Legacy Minerals Unearths Significant Gold-Silver Find at Mascotte Prospect
New Discoveries Below Historical Workings Signal Major Potential for Mt Carrington Project
Legacy Minerals has announced a thrilling greenfields discovery stemming from its inaugural diamond drilling campaign at the Mascotte prospect, a key area within its broader Mt Carrington project in New South Wales. The initial results have delivered substantial gold and silver intercepts, igniting optimism for significant resource growth at the project.
The very first diamond hole, designated MSDD001, was strategically drilled to probe beneath the extensive 1.3-kilometre stretch of historical Mascotte workings. This pioneering effort has yielded an impressive 40-metre intersection grading 1 gram per tonne (g/t) of gold, commencing from a down-hole depth of 151 metres. This substantial interval also contains localised high-grade zones, including up to 5.6 g/t gold and a remarkable 72 g/t of silver.
Further analysis of MSDD001 revealed even more compelling details within the 40-metre mineralised zone. Specifically, a 9-metre section from 180 metres returned 2.7 g/t gold, and a concentrated 1-metre interval from 157 metres assayed at 5.6 g/t gold. Notably, the geological textures observed in MSDD001 bear a striking resemblance to those found at the prolific White Rock deposit, which boasts an impressive 18 million ounces of silver equivalent.
Crucially for Legacy Minerals (ASX:LGM), this newly identified mineralisation lies outside the existing 115 million ounce silver equivalent resource at Mt Carrington. Furthermore, the discovery remains open in multiple directions – both at depth and along strike – presenting a significant opportunity for future resource expansion. The grades and widths encountered share characteristics with mineralisation found at the Kyolo, Strauss, and Silver King epithermal deposits, located approximately 5 kilometres to the north, further bolstering the prospectivity of the Mascotte area.
An Exceptional Start to Mascotte Exploration
Managing Director Christopher Byrne expressed his enthusiasm for the groundbreaking results. “Achieving a greenfields discovery with our very first diamond hole at the Mascotte prospect is an exceptional outcome,” he stated. “This represents a fantastic opportunity to define a new, substantial deposit within the Mt Carrington project.”
Byrne elaborated on the significance of the find: “This thick intercept, coupled with the considerable strike length of the historical mine workings at surface, strongly suggests that we have uncovered a new epithermal system, exhibiting characteristics similar to those already identified at Mt Carrington.”
He also highlighted the potential for further upside based on historical data. “The historical silver results from drilling conducted in the 1970s, situated close to the surface – including a notable 9.1-metre intersection grading 394 g/t silver from just 3 metres depth – indicate that the system may be transitioning into a gold-dominant regime at deeper levels. Alternatively, there could be the presence of parallel, silver-rich mineralised structures. This has profound implications for the potential of discovering high-grade gold at depth and along strike, not only here at Mascotte but also at our other silver-dominant deposits, such as White Rock and Lady Hampden.”
Progressing the Mascotte Drilling Program
The comprehensive 4,000-metre diamond drilling program at Mascotte was specifically designed to thoroughly evaluate the gold-silver potential of the prospect. This area is distinguished by extensive historical workings that span over 1.3 kilometres of strike length. Geological assessments indicate the presence of several potential parallel mineralised structures that were historically mined for silver and gold. Additionally, surface sampling and previous drilling have identified elevated copper and zinc mineralisation within the area.
To date, all six of the initial eight planned holes in this program have successfully intersected zones of very fine-grained sulphide mineralisation. This mineralisation is hosted within veins and breccias, often associated with hematite and what is interpreted as adularia alteration – geological indicators commonly found in epithermal mineral systems. This style of mineralisation is consistent with that observed at other known deposits in the district.
The ongoing drilling efforts are systematically testing areas beneath the strike extent of the historical workings, as well as coincident targets identified through elevated gold-silver results in soil and rock chip sampling.
Next Steps and Future Outlook
Legacy Minerals is currently advancing the seventh of the initial eight planned holes. Concurrently, detailed geological logging and comprehensive sampling are being conducted across the entire strike of the historical workings. The company anticipates receiving all assay results by the end of April 2026.
Upon receipt and interpretation of this crucial data, Legacy Minerals will strategically plan the subsequent phases of exploration for the Mascotte prospect. This may include the deployment of ground geophysics surveys to further refine targets before any follow-up drill campaigns are initiated.
In parallel, approvals and site preparation activities are being actively progressed for the next regional target areas, which include the Mt Carrington, White Rock, and Emu prospects.
Furthermore, significant progress is being made on a scoping study for the Mt Carrington project, with its release currently slated for April 2026. This study will provide a critical economic assessment of the project’s potential.
