Antimony has become big business in recent weeks, and Legacy is netting some big targets. Pic: Getty Images
Legacy Minerals review nets high-grade antimony opportunity at Drake
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- Legacy Minerals review uncovers several occurrences of Hillgrove-style antimony-gold mineralisation at the Drake project
- These occurrences are located within the Lunatic Field ~190km north of the Hillgrove Mine
- Antimony a hot commodity after Chinese restrictions on exports
Special Report: An ongoing review of Legacy Minerals’ advanced Drake project in NSW’s highly prospective New England Fold Belt uncovered extensive, high-grade antimony and gold rock chips over the Lunatic Field.
The discovery of several occurrences of Hillgrove-style antimony-gold mineralisation at the Lunatic Field, which is ~190km north of Larvotto Resources’ (ASX:LRV) Hillgrove Mine, is significant given recent interest in the critical metal and a lack of drilling targeting antimony since 2006.
Hillgrove is one of the top ten largest global antimony resources. Other Australian explorers are now zeroing in on the critical metal, used in defence and tech applications, after major seller China announced plans to restrict exports.
Notable rock chips include 29.2% antimony, 3.1g/t gold and 46g/t silver at Caledonian Reef, 20.4% antimony, 1.8g/t gold at Hugh & Jackson Reef, as well as 39g/t gold at Victoria Reefs.
Legacy Minerals (ASX:LGM) noted that antimony had previously been mined for the area, but low prices until now meant no one had assessed its potential since a 19 hole program in 2006. Drilling indicated lode widths extended beyond the boundaries of previously mined stopes.
The antimony field covers ~5km² with historical reports indicating that some workings – including open-cut trenching and shallow underground development up to 86m – extend discontinuously for up to 1.6km (Lunatic and Johnson’s prospects).
Drake consists of two granted and one pending licence application with an existing resource of 320,000oz of gold and 23Moz silver.
Antimony – the recent subject of Chinese export restrictions – is used in defence applications such as night-vision goggles, nuclear weapons and infrared sensors, semiconductors and clean-energy storage batteries.
Discovery potential
“As we progress with our ongoing review of the Drake project, the discovery potential continues to impress our exploration team,” managing director Christopher Byrne said.
“In addition to Drake’s more well-known copper, gold and silver prospects, these high-grade antimony and gold numbers from the Lunatic Field – up to 29.2% antimony and 63.4g/t gold – demonstrate an area of untested potential and exploration upside for the critical resource of antimony.
“The pedigree of the New England Fold Belt to host significant antimony-gold resources is supported by the Hillgrove Mine, which is situated 190km to the south of the Lunatic Field. The Hillgrove mine is Australia’s largest antimony resource and among the 10th largest in the world.
“We see this as another excellent discovery opportunity, with the last significant exploration and drilling having been conducted in 2006, when antimony prices were US$3,650/t. With China’s recent restriction on antimony exports and antimony’s critical role in high-technology equipment, this strategic mineral has become even more important now with prices rising recently to approximately $24,000/t.”
Historical data under review
The rock chips include results from exploration activity undertaken from 1980 to 1982 by the Western Mining Company.
While these pre-1989 historical results are not reported in accordance with the JORC 2012 code, the levels of antimony represent a key factor in guiding the company’s exploration strategy at the Drake project.
Proposed verification work includes further sampling, which LGM expects to undertake in 2024 using existing funds.
The company is continuing compilation of historical geological maps and mining activities.
Historical geophysical surveys are also currently under review to assess the extent of the requirements for remodelling and interpretation.
The outcome of these reassessments will be used to determine the need for any further geophysical or surface geochemistry prior to drill testing.
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.
