Legacy Minerals – Drilling Commences at High-Grade Silver-Gold Targets at Mt Carrington – Resource Growth and Discovery Optionality
- Noel Ong
- 6 days ago
- 8 min read
Announcement
Drilling Commences at Silver-Gold Targets, Mt Carrington – 12 January 2026 (view the announcement)
A silver story to keep on your watch screen.
The Legacy Minerals story is one that keep Samso thinking about the "What If" scenario. The WHAT IF silver does re-establish itself as a potential wealth creating metal that has been in hibernation for decades? Legacy does have an established, sizeable silver-equivalent resource base with genuine discovery-driven upside at depth and along strike.
The commencement of drilling at Mascotte highlights a disciplined strategy focused on unlocking value from historical high-grade systems that have seen minimal modern exploration, particularly for gold.
Legacy Minerals Holdings Limited (ASX: LGM) has commenced diamond drilling at the Mascotte Silver-Gold Prospect within its flagship Mt Carrington Project in New South Wales (Figure 1). The program targets high-grade silver and gold mineralisation beneath historical workings and newly defined structural and geochemical targets, to expand the existing Mt Carrington Mineral Resource of 115Moz silver-equivalent.
Figure 1: Location summary of Legacy Minerals’ Projects in NSW (source: LGM)
The Business of legacy Minerals: Focus – Silver and Gold
Legacy Minerals is an ASX-listed explorer focused on gold, silver, copper, and base metals in New South Wales. The Company’s portfolio is anchored by the Mt Carrington Project, a large epithermal system hosting multiple deposits and prospects within a caldera-scale geological setting (Figure 2).
Figure 2: Location summary of Legacy Minerals’ Projects in NSW (source: LGM)
Beyond Mt Carrington, Legacy Minerals is advancing a diversified suite of exploration assets, including nickel-cobalt exposure at Nico Young, copper-gold exploration via joint ventures, and multiple epithermal and porphyry-style targets across NSW.
Highlights – Drilling Commences at Mascotte Silver-Gold Prospect
A 2,000m diamond drilling program has commenced at the Mascotte Silver-Gold Prospect, targeting high-grade mineralisation beneath historical workings and new priority targets (Figure 3).
Figure 3: Interpreted deep-set structure and lineaments on 3D MT conductivity (201 to 1700ohm.m) (source: LGM)
The initial program comprises nine drill holes, with drilling expected to take approximately six weeks.
Mascotte sits within the broader Mt Carrington Project, which hosts a 115Moz AgEq Mineral Resource at an average grade of 105g/t AgEq.
Historical drilling at Mascotte was completed between 1969 and 1970, was shallow (generally less than 70m depth), and focused on a limited strike length.
Best historical results include 18.3m at 237g/t Ag from 3m, including 9.1m at 394g/t Ag.
Importantly, historical drill holes were not assayed for gold, leaving significant upside potential untested.
Recent rock chip sampling by Legacy Minerals has confirmed elevated gold-silver mineralisation, with results of up to 11.2g/t Au and 222g/t Ag along a ~1.3km trend (Figure 4).
Figure 4: Mascotte Prospect plan view showing rock chip assays, planned drilling, and historical workings (source: LGM)
The Mascotte trend remains open along strike and at depth, with multiple parallel structures identified.
In parallel with exploration drilling, a new Ausenco-led Scoping Study is progressing on the existing Mt Carrington deposits and is expected to be completed in early Q1 2026.
Assay results from recent Battery drilling are expected by the end of January 2026.
Leadership Commentary
Legacy Minerals CEO & Managing Director, Christopher Byrne, commented:
“The commencement of drilling at the Mascotte silver and gold Prospect represents an important step in unlocking the broader value potential of the Mt Carrington Project. Mascotte sits within a highly prospective low-sulphidation epithermal gold-silver system, where historical high-grade silver intersections, strong surface geochemistry and extensive untested strike provide compelling evidence for a discovery opportunity. The current drilling program is targeting an area that has seen minimal modern exploration, with historical drilling both shallow and limited in extent. Importantly, drilling was never assayed for gold, with recent rock chip sampling confirming the presence of high-grade gold mineralisation along the broader trend. With mineralisation remaining open at depth and along strike, Mascotte offers clear upside potential to grow the existing Mt Carrington silver-equivalent resource base.
This drilling program is being undertaken against a backdrop of both silver and gold trading at or near record prices. These market conditions further enhance the strategic importance of advancing highquality silver and gold assets, such as Mt Carrington, which contains a silver-equivalent Mineral Resource estimate of 115Moz AgEqii .
Legacy Minerals is adopting a dual-track approach to unlock the substantial value at Mt Carrington: discovery and development. We are progressing development studies through the Ausenco-led Scoping Study to demonstrate a clear pathway to realise value from the existing Mineral Resource, while in parallel pursuing discovery-driven upside through targeted drilling at Prospects such as Mascotte. This strategy provides multiple avenues to create value for shareholders, balancing near-term development optionality with the potential for new discoveries.
Following our last drilling in December, the final diamond drill hole assays from the Battery drilling are expected to be received by the laboratory by the end of January. We also look forward to providing further updates as drilling progresses and as the Scoping Study continues to advance, with the expected delivery of that significant work expected early this quarter.”
About the Project
The Mascotte Prospect is defined by extensive historical workings across a mineralised trend approximately 1.3km in length, with evidence for multiple parallel structures. Mapping has identified widespread silica alteration, chalcedony, and jasperoidal silica associated with epithermal veining.
Recent Airborne Mobile-MT surveys have delineated a northeast-trending conductivity lineament associated with known mineralisation and historical workings, suggesting scale and depth potential consistent with the broader Mt Carrington epithermal system.
Near-term Milestones to Watch
Completion of the nine-hole diamond drilling program at Mascotte
Receipt of Battery drilling assay results by the end of January 2026
Delivery of the Ausenco-led Scoping Study in early Q1 2026
Ongoing drill updates and results from the Mascotte program
Samso Concluding Comments
From Samso’s perspective, the Mascotte drilling program reflects the current market sentiment for silver. The recent pullback from its high of over USD $120 per ounce is still a lot better than it was when silver price was in the low USD $20s. There is definitely more interest in the metal today as it is transforming from a docile precious metal to a dual purpose of precious metal and industrial metal narrative in 2026.
The focus on historical high-grade areas that were shallowly tested aligns with a broader industry trend of revisiting legacy mining districts using modern techniques. I don't think this is an innovative thought process by any means but it is definitely a good value pathway if Legacy was to make this a workable project.
The confirmation of gold mineralisation through surface sampling is notable, given that earlier drilling programs focused almost exclusively on silver. This expands the potential metal mix and enhances the strategic importance of Mascotte within the Mt Carrington portfolio.
The discussion of integrating the use of geophysics, surface geochemistry, and structural interpretation will keep the methodology on the vanilla path and gives confidence that the current drill targets are well-conceived. The identification of district-scale conductivity features further supports the potential for depth extensions and will generate future value creation for shareholders and new investors.
Ultimately, Legacy Minerals is positioning Mt Carrington as both a development-ready asset and a platform for discovery-led growth. The outcomes of the Mascotte drilling and Scoping Study will be important in shaping the next phase of the Company’s strategy.
Market Implications
Legacy is an interesting company with a current market capitalisation of AUD $37.50M with a decent silver story in the right location. The shrae price journey is steady (Figure 5) and that is also good at this stage, in my opinion.
The current resource 34.4Mt at 105g/t silver-equivalent (AuEq) – 0.7Moz Au, 24.3Moz Ag, 147kt Zn, 33kt Pb, 20kt Cu, even though it is a silver equivalent resource is a good asset to have at a time when the silver price is finally making its move (Figure 6).
The recent presentation (16th February 2026) does paint a pretty picture and as I said, Mt Carrington is a good address to have if you are chasing silver in Australia. The drilling and the potential upside looks credible and a bit exciting from a spectator point of view.
Figure 5: The Legacy share price chart as of 16th February 2026. (source: commsec)
Where the silver price go from here will be the headline act as one would think that the recent pullback would only be temporary, If it persist to lower pricing, this would not be a good scenario of would be producers. As figure 6 clearly show, it has been a long time between drinks for silver investors and the recent rise has been welcomed by long investors. If the recent chatter of a conspiracy by major players is true, in causing the sharp pullback, the the future will be uneasy for companies such as Legacy.
Here is where some serious DYOR will be required. I am hoping that the pullback will allow profit taking and the market demand for the commodity and the lack of good silver supply will naturally create a sustainable price levels for all to enjoy. What this level will be the million dollar question.
Figure 6: The Silver price as of 16th February 2026. (source: Trading Economics)
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