Transcription of The Stock Network Interview with Legacy Minerals Holdings (ASX:LGM) CEO and Managing Director, Chris Byrne
Lel Smits: Legacy Minerals Holdings is exploring for high-grade gold, copper and base metal deposits in the Lachlan Fold Belt in New South Wales and has a highly prospective portfolio of nine projects. And ahead of appearing at Sydney Mining Club, I’m joined by its CEO and Managing Director, Chris Byrne. Chris, welcome to the Stock Network.
Chris Byrne: Thanks for having us on today.
Lel Smits: Now, since we last spoke, Legacy Minerals has increased its portfolio to nine projects, and you most recently said that outstanding economics have confirmed the potential of the Drake Project. Can you outline what the highlights are there?
Chris Byrne: Yeah, sure. The Drake Project is a large epithermal gold, silver, zinc, copper system. And we really like these types of projects because, you know, they’re phenomenal producers globally as well as within Australia. And what we’re really seeing across that project is an area that’s been home to significant historical mining and production and we’ve recently upgraded the mineral resource estimate on the project. We’ve grown it about 75% from the previous mineral resource estimate that was done a couple of years ago. So, a pretty substantial growth to 1.2Moz gold equivalent.
So, that’s mostly gold and silver that make up the bulk of that system. Mineralisation starts at surface, so that clearly translates into quite fantastic economics. And we sort of see that through a scoping study that we recently completed on the project as well.
So, to go from an MRE announced in March to a scoping study a month later in April was a pretty rapid turnaround. And that scoping study really did confirm, I guess, the economics that we saw in that project with some fantastic NPVs of close to 400M at the current 5,000 Australian Aussie stock price. So, sorry, gold price. So, yeah, it’s a pretty exciting project.
Lel Smits: Excellent. Now, you also just announced some recent results for the Thompson Project as well as drilling commencing. What’s next at the prospect and what are your broader exploration plans?
Chris Byrne: Yeah. So, at the Thompson, we’ve been really excited about what we’re uncovering on, again, another project that is a legacy project drilled by a company almost a decade ago. And they identified in some of that drilling the potential for these intrusion related gold deposits.
So, that was back in 2011. Intrusion related gold deposits have really come to the front in terms of some of the big mineral discoveries in the last decade in Australia. So, think Hemi, think Winoo, big multi-million ounce systems and what we’re seeing up at Thompson is confirmation of some of these intrusives, they’re mineralised. And importantly for us, we’re looking at a project that’s about 5,500 square kilometres. So, you’re talking a really tremendous scale to the system that presents a lot of discovery opportunities.
We’ve been drilling up there, some fantastic coincident magnetic and gravity targets looking to make some big discoveries. So, in combination with the work getting done at the Thompson project, we are also progressing the rest of our portfolios that includes our projects that we’ve got under joint venture with Newmont, with Earth AI and S2 Resources. Looking forward to seeing hopefully some drilling sometime soon out there, Glenn Logan, Porphyry Copper Gold target in New South Wales.
Lel Smits: Great. Well, Chris, thank you for running us through those developments at Legacy Minerals Holdings and look forward to seeing you at Sydney Mining Club. Thanks very much.
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