In the bustling world of junior mining, Legacy Minerals Holdings (ASX:LGM) is making waves in New South Wales, positioning itself as a frontrunner in the quest for significant mineral discoveries. With a sprawling landholding of over 8,000 square kilometers, Legacy stands tall as the largest ASX-listed explorer in the state by tenure. Managing director Chris Byrne isn’t shy about the potential that lies ahead, especially given that NSW, despite being home to Australia’s largest gold mine, Cadia, remains largely underexplored.
The landscape is shifting. Since the onset of 2023, the state has seen a staggering A$16 billion in mining deals and approximately $300 million in exploration joint ventures. Heavyweights like Newmont Corporation, AngloGold Ashanti, and Fortescue are all in the mix, eager to tap into the untapped potential of NSW. While recent controversies, such as the veto of Regis Resources’ McPhillamys mine, have cast a shadow, Byrne emphasizes that the state government had given the green light; the hiccup stemmed from federal decision-making.
Legacy isn’t just sitting back and waiting for the next big strike; they have “boots on the ground” at four of their nine projects, even through the holiday season. The standout among them is the Drake project, an epithermal deposit with roots going back to the 1850s. The recent light detection and ranging survey unveiled a treasure trove of historical mining features—391 mine shafts, 250 adits, and over 3,000 trenches, to name a few. With an estimated $30-50 million already sunk into exploration and infrastructure, the groundwork is solid. “What we really like about Drake is this de-risked future upside that we see through exploring in a brownfields environment,” Byrne notes, highlighting the absence of royalties and the long-term exploration licenses that bolster their position.
Legacy is not just about looking back; they have their sights set on the future. The company aims to update Drake’s historical JORC 2004 resource to JORC 2012 standards, and they’re on the hunt for a Porgera-style deposit, reminiscent of one of the world’s largest gold-copper deposits in Papua New Guinea. Meanwhile, the Thomson project, covering a whopping 5,500 square kilometers, is being eyed as a belt-scale opportunity. Byrne believes this region is ripe for discovery, especially since Geoscience Australia has labeled it the most unexplored orogen in Australia.
In a strategic move, Legacy recently welcomed Fleet Space Technologies as a shareholder and tech partner, enhancing their technological capabilities. Their Bauloora project is currently under a $15 million joint venture with Newmont, targeting a tier-one epithermal gold deposit. “Bauloora is one of the largest epithermal vein systems in Australia,” Byrne asserts, underscoring the magnitude of what’s at stake.
Drilling is already underway at Bauloora, with results anticipated early next year. Additionally, Legacy has forged partnerships with S2 Resources, EarthAI, and Helix Resources, which collectively bring $25 million in exploration expenditure to the table. This influx of capital allows for sustained exploration across Legacy’s portfolio, a crucial aspect in a sector often characterized by volatility and uncertainty.
Byrne’s enthusiasm is palpable: “There’s a lot of upside in joint ventures, and they’re a really good example of non-dilutive value creation.” The potential rewards from being a minor partner in a major discovery could translate to significant returns for shareholders, making Legacy Minerals a company to watch as the mining narrative in NSW continues to unfold. As the industry evolves, Legacy is positioning itself not just as a player but as a potential game-changer in the Australian mining landscape.
