Legacy Minerals : Drilling Assays Returned for the Harden Gold Mine Prospect

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ASX ANNOUNCEMENT

15 JULY 2022

Diamond Drilling Assays and Reverse Circulation Re-Assays

Returned for the Harden Gold Mine Prospect

Drilling Results

• New reverse circulation percussion (RC) re-assays returned results including: o 1m at 22.7g/t Au from 134m - original assay 6.24g/t Au (RCHN005)2

• 1. Assay turnaround times were prolonged due to the 'nuggety' gold effect observed and additional work in conducting duplicate assays and screen fire assays.
• Six diamond drill holes were completed with the best diamond drilling assays including:
• 1. 18m at 0.27g/t Au from 220m (HN0013)

• 1. 1m at 1.36g/t Au from 134m (HN0017)
• Two of the six diamond cored drill holes intercepted un-documented stoped ground including the deepest hole under old workings.
• 1. Due to the stoped ground being intersected, the depth extension of the Harden Gold Mine is yet to be fully tested.
• This is the first diamond drilling into the Harden Gold Mine Prospect and confirms a wide mineralised corridor.
• This mineralisation is hosted within a 1.2km long shear zone, with down-hole widths up to 55m.

Untested Strike Length at Harden

• The drilling has only tested 300m of the known mineralised strike.
• Legacy Minerals has identified significant opportunities targeting additional high-grade zones along strike and at depth.

Future Work Planned

• In addition to the future work at the Harden Gold Mine Prospect, the Company will aim

to test the depth and strike potential of the McMahons Reef Gold Mine Prospect.

• 1. The McMahons Reef Gold Mine Prospect previously returned high-grade gold intersections including 3.6m at 21.7g/t Au from 115m, and is located 8km to the south of the Harden Gold Mine Prospect.
• In the immediate furture, the Company is focusing on its work at Bauloora, Cobar, and Rockley projects.

ABN 43 650 398 897 Level 7, 1 Margaret Street Sydney

ASX: LGM

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Legacy Minerals Holdings Limited (ASX: LGM, "LGM", "the Company" or "Legacy Minerals") is pleased to provide an update on the exploration program at the Harden Gold Mine Prospect, Harden Project, New South Wales.

Management Comment

Legacy Minerals' Managing Director, Christopher Byrne said:

"While not replicating the success of the initial reverse circulation drilling, the diamond drill program has confirmed a significant mineralised system and delivered significant geological insight into the Harden Gold Mine mineralisation providing LGM with additional data for its geological model. It was disappointing that two of the priority drill holes intersected un- mapped workings, however these are the first ever diamond cored holes drilled into the prospect and the campaign has confirmed and highlighted the scale and extent of the mineralised system.

The Harden Project has significant potential which remains untested over the 1.2km mineralised strike. The Company is developing drill targets to test part of the southern strike at McMahons Reef that saw historical intercepts including 3.6m at 21.7g/t Au. In the near term we will focus our exploration efforts on the Bauloora, Cobar, and Rockley Projects."

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Reverse Circulation Re-Assays

As has been previously reported2 the reverse circulation (RC) percussion drilling initially recorded assay results that included 2m at 19.09g/t Au and 3m at 5.12g/t Au. Due to the very high grades, observed visible gold in quartz, and field duplicates indicating a potential nugget effect within sampling, LGM undertook an independent re-split and re-assay of the original drilled bulk samples within the mineralised zone. The results confirmed confidence in the technique, the high-grade results as well as the variability in assay results caused by an interpreted coarse gold nugget effect even at lower grades of gold (>0.2g/t Au).

Diamond Drilling

The Company has completed six drill holes totalling 1,714m with an additional hole abandoned at 83.4m due to difficult drilling conditions. These holes tested down dip and along strike of the historical workings that previously produced 55,000 oz at 21.5g/t Au1. All of the six completed holes intercepted the shear zone which was found to be up to 55m wide. Two of the holes intercepted stoped ground which had previously been mined during the Harden Gold Mines operation. No assays were recovered through these stoped zones and as such the mineralisation remains open at depth.

The high-grade gold intercepts from the RC drilling confirmed mineralisation extended along strike and down dip of those areas historically mined. The broad intersections, which were obtained in the recent diamond drill campaign and in previous RC drilling, has highlighted the previously unknown large scale of the system, with broad mineralised zones intercepted within a wide and extensively altered shear zone. This gives the Company great encouragement for future drill campaigns targeting along strike and at depth.

• Hole HN0012: 0.3m at 0.73g/t Au from 223.3m and 0.5m at 0.46g/t Au from 233m and Workings interceptedfrom 233.5m to 236.2m
• Hole HN0013: 0.4m at 0.97g/t Au from 194m and

1.5m at 0.28g/t Au from 214.5m and

18m at 0.27g/t Au from 220m and

0.7m at 0.3g/t Au from 241.3m and

• Hole HN0014: 0.3m at 0.22g/t Au from 213.7m and 3m at 0.31g/t Au from 219m incl.
  0.55m at 1.5g/t Au from 220.45m and
  1m at 0.24g/t Au from 223m
• Hole HN0016: 0.7m at 0.27g/t Au from 136m
• Hole HN0017: Workings interceptedfrom 119m to 121m 0.4m at 0.51g/t Au from 123m and
  3m at 0.36g/t Au from 126m and
  1m at 1.36g/t Au from 134m
• Hole HN0018: Abandoned at 83.4m due to poor drilling conditions
• Hole HN0019: 1m at 0.21g/t Au from 262m and

0.7m at 0.7g/t Au from 282.3m

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Figure 3: Diamond drill core from HN0013 interval 213.3-213.5m showing disseminated arsenopyrite associated with strong-intensely developed sericite-pyrite alteration within sheared granodiorite

Figure 4: Plan of Harden Gold Mine Prospect drill collars and hole traces (RC and DD)

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