Legacy Minerals : High-Grade Silver, Gold Drill Results, Met-Testing Underway

ASX ANNOUNCEMENT

16 JUNE 2022

For personal use only

High Grade Silver, Gold, Zinc & Lead Assay Results at Bauloora

& Metallurgical Testing Underway

New Assays up to 422g/t Ag, 4.75g/t Au and 19.47% Lead + Zinc

Legacy Minerals Holdings Limited (ASX: LGM, "LGM", "the Company" or "Legacy Minerals") is pleased to provide the final drill results from the Mt Felstead Prospect at Bauloora.

Mt Felstead Result Highlights

New drill result highlights from Mt Felstead Prospect including:

1. Hole BM008 3m at 1.65g/t Au, 152.8g/t Ag, 0.35% Cu and 6.9% Pb+Zn from 149m, including:

1m at 4.75g/t Au, 442g/t Ag, 0.99% Cu, 19.47% Pb+Zn from 149m

1. Hole BM002 5m at 0.99g/t Au, 17.9g/t Ag, 0.27% Cu and 2.76% Pb+Zn from 97m, including:

1m at 3.03g/t Au, 63.4g/t Ag, 0.58% Cu and 8.12% Pb+Zn from 99m

1. Hole BM003 9m at 0.88% Pb+Zn from 162m, including: 1m at 3% Pb+Zn from 163m

Initial drill result highlights from Mt Felstead Prospect1 included:

1. Hole BM007 4m at 3.1% Pb+Zn, 0.2g/t Au and 3.6g/t Ag from 137m, and;

9m at 9.9% Pb+Zn, 2.0g/t Au, 28.4g/t Ag, and 0.2% Cu from 145m, including:

2m at 29.3% Pb+Zn, 5.4g/t Au, 94.1g/t Ag, and 0.4% Cu from 148m

Metallurgical Testing

• Legacy Minerals has engaged ALS Ltd (ALS) to conduct metallurgical test work on three drill holes from the Mt Felstead campaign with results expected in the coming weeks.
• The objectives of the metallurgical testing are to determine the best means of beneficiating the mineralised material and determining the most commercial means of recovering the contained metals values.

Downhole Electromagnetics

• Legacy Minerals has also completed downhole electromagnetics (DHEM) on three holes at the Mt Felstead Prospect and is currently interpreting results.

Management Comment

Legacy Minerals Managing Director, Christopher Byrne said:

"The Mt Felstead Prospect continues to showcase its high-grade nature. Like our initial drilling assays, we are exceedingly pleased with the results showing gold-silver and base metal mineralisation is present and open at depth and along strike. The Mt Felstead prospect is one of five key prospects at our Bauloora epithermal project in which where we are aggressively exploring an 8km2 anomalous gold zone with plans to continue drilling in the near future."

1 ASX LGM 11 April 2022: Outstanding High-Grade Drilling Assays Returned at Bauloora

ABN 43 650 398 897 Level 7, 1 Margaret Street Sydney

ASX: LGM

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Figure 1: Sulphide mineralisation; sphalerite (brown-purple) and galena (silver) in RC hole BM002 at 99m

Summary of Assay Results

Exploration activity at Legacy Minerals' 100% owned Bauloora Project located in New South Wales has returned high-grade silver, gold, lead and zinc assay results. RC drilling to date has focused on the Mt Felstead Prospect where breccia and vein hosted massive and semi-massive sulphides have been intersected (Figure 1). The Mt Felstead Prospect is the first of several high priority target areas to be drill tested at the Bauloora Project with the new assay results highlight the high grade nature and strike extent of the deposit (Figure 2).

New significant down hole drill result highlights include:

1. Hole BM008 3m at 1.65g/t Au, 152.8g/t Ag, 0.35% Cu and 6.9% Pb+Zn from 149m, including; 1m at 4.75g/t Au, 442g/t Ag, 0.99% Cu and 19.47% Pb+Zn from 149m

1. Hole BM002 5m at 0.99g/t Au, 17.9g/t Ag, 0.27% Cu and 2.76% Pb+Zn from 97m, including;

1m at 3.03g/t Au, 63.4g/t Ag, 0.58% Cu and 8.12% Pb+Zn from 99m

1. Hole BM003 9m at 0.88% Pb+Zn from 162m, including; 1m at 3% Pb+Zn from 163m

1. Hole BM004 1m at 4.57g/t Ag and 2.44% Pb+Zn from 167m

1. Hole BM009 1m at 1.66% Pb+Zn from 121m

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This builds upon the previously reported high grade assays that included:

1. Hole BM007 1m at 1.0% Pb+Zn and 6.2g/t Ag from 106m, and;

1m at 1.3% Pb+Zn, 0.03g/t Au and 3.0g/t Ag from 128m, and;

4m at 3.1% Pb+Zn, 0.23g/t Au and 3.6g/t Ag from 137m, including; 2m at 5.1% Pb+Zn, 0.38g/t Au and 5.6g/t Ag from 138m, and;

9m at 9.9% Pb+Zn, 1.99g/t Au, 28.4g/t Ag, and 0.16% Cu from 145m, including: 2m at 29.3% Pb+Zn, 5.4g/t Au, 94.1g/t Ag, and 0.43% Cu from 148m

1. Hole BM004 1m at 2.4% Pb+Zn, 0.06g/t Au, 4.57g/t Ag from 167m, and; 1m at 1.3% Pb+Zn, 0.31g/t Au, 1.51g/t Ag from 192m

1. Hole BM001 1m at 2.67% Pb+Zn, 0.63g/t Au and 3.4g/t Ag from 72m, and;

2m at 0.8% Pb+Zn, 0.79g/t Au, 22.4g/t Ag and 0.33% Cu from 108m, including: 1m at 1.3% Pb+Zn, 1.19g/t Au, 38.9g/t Ag and 0.56% Cu from 108m

RC drill assays and logging have defined a mineralised breccia dipping approximately 85o to the West, with parallel mineralised veins striking North-South. Mineralisation has been defined in drilling to 170m depth along a 450m strike length (Figure 3). Mineralisation is open down dip and along strike, where rock chip sampling has defined outcropping mineralisation at surface for 670m. The main zone of mineralisation intercepted at Mt Felstead to date occurs as a steeply dipping lenticular zone, or ore shoot, developed in a fault breccia. Sphalerite, galena, chalcopyrite, tetrahedrite, and gold is host in quartz, chalcedony, calcite, chlorite, fluorite, and lesser barite bearing veins. Host rocks are variably silicified rhyodacite tuffs, with sericite alteration observed in association with shearing and chlorite alteration proximal to quartz-carbonate veins.

The high-gradeAg-Au assay results returned from drilling at Mt Felstead appears to indicate a metal zonation within the mineralisation, a characteristic of carbonate base-metalAg-Au systems. The orientation is currently not well understood with the present drilling density however, carbonate base-metalAg-Au deposits may exhibit strong metal zonation (e.g Fresnillo, Palmarejo) that once understood, can be excellent in helping define precious metal target horizons for future drill targeting.

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Figure 2: Mt Felstead Prospect plan view showing drill results

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Figure 3: Mt Felstead Prospect long section showing completed and planned drill holes

Metallurgical Testing

Legacy Minerals has engaged ALS to conduct metallurgical test work on selected samples representative of the mineralisation intercepted to date at the Mt Felstead Prospect. The objectives of the metallurgical testing are to determine the best means of beneficiating the mineralised material and also determining the most commercial means of recovering the contained metals values. Results from the metallurgical testing expected in the coming weeks.

Downhole EM

Downhole electromagnetics (DHEM) completed on three holes at the Mt Felstead Prospect. The Company is currently interpreting results and expecting to release this in the coming weeks.

Mt Felstead Background

The Mt Felstead Prospect, is located 10km north-west of Cootamundra and was discovered in the early 1900's with intermittent mining up to the mid-1950's. The Bauloora Project (EL8994) contains several known minor workings hosted within the Silurian Frampton Volcanics and Devonian Bethungra Formation, Cowcumbala Rhyolite and Deep Gully Creek Conglomerate. The workings of the Bauloora Project sit within a large 27km2 hydrothermal alteration and mineralisation zone identified through geological mapping and geochemical sampling.

Historical sampling shows potential for bonanza grade silver and high-grade gold mineralisation at the Mt Felstead Mine. At the deepest level (No. 2 Level, 60m) a production drive approximately 60m long, 0.7m wide averaged assays of 1,021.5g/t Ag, 7.2g/t Au, 22.2% Zn + Pb and 2.5% Cu1. Low sulphidation epithermal carbonate base-metal-stylegold-silver mineralisation has been traced for approximately 400m and occurs in replacement breccia that defines a fault zone trending north- south. No leaching or secondary enrichment has been identified.

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