Legacy Iron Ore's Drilling Program at Mt Celia Yields Significant Gold Intersections
LEGACY IRON ORE LIMITED (LCY) Share Update September 2024 Tuesday 17th
Legacy Iron Ore Announces Significant Gold Intersections at Mt Celia
Legacy Iron Ore Limited (ASX: LCY) has announced encouraging results from its recent drilling program at the Mt Celia Operation, revealing significant gold mineralization.
Instant Summary:
- Drilled 17,305 meters from 355 holes between May and August 2024.
- 135 holes intersected gold mineralization greater than 5.0 gram meters Au.
- Notable intersections include 16m @ 3.11 g/t Au and 2m @ 36.33 g/t Au.
Drilling Details
Between May and August 2024, Legacy Iron drilled 17,305 meters from 355 holes as part of their resource development programs at the Mt Celia Operation. The drilling aimed to test the strike and down-dip continuity of previously identified mineralization within the Blue Peter and Kangaroo Bore ore deposits.
Out of the 355 holes drilled, 135 intersected gold mineralization greater than 5.0 gram meters Au. The most significant mineralized intersections include:
- MCRC147: 16m @ 3.11 g/t Au from 17m hole depth
- MCRC219: 4m @ 11.15 g/t Au from 39m hole depth
- MCRC304: 7m @ 4.70 g/t Au from 22m hole depth
- MCRC311: 2m @ 36.33 g/t Au from 38m hole depth
- MCRC402: 3m @ 23.02 g/t Au from 23m hole depth
Resource Definition
The drilling program at Blue Peter consisted of 192 holes totaling 10,667 meters, while Kangaroo Bore had 145 holes totaling 5,816 meters. Additionally, Travelers Joy and Hot Chance completed 18 holes for 822 meters.
The recent drilling focused on extending the continuity of gold mineralization along strike and down dip from the Blue Peter and Kangaroo Bore mines. The results will be used to update geological and mineralization interpretations for Life of Mine planning and future exploration campaigns.
Company Background
Legacy Iron Ore Limited is a Western Australian-based company focused on iron ore, base metals, tungsten, and gold development and mineral discovery. The company aims to increase shareholder wealth through capital growth via the discovery, development, and operation of profitable mining assets.
Legacy Iron was listed on the Australian Securities Exchange on 8 July 2008 and has since made several iron ore and gold discoveries, which are now undergoing drilling and resource definition.
The positive drilling results at Mt Celia are likely to boost investor confidence in Legacy Iron Ore. The significant gold intersections suggest a strong potential for resource expansion, which could positively impact the company's stock price. However, the broader market conditions and future exploration results will play a crucial role in determining the long-term impact.
Investor Reaction:
Analysts are expected to react positively to the drilling results, highlighting the potential for increased gold resources at Mt Celia. The significant gold intersections, particularly the high-grade results, are likely to be viewed favorably by investors, leading to a potential uptick in the company's stock price.
Conclusion:
Investors should keep a close eye on Legacy Iron Ore's future announcements regarding the Mt Celia drilling program. The company's strategic plans for further exploration and resource definition will be critical in maintaining investor confidence and driving long-term growth.