Mt Carrington’s 115Moz Silver-Equivalent Resource Faces Expansion Drilling

Drilling Commences at Mascotte Silver-Gold Prospect

Legacy Minerals Holdings Limited (ASX, LGM) has commenced a significant 2,000-metre diamond drilling campaign at its flagship Mascotte Silver-Gold Prospect, part of the broader Mt Carrington Project in New South Wales. The program aims to build upon the existing mineral resource, which currently stands at an impressive 115 million ounces silver-equivalent, by testing beneath historical high-grade silver intersections and newly identified structural and geochemical targets.

The initial phase involves nine drill holes designed to explore beneath shallow historical drilling conducted in the late 1960s and early 1970s. Notably, previous drilling was limited to depths of less than 70 metres and did not assay for gold, leaving a significant portion of the mineral potential untested. Recent rock chip sampling by Legacy Minerals has confirmed elevated gold grades up to 11.2 grams per tonne and silver grades reaching 222 grams per tonne along a 1.3-kilometre strike, underscoring the prospect’s discovery potential.

Strategic Context and Market Conditions

CEO Christopher Byrne emphasised the strategic importance of advancing the Mascotte Prospect amid a backdrop of precious metals trading near record highs. He highlighted the dual-track approach Legacy Minerals is pursuing, simultaneously advancing development studies on the existing resource while aggressively exploring for new discoveries. This balanced strategy aims to unlock value for shareholders by combining near-term development optionality with the upside potential from exploration success.

Alongside drilling, Legacy Minerals is progressing a scoping study led by Ausenco, focusing on optimising development pathways for the Mt Carrington resource. The study is expected to be completed early in the first quarter of 2026, with assay results from recent drilling at the Battery Prospect anticipated by the end of January.

Geological Setting and Exploration Potential

The Mascotte Prospect is situated within a highly prospective low-sulphidation epithermal gold-silver system characterised by extensive historical workings and significant alteration zones. Geological mapping and recent geophysical surveys, including airborne Mobile-MT, have identified deep conductive structures consistent with mineralisation trends, suggesting potential for substantial depth and strike extensions.

Historical drilling by Mount Carrington Mines and Aberfoyle was shallow and focused on a limited strike length, leaving much of the 1.3-kilometre trend untested. The presence of elevated copper and zinc mineralisation alongside gold and silver further enhances the prospect’s appeal. Legacy Minerals’ exploration efforts are now targeting these underexplored zones with modern techniques and a more comprehensive assay approach.

Looking Ahead

With drilling underway and development studies progressing, Legacy Minerals is positioning Mt Carrington as a key silver-gold asset in Australia’s mining landscape. The combination of a large existing resource, high-grade historical results, and new exploration data offers a compelling opportunity for resource growth and value creation. Investors and analysts will be watching closely for assay results and scoping study outcomes in the coming weeks, which will provide clearer insights into the project’s future trajectory.