Samso News: Legacy Minerals — Drilling Commences at High-Grade Silver-Gold Targets at Mt Carrington - Will Historical Silver Make The Grade in 2026?
- Noel Ong
- 1 day ago
- 6 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.
This is an interesting story that is simply all about Silver. The rising silver price is bringing in a lot of interest in the sector, so the hype will bring some interest to this story. Mt. Carrington is steeped in history with this type of mineralisation, and it will be a good source of news for Legacy.
As the Samso platform is lacking coverage on silver, I am thinking that this could be one to have on the watchlist.
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 115 Moz silver-equivalent.
Figure 1: Location summary of Legacy Minerals’ Projects in NSW (source: LGM)
The Business of the Legacy Minerals: Silver Focus?
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.”
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
As I mentioned, this is an introduction for the Samso Community, and I am eager to follow this story and see where things land. Silver and Gold tend to flow in the same direction, and in 2026, I do think that both will go higher. Whether silver ends up with greater value due to its industrial needs, too, is still to be debated.
What I do know is that even at USD $90/oz, this may not be enough to get investors to see silver as a serious form of investment. Historically, silver has been very volatile, but looking at Figure 5, this push could be the one that takes silver to a value that the punters have been talking about for decades.
Figure 5: Silver price as of 15th January 2026. (source:silverprice.org)
Market Implication - The Investor Lens
What does all this mean for Legacy Minerals? Well, not a lot at the moment, as you can see in Figure 6. They are still new in the journey, and as you can see, the real work seems to be only moving now. The silver play for me will bring some interesst and if they get lucky, they may actually make a difference.
Figure 6: The share price chart for Legacy Minerals as of the 16th January 2026. (source: CommSec)
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