Legacy Minerals prepares to dive into upcoming exploration plans at the Fontenoy project thanks to Earth AI’s geophysics works. Pic: Getty Images
LGM prepares to drill newly-defined PGE targets at Fontenoy
Mining
share
- A 5km² untested PGE anomaly has been identified at Fontenoy
- The new target was defined during Earth AI’s reconnaissance rock chip and soil geochemical sampling programs
- A diamond drill rig is being mobilised to site to build on the discovery of magmatic-related PGEs
Special Report: Geochemistry and geophysics work has outlined a new palladium-platinum target at Fontenoy, demonstrating some of the highest-grade rocks and soils to date.
Legacy Minerals’ (ASX:LGM) Fontenoy project had historically been drilled by other companies looking for shallow nickel laterite deposits but was never tested for either PGEs or magmatic-related mineralisation.
This all changed when LGM entered into exploration alliance agreement with Earth AI, a San Francisco-based metals exploration company using an artificial intelligence deposit-targeting system to generate drill targets across tenements.
Earth AI’s exploration program at the Fontenoy project in June last year discovered nickel sulphides in and around the Ordovician Moonbilleen gabbro.
Rock chip sampling returned a sample of pentlandite (nickel-iron sulphide) identified through petrography and scanning electron microscopy, which returned an assay of 12ppb platinum, 11ppb palladium, 286ppm copper and 662ppm nickel.
Those results led to the launch of a diamond drilling program in September 2023 to test the nickel sulphide targets, as well as historical copper-gold intersections.
A 5km² untested PGE anomaly
Now, Earth’s AI team has completed an expanded soil sampling geochemical survey, consisting of 181 soil samples across the Moonbilleen Gabbro to help refine further drill targets.
The soil sampling results had delineated extensive zones of elevated palladium, platinum and gold as well as other pathfinder elements including copper, nickel, cobalt and chromium.
They also returned multiple areas of anomalous palladium-platinum-gold-nickel-copper pathfinder element associations interpreted to reflect magmatic intrusion related mineralisation.
A 2km x 2.5km PGE soil anomalism of >20ppb palladium-platinum highlights potential scale of the system at the Fontenoy with rock chip results returning grades up to 1.1g/t 3E PGE.
LGM says the new targets include the highest PGE soil assays to date (330ppb 3E PGE) as well as significant and coincident anomalous values for nickel (up to 4000ppm nickel).
Plans for drilling underway
“Legacy Minerals is exceptionally pleased with the progress Earth AI have made in targeting these critical minerals,” LGM CEO and managing director Christopher Byrne says.
“The addition of platinum group elements to the Australian and global critical minerals list further underpins the significance of the Fontenoy project and the discovery upside it may represent for shareholders.”
Plans for drilling are well advanced with the relevant Government approvals in place and rigs being mobilised to site.
The drilling will target new zones that have never been drilled and which demonstrate some of the highest-grade rocks and soils to date.
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.
