Ground truthing of the recently completed Light Detection and Ranging (LiDAR) survey at the Drake project, which identified 3367 historical mining features, is underway.
The initial focus is on the extensive Lunatic antimony field, where very limited historical work has been completed.
An airborne mobile magneto-tellurics geophysical survey will soon follow within two weeks, the first large-scale exploration conducted on the asset in 35 years, while mineral resource estimation work is ongoing.
Legacy Minerals (ASX:LGM) says results will be received by mid-February with the resource to include the polymetallic zinc, copper and lead nature of the deposits in addition to the gold and silver.
It will also incorporate current prices for gold and silver, which have significantly increased from when the historical MREs were completed in 2013 and 2020.
Gold is again threatening all-time highs, currently trading at US$2744/oz or A$4376/oz – a great number for local gold producers – while silver is sitting around the US$30 mark since hitting a one month high of US$30.8/oz on January 22.
Over at the Thomson project, historical drill core sampling across unsampled mineralised and strongly altered historical drill core is in progress.
These unsampled portions of historical drill holes represent a significant additional data set that can be acquired at low cost.
LGM says these assays have the potential to expand previously known mineralised drilling intercepts and provide vectors towards intrusion related gold and copper mineralisation to help guide future drill testing.
Core cutting has been slower than anticipated with strongly silicified core slowing progress but assays from re-sampling are expected in March.
LGM managing director and CEO Christopher Byrne said the multi-faceted acquisition of key geochemical, geophysical and geological data sets will enhance the significant geological information that the company has already collected.
“The patient and systematic approach in collecting these datasets is essential to being able to define the best possible drill targets for the planned upcoming campaigns,” he said.
“Our JV partners also continue to diligently advance the Bauloora, Glenlogan, and Fontenoy projects.
“A number of planned activities are to begin shortly, as well as diamond drilling assays pending from Bauloora and Fontenoy and a large-scale geophysical survey underway at Glenlogan.”
Artificial Intelligence computing will be applied to the new geophysical data sets including the recently modelled magnetic data and the new historical drill assay data to aid geological interpretations and to focus future drill targeting.
LGM partner Fleet Space has built an extensive knowledge of NSW geology, intrusion related deposits, and porphyry deposits.
LGM believes this expertise will be critical in helping the company identify and drill test-quality IRG-Cu targets within the Thomson project.
