Legacy Minerals : Extensive Copper and Gold in Rock Chips at Rockley

4 APR 2022

Extensive Gold and Copper in Rock Chips Highlight Prospectivity at Rockley

First Pass Program Identifies Significant Anomalisms across the Rockley Project ("Rockley")

• • Results return from rock samples collected during geological mapping at Rockley reported anomalous gold and copper values associated with quartz veined and brecciated Ordovician mafic-ultramafic rocks

• • Significant results from the rock chip assays include:

  • o 1.20% Cu, 0.20g/t Au, 21.3g/t Ag, 8ppm Bi

  • o 0.50% Cu, 60ppb Au, 10ppm Mo, 9.7ppm Ag, 394ppm Pb, 479ppm As

  • o 0.24% Cu, 0.25g/t Au, 69.3g/t Ag, 1710ppm Sb, 201ppm As

  • o 0.40g/t Au, 801ppm Cu, 4ppm Bi, 40ppm Li

• • These results build on the limited historical sampling that returned a best sample of:

  • o 4.26% Cu, 90g/t Ag, 0.1g/t Au, 2,100ppm As, 5ppm Mo1

• • These results have defined an anomalous area of copper mineralisation that is ~3 km2 in size (Crystal Hill Target Area)

• • The potential of the Crystal Hill Target Area is untested with no systematic porphyry exploration and only limited shallow (<14m depth) reconnaissance drilling conducted over 25 years ago

• • Third party prospectivity recognition of the Rockley Project2

  • o Assessed by Geological Survey of NSW in collaboration with Kenex Pty Ltd to be one of the most prospective areas for porphyry related Cu-Au in the Rockley-Gulgong Volcanics

• • Follow up aerial magnetic and radiometric survey is to be completed next month

Management Comment

Legacy Minerals Managing Director, Christopher Byrne said:

"These new rock chip sample assay results support Legacy Minerals' belief that the Rockley Project has the potential to host a significant copper gold mineralisation similar to the nearby Racecourse porphyry copper deposit.

These latest results, across a large 3km2 area, confirm widespread oxide copper mineralisation including anomalous porphyry pathfinder elements. Fundamental to the prospectivity is that Rockley is hosted in the same age volcanic rocks as the Cadia-Ridgeway, Racecourse, and Boda deposits.

Our ground has had very limited exploration for porphyry related Cu-Au systems and the independent prospectivity ranking completed through the Geological Survey of NSW is further encouragement for the potential of this area.

Incredibly there has not been a single drill hole deeper than 14m in our main target area. Legacy Minerals plans to be the first company to truly test this area thoroughly."

Rockley Geochemistry

Figure 1: Geological map of the Crystal Hill Target Area with copper assay results overlain and geophysical anomalies outlined. The anomalous copper samples primarily sit within the Ordovician Rockley-Gulgong

Volcanics of the Macquarie Arc.

Rockley Project Background

The Rockley Project is situated within the highly prospective Ordovician Macquarie Arc volcanics which hosts the world-class Cadia Valley, North Parkes, and Cowal Cu and Au orebodies. Recent assessment by Kenex Pty Ltd, in collaboration with the Geological Survey of NSW (GSNSW), found the Rockley Project area to be the most prospective ground for porphyry-related Cu-Au mineralisation in the Rockley-Gulgong Volcanics. The tenement is also considered highly prospective for shear zone hosted gold. The project is located less than 15km from the Racecourse Porphyry Cu deposit owned by Xtract Resources (AIM: XTR). Historically, limited exploration for porphyry-related Cu-Au mineralisation has been completed within the tenement despite the numerous historical gold, copper and lead/zinc mines across the tenement.

Major elements of a porphyry copper gold related system that are present at Rockley include (Ford et al., 2019):

• • Oxidised and K-enriched magma present

• • Benambran contraction fault absent

• • Reactivity contrast present

• • Fault bend-jog-splay present

• • Aeromagnetic reduce-to-pole (RTP) high present which could suggest porphyry-proximal magnetite enrichment at depth

• • High Au-Cu-Ag-Zn occurrence density present

Exploration Activity

In 2019, a collaboration between Kenex Pty Ltd and the GSNSW assessed the prospectivity of the east-Lachlan Orogen for porphyry Cu-Au mineralisation potential. Through this work, the Rockley Project was identified in multiple areas as being the most prospective area in the entire Rockley-Gulgong Ordovician volcanics. As such the Rockley project was applied for and extended to include the prospective Gilmandyke area of the project.

Figure 2. Rock Sample 2879: 0.25g/t Au, 69.3g/t Ag, 201ppm As, 2440ppm Cu, 1710ppm Sb andFigure 3. Rock Sample 2904: 1.20% Cu, 0.20g/t Au, 21.3ppm Ag, 8ppm Bi, Pb and 3990ppm Zn

Throughout 2021, historical geochemical and geophysical datasets were compiled and integrated including regional gravity, magnetics, radiometrics and ASTER data. This data compilation work and digitisation resulted in a clear exploration strategy for LGM to apply a porphyry copper-gold exploration model to the Rockley Project.

The initial reconnaissance field mapping and rock chip sampling program was completed in January

2022. This work identified quartz vein, malachite and azurite bearing rocks associated with basalt and faulting (Figure 2 and Figure 3). The setting is analogous to the Racecourse Deposit, 15km to the southeast hosted within Rockley-Gulgong volcanics. Historically gossanous rubble assayed above the Racecourse Deposit up to 0.56% Cu, 220ppm Pb, 420ppm Zn and 7ppm Ag. At Racecourse, a significant drill intercept of 920m @ 0.3% Cu from 110m including a higher grade of 156m @ 0.48% Cu from 504m was recently reported3.

The Company took a total of 40 rock chip samples were taken across the northern Rockley Project area (Figure 1). The area has extensive copper and gold mineralisation as well as important pathfinder metal assemblages typical of porphyry copper gold systems (K-radiometric high, elevated Li (up to 40ppm), Bi (up to 8ppm), Be (up to 2.5ppm) and Mo (up to 10ppm)). Notably rock chip 2899 reported 10ppm Mo, 4,950ppm Cu, 60ppb Au, 9.7ppm Ag, 479ppm As, and 394ppm Pb. These results are suggestive of a porphyry style geochemical signature (Figure 7). Sample 2913 (Figure 4) was taken within an elevated zone (500m x 200m) of basaltic volcanics which reported Li (20-40ppm) and may be suggestive of the higher levels of a porphyry system.

Figure 4. Rock sample 2913: 0.40g/t Au, 801ppm Cu, 40ppm Li, 153ppm Zn

The Company's work indicates that a major copper-gold mineralised source may be present within its Rockley Project area where there has been no previous drilling, systematic geochemical sampling or detailed geophysical surveying.

Importantly, the presence of epithermal-style quartz replacement of bladed carbonate (Figure 6) may suggest that the high-levels of a hydrothermal system are preserved and there is potential for preserved porphyry mineralisation at depth.

presence of quartz replacement of

Key features identified at the Rockley Project include:

• 1. The presence of copper oxides (malachite and azurite) and copper sulphides (chalcopyrite) in rock chips from outcrop and as float near historic workings occur over an area at least 1.5km2 with assays up to 1.2% copper, 0.4g/t gold and 69.3g/t silver with associated anomalous molybdenum (up to 10ppm), lithium (40ppm), beryllium (2.1ppm) arsenic (2310) and antimony (1710ppm).

• 2. The vein textures and pathfinder metal assemblages are suggestive of the outer zones of porphyry copper-gold mineralisation (Figure 5 and Figure 6).

• 3. Higher grade copper assays occur in focussed zones associated with 3rd order faults of the parent Native Dog Fault. These fault zones may have potentially tapped a mineralised intrusion at depth (Figure 1).

• 4. The coincidence of an area of extensive copper oxide bearing rocks with several potassium highs, evident in the radiometric data coincident within the regionally aeromagnetic high Rockley-Gulgong volcanic unit, may be suggestive of porphyry-proximal magnetite bearing potassic alteration zones at depth.

The primary porphyry target area occurs in the northern part of the Rockley Project and comprises a number of intriguing zones of elevated and depressed magnetic and radiometric potassium responses within Ordovician volcanics. A highly prospective target zone of approximately 1.5km2 has never been drill tested.

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