Legacy Minerals : Outstanding High-Grade Drilling Assays Returned at Bauloora

11 APR 2022

Outstanding High-Grade Drilling Assays Returned at Bauloora Project

Mt Felstead Prospect assays up to 29.3% Zn + Pb, 8.9g/t Au and 99.3g/t Ag

Highlights

• • Initial drill hole assays at the Mt Felstead Prospect, within the Company's wholly owned Bauloora Project, return high-grade zinc, lead, gold, and silver assays.

• • The Mt Felstead Prospect is one of several Au-Ag targets within the Bauloora Project: a large low-sulphidation epithermal system containing a 4km by 2.5km anomalous gold zone.

• • Highlight drilling intercepts (down hole length) include:

  • o Hole BM007 4m at 3.1% Zn + Pb, 0.2g/t Au and 3.6g/t Ag from 137m; 9m at 9.9% Zn + Pb, 2.0g/t Au, 28.4g/t Ag, and 0.2% Cu from 145m, including: 2m at 29.3% Zn + Pb, 5.4g/t Au, 94.1g/t Ag, and 0.4% Cu from 148m

  • o Hole BM004 1m at 2.4% Zn + Pb, 0.1g/t Au, 4.6g/t Ag from 167m;

  • o Hole BM001 1m at 2.7% Zn + Pb, 0.6g/t Au and 3.4g/t Ag, 0.4% Cu from 72m, and; 1m at 1.3% Zn + Pb, 1.2g/t Au, 38.9g/t Ag and 0.6% Cu from 108m

• • Assays are pending for a further seven reverse circulation (RC) drill holes that intersected breccia and vein-hosted zinc and lead mineralisation as observed in logging (Figure 1).

• • The Mt Felstead Prospect has historically been mined for bonanza Ag and high-grade Au with underground face samples assaying up to 3,701g/t Ag, 6.9g/t Au, 55% Zn + Pb, 6.4% Cu.

Figure 1: Sulphide mineralisation; sphalerite (brown-purple) and galena (silver) in RC hole BM002 at 99m

Management Comment

Legacy Minerals Managing Director, Christopher Byrne said:

"The Mt Felstead Prospect is the first high priority target to be tested at our Bauloora low sulphidation epithermal project. We are exceedingly pleased with the results, showing gold-silver and base metal mineralisation is present down to at least 175m from surface with every indication that mineralisation will continue at depth.

"To see the very high grades of zinc, lead, gold and silver is also very encouraging and highlights the potential for further discovery and definition of 'high-grade shoots' within the larger mineralised area. While it is still early days in the understanding of the geometry of mineralisation, it is evident based on this drilling, and the data from the historically mined Mt Felstead Mine, that significant pinching and swelling of ore shoots occurs in both a vertical and horizontal direction at the prospect. These 'shoots' present an exciting opportunity to delineate high-grade mineralisation both up and down dip of known intercepts, and for the discovery of repetitions along strike."

"We look forward to updating the market on the pending seven RC drill hole assays that were drilled with the aim to test along strike and at depth of known mineralisation."

Summary of Assay Results

Exploration activity at Legacy Minerals' 100% owned Bauloora Project located in New South Wales has returned high-grade zinc, lead, gold and silver assay results. Drilling to date has focused on the Mt Felstead Prospect where breccia and vein hosted zinc and lead sulphides have been intersected. The Mt Felstead Prospect is the first of several high priority target areas to be drill tested at the Bauloora Project with the new assay results from the first three drill holes from the 10 RC drill hole program (Figure 2).

These drill results are very encouraging, as they extend previously intercepted high-grade mineralisation and possibly indicate widening of the breccia zone with depth or the potential for discrete high-grade shoots within the broader mineralised fault.

Significant down hole length drilling intercepts include:

• o Hole BM007 1m at 1.0% Zn + Pb and 6.2g/t Ag from 106m, and;

  1m at 1.3% Zn + Pb, 0.03g/t Au and 3.0g/t Ag from 128m, and; 4m at 3.1% Zn + Pb, 0.23g/t Au and 3.6g/t Ag from 137m, including; 2m at 5.1% Zn + Pb, 0.38g/t Au and 5.6g/t Ag from 138m, and; 9m at 9.9% Zn + Pb, 1.99g/t Au, 28.4g/t Ag, and 0.16% Cu from 145m, including: 2m at 29.3% Zn + Pb, 5.4g/t Au, 94.1g/t Ag, and 0.43% Cu from 148m

• o Hole BM004 1m at 2.4% Zn + Pb, 0.06g/t Au, 4.57g/t Ag from 167m and; 1m at 1.3% Zn + Pb, 0.31g/t Au, 1.51g/t Ag from 192m

• o Hole BM001 1m at 2.67% Zn + Pb, 0.63g/t Au and 3.4g/t Ag from 72m and; 2m at 0.8% Zn + Pb, 0.79g/t Au, 22.4g/t Ag and 0.33% Cu from 108m including: 1m at 1.3% Zn + Pb, 1.19g/t Au, 38.9g/t Ag and 0.56% Cu from 108m

To date, drill assays have confirmed a sub-vertical mineralised breccia with parallel mineralised veins to 150m depth and along a 400m strike length (Figure 3). Mineralisation is open along strike and down dip. The main zone of mineralisation occurs as a steeply dipping lenticular zone developed in a fault breccia that trends north-northwest. Sphalerite, galena, chalcopyrite, tetrahedrite, and gold is host in quartz, chalcedony, calcite, chlorite, fluorite, and lesser barite bearing veins. Host rocks are variably silicified rhyodacite tuffs, with sericite alteration noted in association with shearing and chlorite alteration proximal to quartz-carbonate veins.

Drill hole BM001 was planned to test beneath the interpreted plunge of the historically mined Mt Felstead Mine workings. Two 1m intercepts were 37m apart down hole, highlighting parallel mineralisation at the Prospect. The assay results down dip of the Mt Felstead Mine workings indicate a highly variable width of mineralisation indicating a high-grade mineralised breccia zone that pinches and swells dramatically along the fault.

Drill hole BM004 was planned to test along strike of previously intercept high-grade mineralisation. Two 1m mineralised intercepts were 26m apart showing the parallel mineralisation at the prospect. These results again appear to highlight the significant variability in mineralised width both along strike and with depth.

Drill hole BM007 was planned to target the down plunge extension of a historical high-grade intercept (0.45m at 15.7% Zn + Pb, 4.8g/t Au and 113g/t Ag from 80m), to help understand the geometry of the main breccia mineralisation and to test the potential for parallel, near surface mineralisation on the eastern side of the known mineralised breccia trend.

Figure 2: Mt Felstead Prospect long section showing completed and planned drill holes

Mt Felstead Background

The Mt Felstead Prospect, is located 10km north-west of Cootamundra and was discovered in the early 1900's with intermittent mining up to the mid-1950's. The Bauloora Project (EL8994) contains several known minor workings hosted within the Silurian Frampton Volcanics and Devonian Bethungra Formation, Cowcumbala Rhyolite and Deep Gully Creek Conglomerate. The workings of the Bauloora Project sit within a large 27km2 hydrothermal alteration and mineralisation zone identified through geological mapping and geochemical sampling.

Historical sampling shows potential for bonanza grade silver and high-grade gold mineralisation at the Mt Felstead Mine. At the deepest level (No. 2 Level, 60m) a production drive approximately 60m long, 0.7m wide averaged assays of 1,021.5g/t Ag, 7.2g/t Au, 22.2% Zn + Pb and 2.5% Cu1. Low sulphidation epithermal carbonate base-metal-style gold-silver mineralisation has been traced for approximately 400m and occurs in replacement breccia that defines a fault zone trending north-south. No leaching or secondary enrichment has been identified. The drill campaign has been designed to test dip and strike extensions of bonanza silver and high-grade gold associated with base metal mineralisation historically mined at the Bauloora Mine.

Next Steps at the Bauloora Project

Assays are pending for the remaining seven RC drill holes and are expected to be returned by the end of April. Legacy Minerals is also completing a focused down hole electromagnetic (DHEM) geophysical survey that will test the applicability of DHEM surveying at the Mt Felstead Prospect. Three holes are planned for the survey.

This is an excerpt of the original content. To continue reading it, access the original document here.