Legacy Minerals has drill spinning at Thomson gold-copper play

LGM starts drilling two major copper-gold targets at Thomson project in NSW
Region similar to Paterson and Havieron intrusion related gold and copper provinces
Company also awaiting assays from historical drilling

Special Report: Legacy Minerals has the drill bit spinning to test large gold-copper targets at its Thomson project in far northwest NSW.

The company is focused on NSW, last week announcing an upgrade to open-pit resources to 0.8Moz gold equivalent and 35Moz silver equivalent at its Drake project in the state’s northeast.

Now, Legacy Minerals (ASX:LGM) has turned its attention to Thomson where two 600m deep holes are underway to test large coincident magnetic and gravity anomalies – called F4 and Cut-B.

The company interprets these anomalies as potential intrusion related gold and copper (IRG-Cu) systems, with the region sharing similar characteristics to other major IRG-Cu districts like the Paterson Province in WA, where recent major discoveries have been made at Winu (2.8Mt copper, 8Moz gold, 51Moz silver) and Havieron (7Moz gold, 0.3Mt copper).

F4 and Cut-B are two of more than a dozen untested, large, discrete geophysical targets within the exploration licences.

While drilling gets underway, more than 1,000m of previously unsampled drill core has been sent for assays which are expected to be returned late March – early April.

First mover in underexplored region

The company says it is a first mover in this very under-explored and fertile geodynamic setting with a belt-scale exploration opportunity encompassing 5,500km2.

“Following on Legacy Minerals’ upgraded gold and silver resource at Drake announced last week, we are pleased to be drilling some major, untested, geophysical targets at our Thomson project targeting large gold and copper systems,” CEO and managing director Christopher Byrne said.

“With Government approvals in place to commence drilling at Thomson, we have wasted no time in getting the rig out to the site to start drilling.

“We have also received new 3D modelled inversions from the recently completed gravity and ambient noise tomography (ANT) surveys at the project.

“These have supported the exceptional targets and their potential as large IRG-Cu systems.”

Watch: Leaving a legacy with a monster resource increase

Byrne said the Legacy Minerals team was very encouraged by the coincident gravity and magnetic anomalies that had now been defined across a number of these anomalies.

“Furthermore, these targets sit on large-scale ANT velocity changes that may represent major lithological contacts, faults which, in some cases, support the interpretation of large intrusions at depth,” he said.

“The ANT and magnetic models have indicated that basement in these locations is within 100m of the surface, well within the economic depths of a major discovery.

“The Thomson Project is a rare opportunity to explore a new intrusion-related gold and copper mineral system and is poised for a major discovery in the region.”

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.