New South Wales-based exploration company, Legacy Minerals (ASX: LGM), has recently added the Drake copper-gold project to its portfolio, bringing the total number of projects the company is working on in the state to seven. The acquisition of the Drake project, located in the New England Fold Belt, was completed after a payment of $200,000 to White Rock Minerals (ASX: WRM). The project comes unencumbered with no liabilities, making it an attractive addition to Legacy Minerals’ exploration ventures.
Drake Copper-Gold Project: A Significant Expansion
With the addition of the EL6273 exploration license, which complements the existing pegged ground at neighboring EL6640, the Drake project now expands to cover an area of 350 square kilometers. This expansion positions Legacy Minerals as the largest explorer in New South Wales for low sulphidation epithermal systems.
A Rich History and Untapped Potential
The ground acquired from White Rock Minerals is host to multiple known occurrences of copper and gold and has a history of past drilling activities. Notably, the project area lies along the same geological strike as White Rock’s Pioneer and All Nations copper strikes and gold trend. Historical drilling results reveal promising mineralization, with one notable interval returning 18.65 meters at 5.8% copper, 0.74% zinc, and 0.1 grams per tonne gold. Another interval of 10.1 meters was assayed at 7.26% copper, 2.58% zinc, and 0.12 g/t gold.
Legacy Minerals sees significant potential for a “major” discovery at the Drake project due to the vast under-exploration of the exploration license area. Previous exploration efforts have primarily focused on neighboring mining leases, leaving substantial potential untapped within the project’s boundaries.
Christopher Byrne, the Chief Executive Officer and Managing Director of Legacy Minerals, emphasizes the company’s commitment to building a portfolio of projects with mineral systems capable of hosting world-class deposits. The acquisition of the Drake project aligns with this strategy, and Byrne highlights the immense potential upside that the project offers.
The Drake District and the Permian Age Connection
The Drake district is part of a series of low-high sulphidation gold, silver, and base metals districts that formed along Australia’s east coast during the Permian Age. Notable examples of these districts include the Cracow gold mine, with reserves of 2.5 million ounces, and the Mt Carlton gold mine, which holds 1.2 million ounces of gold along with silver and copper deposits. The Drake project’s location in this mineral-rich region adds further excitement to Legacy Minerals’ prospects for significant discoveries.
Legacy Minerals’ Diverse Project Portfolio
Beyond the recently acquired Drake project, Legacy Minerals owns an array of other projects in New South Wales. These projects include the Cobar project, which focuses on gold, copper, lead, and zinc exploration. Additionally, the company holds the Harden project, known for its high-grade gold deposits, and the Bauloora project, a joint venture with Newmont. The Fontenoy project targets gold and copper exploration, while Rockley has historical copper deposits of up to 23% grade and gold-silver prospects can be found at Black Range.
A Promising Future for Legacy Minerals
With the addition of the Drake copper-gold project to its portfolio, Legacy Minerals strengthens its position as a prominent exploration company in New South Wales. The untapped potential of the vast exploration license area offers the company a chance to make a significant discovery in the region. Combined with their diverse range of other projects, Legacy Minerals continues to position itself for success by targeting mineral systems capable of hosting world-class deposits. As the company progresses with exploration efforts, investors and industry observers eagerly await news of potential discoveries that could drive significant value for the company and its stakeholders.
