Legacy Minerals has the diamond drill rig in position, fired up and ready to spin at its Bauloora project in NSW, targeting fresh high-grade gold and silver prospects.
Bauloora is in the Lachlan Fold Belt of New South Wales which is host to world-class copper-gold orebodies including the Cadia-Ridgeway, Northparkes, and Cowal mines.
In 2023, gold-producing big gun Newmont Exploration (ASX:NEM) entered into a farm-In and JV on the project, which covers a large hydrothermal alteration zone roughly 29km2 in size.
And within that lies an anomalous gold zone mapped to approximately 15km2.
Drilling of the first targets at the site resulted in the discovery of the Bluecap prospect. returning 13m at 1.66g/t Au, 6.68g/t Ag, 0.14% Cu and 4.23% Pb+Zn from 57m.
This Bauloora diamond drilling campaign is targeting a total of eight holes across the Moonlite, Breakout and Ben Hall targets, planned for up to 1,300 metres, within the aforementioned 29km2 epithermal vein field.
The drilling is being funded under the Phase 1 Earn-In of the $15M Bauloora JV with Newmont.
LGM notes that the alteration across the vein field includes widespread zones of high-level chalcedonic veins, clay alteration, and local sinter related formations.
Why that’s important is that this geological structure is interpreted to support a “large, preserved Au-Ag bearing low-sulphidation epithermal system”.
While the diamond drill rig is in position and ready to go to work, detailed geological mapping is also underway across 10km2 of the primary vein field at the site.
“Over the past six months, the Bauloora team has completed an extensive systematic data acquisition process across the Primary Vein Field at Bauloora,” Legacy Minerals CEO and MD Christopher Byrne says.
“This work has included wide-ranging geophysics, geochemistry, and boots on ground mapping and sampling and it’s exciting to see the rig spinning to test the first of the compelling targets that have been generated.
“As with Legacy Mineral’s initial diamond drilling into the low-sulphidation vein field at Bauloora last year, most of these targets have never been tested by drilling despite having strong surface signatures and even outcropping veins in some instances.”
Meanwhile, as the Bauloora drilling gets underway, Legacy continues to work on its 100% owned epithermal projects at Drake and Black Range.
On this, Bryne added:
“With drill results coming from two of NSW’s largest epithermal systems in the coming months, and a backdrop of strong demand and prices for gold and silver, now is a great time to be targeting new discoveries at these high-potential projects.”
