Legacy Minerals kicks off extensive PGE diamond drill program

• LGM starts 10,000m diamond drilling program at NSW PGE-copper-gold project
• Fontenoy previously explored for nickel and copper-gold but not PGEs
• Platinum group element prices are on the rise so timing could be great for a discovery

Special Report: Legacy Minerals has kicked off a 10,000m diamond drilling campaign at its Fontenoy platinum group elements and copper-gold project in NSW.

Fontenoy was historically drilled with companies targeting the potential for shallow nickel laterite and copper-gold deposits – not platinum group elements (PGEs) or magmatic-related nickel-copper sulphide mineralisation.

And with PGE prices rising off the back of potential supply sanctions on Russia from the US and its allies, it could be great timing for a PGE find.

Legacy Minerals (ASX:LGM) will test a high-priority airborne electromagnetic (AEM) conductivity anomaly, as well as step-outs from previous drilling that intersected broad zones of PGE and copper-gold mineralisation.

Notably, the ‘neck’ of the anomaly is untested by drilling and is adjacent to, and along strike from, several significant historical drill results, including:

• 120m at 0.30g/t PGE from 298m down-hole including 10m at 1.2g/t 3E PGE from 388m down-hole,
• 19.8m at 0.19g/t gold and 0.33% copper from 39.9m,
• 22m at 0.67g/t Au and 0.34% Cu from 20m,
• 26m at 0.44g/t Au and 0.11% Cu from surface; and
• 14m at 0.72g/t Au and 0.37% Cu from 108m.

The drilling is fully funded through a farm-in JV agreement with Earth-Ai.

Similar geology to big Russian PGE project

The company said the targets were consistent with the general model for magmatic Ni-Cu-PGE type mineral systems such as the Norilsk deposit in Russia – a country which supplies about 40% of the high-demand global palladium market.

In addition to the diamond drilling, EarthAI intends to follow up some of the conductivity anomalies with 3D induced polarisation surveys to investigate the depth, extent and applicability of the geophysical technique as well as to further refine the exploration targets for drill testing.

“The recently completed airborne electro-magnetic survey has given the Earth AI team great encouragement to undertake a significant drilling program that will test multiple high-priority platinum group element – copper-gold targets across the Fontenoy project,” LGM CEO and managing director Christopher Byrne said.

“The deposit type models to be tested include potential magmatic PGE and nickel-copper-sulphide accumulations as well as structurally controlled copper-gold mineralisation.

“Encouragingly, PGE mineralisation intersected in the previous drilling completed by Earth AI has been observed to be coincident with increased conductivity responses.

“These new datasets, in conjunction with historical induced polarisation, aeromagnetic, and surface geochemical survey data, have defined clear targets for follow-up, with drilling now underway.”

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.