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:
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.