Legacy Minerals believes its Bauloora gold project in New South Wales boasts similar characteristics to Minjar Gold’s Pajingo mine and Aeris Resources’ Cracow mine in Queensland.
The exploration work Legacy has completed to date has provided the confidence that the scale and character of Bauloora is akin to pre-discovery observations of other operating epithermal mines.
And Legacy believes it could be on the cusp of a major discovery, with the company considering Bauloora as the largest under-explored low-sulphidation epithermal system in NSW.
Legacy is commencing an accelerated exploration program to further understand Bauloora, which will be focused initially on drill target definition and drilling within a 14km2 anomalous “gold zone”.
The junior will complete phase one diamond drilling at its Mee Mar prospect in the December quarter of 2022, with a minimum of 900m of drilling planned.
Legacy will also complete a large-scale soil sampling campaign and reconnaissance rock chip sampling campaign. In parallel, the company has engaged Cobre Nuevo Consulting to complete a third-party report on Bauloora’s exploration potential and strategy.
With 1582km2 of exploration licenses in the world-class Lachlan Fold Belt, Legacy has six wholly owned tenements in NSW, but the company believes Bauloora currently presents the most compelling value creation opportunity for shareholders.
“Legacy Minerals’ exploration strategy across the Bauloora tenement has transitioned from a prospect-based approach, which provided confidence that a significant mineralised system is present, to assessing the broader epithermal gold-silver mineralisation footprint,” the company said in a statement.
“Working on a macro scale has resulted in the company identifying numerous new targets and allows for a more effective target ranking process to improve the probability of exploration success.”
The central Lachlan Fold Belt region with which Bauloora is located is also home to the likes of Cadia, Northparkes and Cowal.