Legacy Iron Ore Limited

Published : November 07th, 2016

Mt Celia - significant intersects

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Keywords :   9/11 | Georgia | Gold | Gold Mine | Growth | Iron | K Street | Manganese | Market |

Mt Celia - significant intersects

ASX Announcement

An NMDC Company 14 October 2016

About Legacy Iron Ore

Legacy Iron Ore Limited ("Legacy Iron" or the "Company") is a Western Australian based Company, focused on iron ore, base metals and gold development and mineral discovery.

Legacy Iron's mission is to increase shareholder wealth through capital growth, created via the discovery, development and operation of profitable mining assets.

The Company was listed on the Australian Securities Exchange on 8 July 2008. Since then, Legacy Iron has had a number of iron ore, manganese and gold discoveries which are now undergoing drilling and resource definition.

Board

Narendra Kumar Nanda, Non-Executive Chairman

Devinder Singh Ahluwalia, Non-Executive Director

Tangula Rama Kishan Rao, Non-Executive Director

Devanathan Ramachandran, Non- Executive Director

Timothy Turner, Non-Executive Director

Rakesh Gupta, Chief Executive Officer

Ben Donovan, Company Secretary

Key Projects

Mt Bevan Iron Ore Project South Laverton Gold Project

East Kimberley Gold, Base Metals and REE Project

Enquiries

Rakesh Gupta

Chief Executive Officer Phone: +61 8 9421 2000

ASX Codes: LCY

GROUND FLOOR

15 RHEOLA STREET WEST PERTH WA 6005

PO BOX 5768

ST GEORGES TERRACE WA 6831

Phone: +61 8 9421 2005

Fax: +61 8 9421 2001

Email: [email protected] Web: www.legacyiron.com.au

ASX Market Announcements

ASX Limited

Via E Lodgement

SIGNIFICANT DRILL RESULTS AT MT CELIA GOLD PROJECT

Highlights include:

  • Drill intersections confirm mineralisation extends below the current known resource

  • 8m @ 5.32g/t Au incl. 2m @11.9g/t from 78m to 86m in BPC096

  • 8m @ 7.22g/t Au incl. 2m @20.1g/t from 108m to 118m in BPC103

  • 4m @ 3.35g/t Au incl. 2m @5.24g/t from 112m to 116m in BPC098

  • 4m @3.24g/t Au incl. 2m @4.08g/t from 100m to 104m in BPC104

  • 2m @6.60g/t Au from 160m to 162m in BPC 097

Legacy Iron Ore Limited (Legacy Iron or the Company) is pleased to announce that its plans to upgrade the Company's gold resources has received a boost, with the receipt of significant results from the recently completed RC drilling program at the Mt Celia Gold Project (Figure 1).

A 1,960 metre RC drilling (15 drill holes) program has recently been successfully completed with the aim to upgrade and expand the company's known gold resources.

The drilling was targeted on the Blue Peter and Coronation prospects where previous drilling program produced numerous high grade gold intersections over a strike length of approximately 790m and 250m respectively (Refer to ASX announcement dated 2 September 2010).

Drill holes in this program were positioned to confirm the continuity of mineralisation at depth, along strike and down dip of mineralisation at both the prospects.

Mt Celia

The Mt Celia Project lies within the Laverton Tectonic Zone some 40km south of the Sunrise Dam gold mine (8Moz gold resource), as shown in Figures 1.

The Project currently contains two JORC compliant gold resources, being the Kangaroo Bore - Inferred resource of 46,000oz gold (1.04Mt @ 1.4g/t gold using a 0.7g/t cut-off), and Blue Peter - Inferred resource of 30,554oz gold (239,232t @ 3.97g/t gold using a 1.0g/t cut-off). (See appendix 1 below for resource table)

Figure 1: South Laverton Gold Project - Mt Celia

Drilling Program

The recently completed third phase RC drilling program was focused on the Blue Peter shear system containing several small historic gold workings (Figures 2 and 3). The shear system extends over a distance of at least 2 kilometres, and consists of single, parallel or en echelon quartz filled shears within mafic and lesser ultramafic lithologies, that flank an eastern granitoid.

This geometry coupled with the widespread gold dry blowings is favourable for a bulk tonnage gold potential for the system.

Figure 2: Mt Celia Project- Aerial image showing Blue Peter, Coronation and other prospects

Kangroo Bore

Margret Find

Blue Peter and Coronation

Figure 3: Blue Peter & Coronation Prospect - August 2016 Drill hole location along with historical drilling.

The initial review of the results of this round of drilling confirms the continuity of the significant intersections along the dip up to a depth of 70m (vertical depth). Gold mineralisation appears to be

associated mainly with the hanging wall and footwall contacts of a quartz lode - a zone of the quartz vein and stringers that shows patchy visible gold and pyrite.

Details of the significant intersections (Au>1.0g/t) from the current round of drilling is shown in the table below -

Hole ID

Northing

Easting

Dip

Azimuth

RL

Depth in metre

End of Hole

Au in g/t

Comments

From

To

BPC092

6740966

451427

-60

220

411

90

92

120

1.18

2m at 1.18

BPC093

6740980

451416

-60

220

410

98

100

126

1.18

2m at 1.18

BPC094

6741005

451410

-60

220

417

134

136

156

4.12

2m at 4.12

BPC095

6741008

451387

-60

220

416

86

88

120

1.54

2m at 1.5

BPC096

6741024

451350

-60

220

420

78

80

100

11.9

BPC096

80

82

5.99

8m at 5.32 ; includes 2m at 11.9

BPC096

82

84

2.25

BPC096

84

86

1.14

BPC097

6741031

451379

-60

220

421

156

158

180

4.58

2m at 4.58

BPC097

6741031

451379

-60

220

160

162

180

6.6

2m at 6.6

BPC098

6741048

451351

-60

220

420

112

114

144

5.24

4m at 3.35

BPC098

114

116

1.47

BPC099

6741057

451327

-60

220

420

94

96

126

1.33

BPC099

96

98

1.91

8m at 1.51

BPC099

98

100

1.37

BPC099

100

102

1.43

BPC101

6741092

451277

-60

220

421

78

80

126

3.69

2m at 3.69

BPC102

6740159

452085

-60

215

433

68

70

108

4.17

2m at 4.17

BPC103

6740190

452075

-60

215

430

108

110

138

5.04

BPC103

110

112

1.89

8m at 7.22; includes 2m at 20.1

BPC103

112

114

1.87

BPC103

116

118

20.1

BPC104

6740205

452057

-60

215

430

100

102

132

4.08

6m at 2.56; includes 4m at 3.24

BPC104

102

104

2.41

BPC104

104

106

1.21

BPC105

6740207

452033

-60

215

431

78

80

114

2.45

2m at 2.45

BPC106

6740206

452005

-60

215

434

56

58

102

1.01

2m at 1.01

Table 1: Table showing all the intersections of gold mineralisation with gold assay more than 1.0g/t

As a next step, the current geology and resource model for the project will be updated, resulting in a likely increase in the resource estimates for the project.

Yours faithfully, Rakesh Gupta

Chief Executive Officer

The information in this report that relates to Exploration Results is based on information compiled by Bhupendra Dashora who is a member of AusIMM and employee of Legacy Iron Ore Limited. Mr.Dashora has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr. Dashora consents to the inclusion in this report of the matters based on his information in the form and the context in which it appears.

Read the rest of the article at www.publicnow.com
Data and Statistics for these countries : Georgia | All
Gold and Silver Prices for these countries : Georgia | All

Legacy Iron Ore Limited

CODE : LCY.AX
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Legacy Iron Ore LTD is based in Australia.

Legacy Iron Ore LTD is listed in Australia. Its market capitalisation is AU$ 19.1 millions as of today (US$ 12.9 millions, € 11.6 millions).

Its stock quote reached its highest recent level on September 16, 2011 at AU$ 0.21, and its lowest recent point on May 01, 2020 at AU$ 0.00.

Legacy Iron Ore LTD has 1 468 259 968 shares outstanding.

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