Legacy Minerals Uncovers New Silver Targets, Expands Drilling at Mt Carrington

Expanding the Silver Footprint at Mt Carrington

Legacy Minerals Holdings Limited (ASX, LGM) has announced a significant step forward in its exploration efforts at the Mt Carrington Project, located in New South Wales, Australia. The company has identified new silver targets outside the current resource envelope at the White Rock Prospect, based on reprocessed 2009 pole-dipole Induced Polarisation (IP) survey data. These newly modelled chargeability and resistivity zones, which have not been previously drill-tested, suggest the potential for substantial extensions to the existing mineral resource.

The Mt Carrington Project already boasts a considerable mineral resource, with a silver equivalent (AgEq) resource of 115 million ounces at an average grade of 105 grams per tonne. The discovery of these new geophysical anomalies has led to the approval of an additional 3,500 metres of drilling at White Rock, aiming to test these promising targets and potentially expand the resource base.

Ongoing and Planned Drilling Programs

Drilling activities are progressing well across the project. At the Battery Prospect, three drill holes totaling 967 metres have been completed, with two more dispatched for assay. Results from this campaign are anticipated in January 2026, which could provide further insights into the project's potential. Additionally, a 4,000-metre diamond drilling program is planned for the Mascotte Prospect in early Q1 2026. This program targets historical high-grade silver intercepts from shallow drilling conducted in the 1970s, including notable results such as 18.3 metres at 237 grams per tonne silver.

Advancing Project Development with Scoping Study

Parallel to exploration, Legacy Minerals is advancing the Mt Carrington Project's development through a scoping study led by Ausenco. This study is progressing on schedule and is expected to be completed in early Q1 2026. The dual-track strategy of simultaneous resource growth through drilling and technical-economic evaluation via the scoping study underscores the company's commitment to unlocking value on multiple fronts.

Geological Context and Resource Confidence

The Mt Carrington deposits are hosted within a large Permian volcanic caldera system, characterized by low sulphidation epithermal mineralisation rich in silver, gold, and critical minerals. The White Rock Prospect, in particular, features a significant shallow silver resource with mineralisation open along strike and at depth. The recent geophysical reinterpretation highlights high-chargeability zones that coincide with potential sulphide and silica alteration, which are prime indicators of mineralisation.

Legacy Minerals’ technical team, including Competent Persons Thomas Wall and Kate Kitchen, have applied rigorous geological modelling and resource estimation techniques consistent with the JORC Code 2012 standards. The resource classifications range from Indicated to Inferred, reflecting varying degrees of confidence based on drill spacing and geological continuity.

Looking Ahead

With drilling approvals secured and programs underway, Legacy Minerals is poised to test the newly identified silver targets that could materially enhance the Mt Carrington resource. The upcoming assay results and scoping study findings will be critical in shaping the project's future trajectory and investment appeal.