Legacy Minerals Holdings Limited provided an update on diamond-cored drilling completed at its Bauloora Epithermal Gold Project in NSW. At the Mee Mar Prospect, ten diamond-cored drill holes have been completed for a total of 1,649.6m testing the 2km-long gold-silver (Au-Ag) bearing low sulphidation epithermal Mee Mar Vein. Gold, silver and pathfinder anomalism was defined by last year's soil geochemistry program and extensive rock chip sampling program, which returned gold and silver grades up to 55.5g/t Au and 905g/t Ag2,3. In addition, extensive IP resistivity anomalies underlying the encouraging geochemical signatures and coincident with north trending zones of low magnetic responses, interpreted to be the result of magnetite destructive hydrothermal alteration, represented compelling drill targets.

The interpreted position of the mineralised structure has been intersected in all holes. Core processing and logging are in progress and samples are being submitted for assay with results expected in April. Geological observations indicate all drill holes intersected host rocks that are dominantly variably altered quartz-eye and feldspar-phyric dacitic crystal lithic tuffs.

A sedimentary unit of well bedded sandstone-siltstone-mudstone was intersected in MM003 (170.9 to 176.67m) and MM005 (119.55 to 125.6m). Sericite and hematite alteration are commonly observed in the periphery to the main vein trend with sericite increasing in intensity proximal to more abundant veined zones. The Mee Mar vein trend is dominated by crustiform-colloform quartz-adularia-chalcedony veins and breccia (+/- hematite, galena, low-Fe sphalerite and chalcopyrite).

Common minor quartz-carbonate +/- chalcopyrite, galena, low-Fe sphalerite and chlorite veins are also observed proximal to the main Mee Mar vein trend. Textural observations and interpretations of the chalcedony-quartz-sulphide veins and breccia intersected to date indicate drill holes have tested the lower chalcedonic superzone to upper crustiform-colloform superzone5. This interpretation is based on the observation of abundant chalcedony dominant over crystalline quartz in association locally with amethyst and floating clast breccia.

The implication of this interpretation is that the boiling zone has been preserved across the vein strike and remains at depth. With increasing depth towards the crystalline crustiform-colloform superzone there is the potential for gold grades to greatly increase. As such, if elevated precious metals and pathfinders are returned within these higher zones then there is great encouragement for further testing at depth.

The diamond-cored drill holes have confirmed low-sulphidation epithermal veins, down dip from gold, silver and pathfinder rock chip and soil geochemistry anomalism, mapped veins and are broadly coincident with north striking magnetic lows and resistivity highs. The low sulphidation epithermal veins and breccias have been encountered in all holes drilled along the Mee Mar vein trend strike length and is open to the north and south along strike, down dip and to surface. Preliminary down hole structural observations from these holes show veins strike north to north- north-east and have steeply west dipping (80o-85o) orientations for veins and breccias and though true widths are not yet confirmed, they are estimated to be 70% to 100% of the down hole interval.

Legacy Minerals has progressively developed the Bauloora Project through systematic exploration work including geological mapping, rock chip sampling, gradient array IP surveying, detailed ground magnetic surveying, ASTER data acquisition and interpretation, and widespread soil sampling. The results from this work strongly support the assessment that there is significant potential for a major low sulphidation epithermal-style gold-silver deposit at the Bauloora Project. The Bauloora Project is located in the Central Lachlan Fold Belt NSW, which is host to world-class copper-gold orebodies including the Cadia-Ridgeway, Northparkes, and Cowal Mines.

It is in a zone which is bounded to the west by the Gilmore Fault Zone and to the east by the Cootamundra Fault. Bauloora contains structural remnants of Early Silurian dominantly dacitic volcanic rocks and related granites, Siluro-Devonian sediments and felsic volcanic rocks deposited on a basement of Late Ordovician turbidites, Late Ordovician to Early Silurian intermediate volcanic rocks and related intrusions and sedimentary rocks.