Legacy Iron Ore may have more gold on its hands than it thought
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Legacy Iron Ore reckons it has more gold at its Blue Peter project than it originally thought — 157 per cent more.
The company increased the inferred resource of the ore body at Mt Celia to 51,100 ounces.
It says the total Mt Celia inferred resource from two deposits is 184,100 ounces. The Kangaroo Bore deposit is the larger of the two, at 133,000 ounces.
Mt Celia, in the Kalgoorlie region, is not to be confused with Mt Cecelia, an area in the eastern Pilbara in the Lower Fortescue Group which targets high grade conglomerate gold mineralisation (where South African miner West Wits Mining (ASX:WWI) operates).
Inferred resources are estimated using limited geological evidence and sampling information, which means there is not enough confidence to evaluate the project’s economic viability.
Legacy (ASX:LCY) plans to start an initial scoping study to investigate the potential for mining at Mt Celia Project, drill test some new areas within the next few weeks.
The explorer has $3.4 million in the bank and a quarterly cash burn of about $500,000.
Legacy shares were flat on Thursday morning at 0.6c.