Legacy Minerals grows large palladium-platinum footprint at Fontenoy

Legacy Minerals spots magmatic PGE potential at NSW project
Assays from Fontenoy returned widespread mineralisation
Company looking for high-grade and low-cost deposit like Julimar

Special Report: Legacy Minerals has welcomed assays from diamond drilling at its Fontenoy project in NSW which highlight widespread mineralisation and potential for a large magmatic PGE nickel and copper deposit.

Historically, companies have drilled at Fontenoy targeting the potential for shallow nickel-laterite deposits, not for PGEs (platinum group elements) or magmatic related nickel-copper sulphide mineralisation.

Now it looks like the company could be hot on the heels of such a deposit – which can be very large and valuable, with high grades and low extraction costs, like Chalice Mining’s (ASX:CHN) Julimar deposit.

Drilling completed by the company’s exploration alliance partner, Earth AI, returned gold, palladium and platinum (3E PGE) results including:

360m at 0.12g/t 3PGE from 0m (no cut-off grade) in drill hole EFO10D, with;
- 200m at 0.15g/t 3E PGE from 0m (no cut-off grade);
- 14m at 0.35g/t 3E PGE from 72m;
- 22m at 0.29g/t 3E PGE from 116m; and
- 28m at 0.16g/t 3E PGE from 142m.

Notably, these new results are around 1km away from previously released assays (drill hole EFO9D) which returned 120m at 0.30g/t 3E PGE (no cut-off grade) from 298m, including 10m at 1.2g/t 3E PGE from 388m.

This means the known PGE-bearing mineral system has grown to around 2km2, which the company says increases the potential for additional exploration upside within the large, mineralised footprint.

Unpacking Fontenoy’s potential

The identification of this style of mineralisation is the first in the district and it is believed that this represents the discovery of a new style of mineralisation in the Lachlan Fold Belt of NSW.

“Legacy Minerals is pleased to see the results of the great work completed to date by Earth AI in unpacking the palladium, platinum, gold and copper potential of the Fontenoy project,” Legacy Minerals (ASX:LGM) CEO and MD Christopher Byrne said.

“The latest results build Earth AI’s confidence in the continuity, scale and overall potential of this mineralised system.

“The known mineralised footprint is now 2km2 in size and has geochemical and geophysical indicators that suggest strong potential for this to further grow and potentially host higher grade zones similar to those identified in the last round of drilling.”

The drill rig is back on site with three holes planned for completion before the end of the year, Byrne said.

“Combined with the drilling now commenced at Bauloora, for the company it is an exciting end to the year with multiple discovery opportunities underway,” he said.

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.