Legacy Minerals : Quarterly Activities and Cashflow Reports 31 March 2022

28 APR 2022

March 2022 Quarterly Report

Legacy Minerals Holdings Limited (ASX: LGM) ("Legacy Minerals" or "the Company") is pleased to provide shareholders with the following Quarterly Report for the three-month period ended 31 March 2022.

Key Highlights

Exploration Activities - Bauloora Project1

Outstanding high-grade drilling assays returned at the Mt Felstead Prospect (Figure 1 and 2):

• • 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:

  • - Hole BM007 4m at 3.1% Zn + Pb, 0.23g/t Au and 3.6g/t Ag from 137m 9m at 9.87% Zn + Pb, 2.0g/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

  • - Hole BM004 1m at 2.4% Zn + Pb, 0.06g/t Au, 4.6g/t Ag from 167m;

  • - Hole BM001 1m at 2.67% Zn + Pb, 0.63g/t Au and 3.4g/t Ag from 72m, and 1m at 1.33% Zn + Pb, 1.19g/t Au, 38.9g/t Ag and 0.56% Cu from 108m

• • Assays remain pending for a further seven reverse circulation percussion (RC) drill holes, which intersected vein-hosted zinc, lead and copper mineralisation in up to 5m wide intervals (Figure 2).

Large, low sulphidation epithermal gold-silver-base metal vein system highlighted by the completed large 81km, 50m line spaced gradient array induced polarisation (GA-IP) Survey2:

• • Interpretation of the GA-IP results by GeoDiscovery Group and the Company has highlighted numerous targets which may represent disseminated sulphides (manifest as elevated chargeability) or quartz veins and/or silica alteration (manifest as elevated resistivity).

• • These areas are defined by significant chargeable and resistive targets that, in places, directly correlate to the known mineralisation at the Mee Mar Prospect (quartz-carbonate-adularia epithermal veins) and Bauloora East Prospect (quartz carbonate base-metal epithermal veins)

• 1 ASX Announcement 11 April 2022: Outstanding High-Grade Drilling Assays Returned at Bauloora

• 2 ASX Announcement 16 March 2022: Large Low Sulphidation System Highlighted by GA-IP Survey

Exploration Activities - Rockley Project3

Extensive gold and copper in rock chips highlight prospectivity at Rockley:

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

• • Significant results from the rock chip assays include:

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

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

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

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

• • These results build on the limited historical sampling that returned a best sample of: 4.26% Cu, 90g/t Ag, 0.1g/t Au, 2,100ppm As, 5ppm Mo.

• • These results define an anomalous area of copper and path finder elements that is ~3 km2 in size (Crystal Hill Target Area).

Exploration Activities - Harden Project4

• • A diamond drilling program which commenced in late 2021 resumed to test down-plunge targets. The drill campaign was comprised of 8 diamond drill holes with mud rotary pre-collars for 425.5m of mud-rotary drilling and 1288.5m of diamond drilling for a total of 1714 drilled metres.

Exploration Activities - Cobar Project4

• • Initial soil sampling program partially completed across the tenement covering residual soil profiles of the Central Cobar EL.

• • Ground magnetics partially completed across the Woggle magnetic anomaly of the Central Cobar EL.

Corporate and Cash Position

• • The Company's cash balance at 31 March 2022 was $3.637M.

• 3 ASX Announcement 4 April 2022: Extensive Copper and Gold in Rock Chips and Rockley

• 4 ASX Announcement 2 February 2022: Exploration Program

Bauloora Project

Target Mineralisation - low sulphidation epithermal Au-Ag Project Summary

The Bauloora Project exhibits one of the largest zones of low sulphidation epithermal-style alteration and mineralisation in NSW. The project hosts numerous targets with shallow high-grade Au-Ag occurrences which includes the Mee Mar Prospect with veins out cropping over 2km and rock samples up to 39.1g/t Au and 267g/t Ag (Figure 3).

The largest working mine, the Bauloora Mine, operated until 1915 and is a priority drill target for Legacy Minerals. Face samples from an unmined production drive returned assays as high as 3,701g/t Ag, 6.9g/t Au, 29% Pb, 26% Zn and 6.4% Cu.

Work Completed

Outstanding high-grade drilling assays returned at Mt Felstead Prospect5

Post quarter, Legacy reported that exploration activity at the Bauloora Project 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 targets to be drill tested at the Bauloora Project with the first three drill holes returned from the 10 RC drill hole program.

The preliminary campaign returned assay results up to 29.3% Zn + Pb, 8.9g/t Au and 99.3g/t Ag. These drill results are very encouraging, as they extend previously intercepted high-grade mineralisation and possibly indicate widening of the breccia zone at depth and the potential for 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. Mineralisation is open along strike and down dip. The main zone of mineralisation occurs as a fault-hosted steeply dipping lenticular zone 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 sericite-chlorite altered and silicified rhyodacite tuffs 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 (grading 1m at 2.67% Zn + Pb, 0.63g/t Au and 3.4g/t Ag from 72m and 1m at 1.3% Zn + Pb, 1.19g/t Au, 38.9g/t Ag and 0.56% Cu from 108m) 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 in shape.

5 ASX Announcement 11 April 2022: Outstanding High-Grade Drilling Assays Returned at Bauloora

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