenoy and Hilltops Gold joint venture projects in NSW.

Fontenoy was historically drilled with companies targeting the potential for shallow nickel laterite and copper-gold deposits – not platinum group elements (PGEs) or magmatic-related nickel-copper sulphide mineralisation.

This style of deposit is rare and prized for potentially higher grades and potential suite of valuable metals.

The company is on the hunt for a potential PGE jackpot at Fontenoy, returning 374.6m at 0.1g/t 3E PGE from surface including 40m at 0.2g/t 3E PGE from 110m in the latest round of drilling.

The results indicate the known PGE-bearing mineral system is approximately 2km2, highlighting the exploration potential within the project’s large footprint.

Legacy Minerals (ASX:LGM) partner Earth AI has also completed a Versatile Time Domain Electromagnetic (VTEM) survey across Fontenoy. This is a geophysical technique commonly used in exploration to detect conductive bodies, such as nickel and copper sulphide deposits.

The results of this surface and ongoing surface geochemical surveys will be used to guide future drilling – expected in July.

Harden gold JV up and running

The company also recently entered an earn-in joint venture with Hilltops Gold covering the Harden gold project in the same region as Fontenoy. LGM will hold a 5% stake in the privately owned company which plans to establish a gold processing hub in central NSW.

Hilltops Gold will complete a minimum of 1.5km of drilling with the aim of defining a resource.

“While we continue to focus our efforts on our core assets – with drilling underway at our Thomson project and interpretation of airborne survey data underway at the Drake project – Legacy Minerals is pleased to provide an update on activities across our non-core, generative project portfolio,” CEO and managing director Christopher Byrne said.

Watch: Legacy scoping study shows golden hoard under Drake

“This includes encouraging platinum and palladium drill results at Fontenoy, as well as a new joint venture on the Harden gold project.

“This new joint venture has seen Legacy Minerals acquire an ownership stake in Hilltops Gold, adding to our portfolio of assets.”

This is the company’s fifth joint venture in two years across its non-core assets, which Byrne said provided shareholders with additional discovery exposure and non-dilutive value upside through exploration success.

Hilltops also holds the Kinzan gold project where drilling is underway, providing LGM with exposure to additional discovery and near-term gold development opportunities.

This article was developed in collaboration with Legacy Minerals, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.