Legacy Minerals (ASX: LGM) has announced a substantially increased Mineral Resource Estimate (MRE) for its Drake Epithermal Gold-Silver Project in New South Wales. The updated MRE now stands at 0.8Moz gold-equivalent (AuEq) and 35Moz silver-equivalent (AgEq), reflecting open-pit resources totaling 34Mt. This represents a significant increase attributed to revised commodity prices, incorporation of polymetallic values across the deposits, and enhanced geological modeling.
The MRE encompasses four deposit groups, all mineralized from the surface: Mt Carrington (gold-rich), Mt Carrington (silver-rich), Red Rock Group, and White Rock Group. Key highlights include 560koz AuEq at Mt Carrington (gold-rich), 17Moz AgEq at Mt Carrington (silver-rich), 232koz AuEq at Red Rock Group, and 18Moz AgEq at White Rock Group.
Legacy Minerals CEO Christopher Byrne noted the updated MRE highlights the impressive mineral endowment of the Drake Project. He emphasized the potential for resource growth through strike and depth extensions, as well as new greenfield discoveries. The project benefits from existing infrastructure, including a tailings dam, grid easements, a water source, and site facilities.
The company is reviewing historical Pre-Feasibility Studies (PFS) to potentially highlight the project’s economic credentials and prioritize exploration targets. An airborne MobileMT geophysical survey is underway to define new greenfield targets. The exploration strategy focuses on resource extension, discovery drilling, and increasing resource confidence. All deposits remain open at depth and along strike, presenting opportunities for further resource expansion.
The updated resource model underscores the Drake Project’s significant exploration upside, with potential for extensions and new discoveries, and underpins Legacy Minerals’ strategic goals at the project.
