Airborne survey takes off at Legacy Minerals’ Drake project

LGM begins airborne mobileMT survey at Drake
The survey will help define geological structures and lithologies
It will be completed by the end of February

Special Report: The first geophysical data set to be collected at the Drake project in 30 years is now underway following the start of an airborne survey.

Covering around 279km2, the mobileMT survey will provide Legacy Minerals (ASX:LGM) with information regarding the definition of geological structures and lithologies related to gold, silver and copper mineralisation.

The objective is to collet electrical resistivity data to a depth of 1km and VLF data providing near surface EM information and will assist LGM in mapping sub-surface geology.

MobileMT utilises naturally occurring electromagnetic fields from three orthogonal induction coils, which are contained within an aerodynamic shaped capsule towed by a helicopter 60m to 70m above the ground.

It was a key exploration tool for K92 Mining Inc in which resulted in the definition of exploration targets for porphyry and epithermal style copper-gold mineralisation and helped grow the Kainantu system from 2Moz gold equivalent in 2017 to 18Moz gold equivalent in 2024.

These results will enhance the existing, extensive database of technical information including airborne and ground geophysics, geochemistry, historical drilling results and geology.

Interpretation of the database is expected to generate new copper-gold targets that will require a follow up field exploration program of geological mapping, sampling and drill testing.

Well-endowed geological setting

The Drake project sits within the highly prospective New England Fold Belt (NEFB), one of the epithermal gold, silver and base metal districts that formed along the east coast of Australia during the Permian age as back arc extensional volcanic basins.

A number of major mines and deposits occur within the NEFB, including the 1Moz Hillgrove mine, 2.5Moz Cracow gold mine, 2.5Moz Mt Rawdon gold mine and 8Moz Mt Morgan mine.

The project is centred on a poorly understood but regionally important, low-sulphidation, epithermal, gold, silver, zinc and copper mineralised system with previous exploration limited to regional geophysics and surface geochemical sampling.

‘New generation of greenfield targets’

LGM CEO and managing director Christopher Byrne said the survey will cover the entire known caldera setting within the company’s exploration licences.

“The survey will help define brownfields targets and extensions to the known deposits while also introducing a new generation of greenfield epithermal and porphyry targets,” he said.

“It will also help identify gold-silver and copper-bearing structures, including possible porphyry copper-gold systems in the region.

“We look forward to providing further updates as the data and interpretations become available.”

The survey is expected to be completed by end of February after delays due to wet weather with results expected six-eight weeks after survey completion.

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.