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Legacy Minerals (ASX:LGM) will acquire an ancient volcano in NSW’s new England Fold Belt prospective for monster scale copper-gold deposits, it announced Friday.

The Drake project includes a 150sqkm collapsed caldera which bears “similar geological characteristics to other major Pacific Rim settings and deposits, [like the] Porgera Goldfield”.

Calderas, the ‘cauldron like’ hollows which form in an extinct volcano, can host rich ore deposits.

Porgera – which produced +20Moz between 1990 and 2017 — is the second largest mine in Papua New Guinea and one of the world’s top 10 gold mines.

There are multiple ancient copper and gold mines and historical drilling at Drake, which is essentially unexplored by modern standards, LGM says.

“Along with our 100% owned Black Range Project and our Bauloora Project in joint venture with Newmont, the Drake Project now brings LGM’s low-sulphidation epithermal focused tenure to over 1,500sqkm; placing it as the largest explorer for low-sulphidation systems in NSW,” LGM boss Chris Byrne says.

The high grade Never Never deposit at Dalgaranga is confirmed “a major Australia gold discovery” after Gascoyne Resources (ASX:GCY) upgraded the resource to 3.83Mt at 5.85g/t for 721,200oz.

Never Never, which remains open at depth, boosts total grade and ounces at Dalgaranga by 40% and 51%, respectively (16.70Mt at 2.2g/t for 1.183Moz).

“This landmark resource upgrade provides unequivocal evidence that this is one of the most exciting new gold discoveries seen in Western Australia in recent years – and an asset that has clear potential to underpin a potential restart decision for the Dalgaranga processing plant,” GCY boss Simon Lawson says.

Nexus Minerals (ASX:NXM) has hit paydirt a broad first pass, exploratory drill program at MC4.1, part of the Wallbrook gold project neighbouring Northern Star’s (ASX:NST) multi-million ounce Carosue Dam mining operations near Kalgoorlie.

Results included a highlight 12m at 2.91g/t Au (within 32m at 1.40g/t Au from 8m) and 4m at 6.19g/t Au (within 8m at 3.26g/t Au from 96m).

A drill hole has terminated in disseminated sulphides from 38m to 120m at Resource Mining Corp’s (ASX:RMI) Liparamba nickel project in Tanzania.

This doesn’t necessarily mean RMI has hit economic nickel mineralisation (we won’t know that until the assays come back from the lab) but the company is sufficiently encouraged enough to upgrade the program to diamond core.

And Metal Hawk (ASX:MHK) has received firm commitments from sophisticated investors to raise A$1.2 million (before costs) via a placement at $0.11 per share to accelerate exploration at its Yarmany nickel and lithium project and Fraser South REE project.


At Stockhead we tell it like it is. While Metal Hawk is a Stockhead advertisers, it did not sponsor this article.