Legacy Minerals has discovered a significant gold mineralisation zone at its Mascotte Prospect, part of the broader Mt Carrington project in New South Wales.
The discovery comes from the company’s very first diamond drill hole beneath a 1.3-kilometre line of historical workings, marking a major milestone for the site.
The standout hole, MSDD001, returned impressive intercepts of 40 metres at 1 grams per tonne (g/t) gold from 151 metres, which included higher-grade zones of 9 metres at 2.7 g/t gold and 1metres at 5.6g/t gold.
These results are particularly notable as they sit entirely outside the existing 115-million-ounce silver equivalent mineral resource estimate (MRE) at Mt Carrington, suggesting substantial growth potential for the project.
Geological logging indicates that the mineralisation at Mascotte shares the same characteristics as the established epithermal deposits at Kylo, Strauss, and Silver King, located just five kilometres to the north.
Legacy Minerals CEO Christopher Byrne, described the maiden result as exceptional.
“This thick intercept and the considerable strike of mine workings at the surface suggest that we have discovered a new epithermal system of similar character to those at Mt Carrington.
“This has significant implications for the prospectivity of high-grade gold at depth and along strike, both here at Mascotte and at our other silver-dominant deposits, including White Rock and Lady Hampden.”
While the first hole focused on gold, historical drilling from the 1970s in the same area recorded massive silver grades, including 9.1 metres at 394 vg/t silver near the surface.
The absence of these silver peaks in the latest hole suggests the presence of parallel structures yet to be tested, or a transition to a gold-dominant system at depth.
The company has already completed 1,191 metres of drilling across six holes, all of which intersected variable zones of sulphides, veins, and breccias. Two additional holes are planned to round out the initial program.
The receipt of all drilling assays for this campaign is expected by the end of April. Once received, the company will plan the next steps regarding the prospect with potential for ground geophysics before any follow-up drill campaigns.