Legacy is searching for copper, gold in the Lachlan Fold Belt
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Legacy Minerals is looking to be the next explorer chasing copper and gold at New South Wales’ highly prospective Lachlan Fold Belt, which hosts numerous world-class ore bodies.
The company is looking to raise between $5m and $7m through an initial public offering of between 25 million and 35 million shares priced at 20c each.
Proceeds will be used for drill campaigns targeting high-grade gold and gold-silver at the Harden and Bauloora projects – the more advanced of the company five projects.
Funds will also be used to develop the Cobar, Fontenoy, and Rockley projects to a drill ready stage.
About 20,000m of drilling will be carried out over the next 24 months.
Legacy’s projects cover a total area of about 864sqkm and target a range of mineralisation styles such as porphyry, epithermal, Cobar style, volcanic-hosted massive sulphide, and low sulphide quartz vein mineralisation.
These projects contain numerous untested geochemical, geophysical and geological targets, a number of which have already been defined by the company to drill-ready status.
Despite its proximity to world-class gold-copper mines, the Cobar project is covered in shallow, transported cover that has resulted in a large, shallow, unexplored search space.
The tenement includes numerous high priority geophysical, induced polarisation and geochemical anomalies for follow-up.
Bauloora exhibits untested exploration potential for the discovery of precious metal mineralisation at shallow depth.
It is considered to have similar characteristics to the low sulphidation epithermal gold-silver deposits at Pajingo-Vera Nancy and Cracow.
Harden contains historically operated high-grade gold mines, which ceased operations in 1913 and 1941.
It hosts multiple ore shoots that exist along the mineralised faults that have been confirmed by drilling and historical production.
Meanwhile, Fontenoy hosts disseminated and veined VHMS gold-copper mineralisation in Silurian volcanics that are interpreted to have affinities with the Late Silurian hosted McPhillamys gold deposit.
Rockley has the potential to host economic porphyry-related copper-gold mineralisation of similar style to that which occurs at Cadia-Ridgeway, Boda and Racecourse deposits.