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, tungsten 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

Sumit Deb, Non-Executive Chairman

Amitava Mukherjee, Non-Executive Director

Alok Kumar Mehta, Non-Executive Director

Devanathan Ramachandran, Non-Executive

Director

Rakesh Gupta, Director and 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

LEVEL 6

200 ADELAIDE TERRACE PERTH WA 6000

PO BOX 5768

ST GEORGES TERRACE WA 6831

Phone: +61 8 9421 2005

Fax: +61 8 9421 2001

Email: info@legacyiron.com.au

Web: www.legacyiron.com.au

Quarterly Report

Period ended 30th September 2020

28 October 2020

The Company Announcements Office

ASX Limited

Via E Lodgement

REPORT FOR THE QUARTER ENDED

30th September 2020

Please find attached the Company's Quarterly Activities Report for the

quarter ended 30th September 2020.

Yours faithfully

LEGACY IRON ORE LIMITED

Rakesh Gupta

Chief Executive Officer

HIGHLIGHTS

EXPLORATION AND DEVELOPMENT

South Laverton:

Mt Celia:

  • PQ size diamond drilling for metallurgical studies completed at Kangaroo Bore and Blue Peter gold deposits of Mt Celia. In this quarter total 460 m were drilled in 5 drillholes. Metallurgical studies are ongoing on mineralized core samples obtained from the drilling.
  • In order to complete Geotech studies to assist in pit slope designing, 2 HQ size diamond holes (150m) were completed in this quarter. Following completion of the quarter, drilling commenced for another 5 diamond HQ holes (550m) for supporting Geotech studies.
  • RC drilling of 3324 m was completed in this quarter to increase the resource size and to upgrade the JORC resource category.
  • Mining Lease application for 1400 Ha covering Kangaroo bore and Blue peter deposit lodged.
  • Second phase Environmental Flora survey completed. First phase Fauna survey will be completed by October 2020.

Yilgangi:

  • Initial site preparation work has been completed in the project area to commence drilling.
  • Application for Programme of Work has been lodged to incorporate additional holes. Patricia North:
  • Patricia North is an important asset to the company where the company previously delineated promising targets in the tenement by RAB and rock chip sampling. In this quarter, geological traversing and rock chip sampling was undertaken to fully evaluate surface signatures of gold mineralisation and to finalize drill plan.

EXPLORATION

Legacy Iron is an active exploration company with a diverse portfolio of assets spanning iron ore, gold, base metals and tungsten (Figure 1).

The Company has a significant landholding in the Eastern Goldfields (Yillgran) and East Kimberley districts of WA. In the Eastern Goldfields, the company holds tenements with a number of gold prospects/resources, whilst the East Kimberley Project has excellent potential to host base metal

  • gold, tungsten and rare earth elements (REE) mineralisation.

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The Company is also in a Joint Venture with Hawthorn Resources Limited (Hawthorn) on the Mt Bevan Project, north of Kalgoorlie in Western Australia, where the Company aims to progress a potentially world class magnetite project and is exploring for nickel-copper mineralisation at an early stage.

Figure 1 Legacy Iron - Project Locations

The major focus of the Company's activity at present is delivering a resource upgrade at Mt Celia and carrying out the project feasibility evaluation with an aim to develop the Mt Celia gold project.

GOLD

South Laverton Gold Project

The South Laverton Project includes the Mt Celia, Yerilla, Yilgangi, Sunrise Bore and Patricia North tenements (Figure 2). The Mt Celia, Yerilla and Yilgangi tenements contain a number of gold occurrences with known gold resource estimates from years prior to the change in JORC code

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reporting in 2012. The Company upgraded the resource estimates for Mt Celia (Kangaroo Bore and Blue Peter orebodies), with upgrades at the remaining tenements to occur.

The company is progressing the Mt Celia project with a view to develop a mine. The initial scoping/pit optimisation study completed in 2018 (ASX announcement 15 Oct 2018) showed a positive result towards that objective.

Figure 2 Legacy Iron's South Laverton Gold Projects on regional geology

Mt Celia Project

The Mt Celia Project lies within the Laverton Tectonic Zone, some 40km south of the Sunrise Dam gold mine (approximately 8Moz gold resource), as shown in Figure 2.The Project currently contains several known gold occurrences including Kangaroo Bore and Blue Peter prospects (Figure 3).

Total resource at Mt Celia stands as below as of March 2018 (Table 1) -

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Legacy Iron Ore Limited published this content on 28 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 October 2020 05:54:03 UTC