Legacy Minerals (ASX:LGM) has launched a 2,000-meter diamond drilling program at its high-priority Mascotte Silver-Gold prospect within the Mt Carrington Project in New South Wales.
The initial phase includes nine drill holes targeting historical high-grade silver intercepts and new structural and geochemical anomalies across the Mascotte Mine area, with drilling expected to take six weeks.
The program aims to expand the Mt Carrington mineral resource, currently estimated at 115 million ounces silver-equivalent at 105 g/t AgEq, by exploring untested portions of the 1.3km strike and deeper zones below historically shallow drilling from 1969–1970.
Previous drill results included 18.3 meters at 237 g/t silver, while recent rock chip sampling has confirmed elevated gold-silver mineralization, with assays up to 11.2 g/t gold and 222 g/t silver.
In parallel, Legacy Minerals is advancing an Ausenco-led scoping study on existing deposits, with results expected early in Q1, while assays from recent Battery drilling are due by the end of January.
CEO Christopher Byrne emphasised that the dual-track approach of discovery-focused drilling alongside development studies positions Mt Carrington to capitalise on both near-term resource growth and long-term value creation amid strong silver and gold market conditions.
At the time of reporting, Legacy Minerals' share price was $0.23.