Legacy acquires belt-scale Thomson copper-gold project

• Legacy Minerals’ 5,500km2 Thomson project sits in one of Australia’s most under-explored geological provinces
• There are numerous, undercover targets defined by discrete, “bullseye” magnetic and gravity anomalies with similar character to Tier-1 deposits
• LGM’s tenure in NSW now totals s over 8,000km with a systematic review of the targets on Thomson set to kick off shortly

Special Report: Legacy Minerals has secured a 5,500km² exploration opportunity through its acquisition of the Thomson project in NSW.

Legacy Minerals Holdings (ASX:LGM) has been involved in the acquisition and exploration of gold, copper, and base metals projects since 2017 with a current portfolio of eight projects based in NSW’s prolific Lachlan Fold Belt and its surrounds.

As well as its Black Range, Drake, Cobar, Rockley, Bauloora, Harden, Glenlogan and Fontenoy projects, it has recently turned its attention towards one of the most underexplored orogenic belts in Australia for high-grade copper-gold intrusion related deposits.

The Thomson Orogen is covered by younger sediments ranging up to 280m thick, which has historically deterred exploration despite its mineral potential.

According to work conducted by the NSW Geological Survey (GSNSW), the basement rocks within the Thomson Orogen have the potential to hold similar mineral potential to the adjoining belts, including the base metal and gold endowment of the Lachlan Orogen to the south which is over 80Moz gold and 13Mt copper.

Exploration upside

LGM believes its acquisition of the 5,500km2 Thomson project fits the company’s strategy of acquiring projects where the discovery potential is wide open.

The company’s wholly owned subsidiary, Starlight Exploration, will acquire two exploration licences (EL9190 and EL9194) for $200,000 in cash from Eastern Metals (ASX:EMS).

Situated west of Bourke, NSW LGM says Newcrest Mining’s (ASX:NCM) 8.4Moz Havieron and BHP’s (ASX:BHP) 5.4Mt Carrapatenna projects are two notable undercover discoveries similar to those being targeted on the Thomson project.

Across the project there are numerous, undercover targets defined by discrete, “bullseye” magnetic and gravity anomalies with similar character to other Tier-1 deposits.

Although the limited historical drilling has been too shallow to have tested the magnetic and gravity anomalies, LGM says widespread alteration and mineralisation has been intersected, offering the company huge discovery upside.

LGM says it has been drawn to Thomson due to its lack of exploration and early encouragement from previous explorers who have confirmed mineralisation in association with these magnetic high anomalies.

‘The next major mineral province is yet to be found’

“We consider the Southern Thomson region to be one of the most under-explored orogens in Australia and our reason for staking a significant position here is in line with the belief that the next major new mineral province will be undercover and is yet to be found,” LGM CEO and managing director Christopher Byrne says.

“The limited historical testing of the known mineral systems, which has already been defined at Thomson, presents Legacy Minerals with the opportunity of aiming to discover very large deposits based on the geophysical expression of their often very large alteration signature.

“We have a simple plan to realise value on the project. As there has been no on-ground exploration here for over 10 years Legacy Minerals are looking to conduct a systematic review of the targets, historical drilling and geophysical data.”

Plans in place to start exploring

LGM’s tenure in NSW now covers some 8,000km2 and encompasses several significant, district sized projects.

It will be systematically progressing the project and will implement the latest generation of geophysics, geochemistry, and machine learning to refine drill targets.

The company will also be examining opportunities for partnerships on the project similar to those on LGM’s Bauloora (Newmont earn-In) and Glenlogan projects (S2 Resources earn-in).

This article was developed in collaboration with Legacy Minerals Holdings, 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.