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LEGACY IRON ORE LIMITED - ASX: LCY
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Description
Legacy Iron Ore is a vibrant Perth-based Australian exploration company, established to search for iron ore and gold deposits. With a mission to increase shareholder wealth through capital growth, Legacy has a commitment to discovering viable mineral deposits and developing them into profitable mining operations. The company was listed on the ASX in Western Australia on 8 July 2008. Since then, Legacy’s continuing spread of immediate exploration targets highlights a bright future for the company, as it looks to capitalise on new opportunities.
ROBERTSON RANGE PROJECT - IRON ORE AND MANGANESE
The Robertson Range Project lies 100 - 120km east-northeast of Newman in the East Pilbara of Western Australia. The project comprises three Exploration Licences (E45/3394, E45/3395 and E46/818) covering an area of some 800km2. The two major tenements E45/3395 and E46/818 were recently granted in December 2009.
The tenements adjoin those of FerrAus Ltd and Atlas Iron Ltd where recent exploration has indicated a resource base of some 200Mt of high grade hematite iron ore. In addition, E46/818 lies some 25km SSW along strike from the recently commissioned Nicholas Downs (previously Balfour Downs) major high grade manganese mine estimated to contain a resource exceeding 15Mt.
HAMERSLEY PROJECT
The Hamersley Project is centrally located in the Hamersley Iron Province. The Project is located 50 km west of Tom Price and 22 km south of Mount Brockman in the West Pilbarra Iron Ore Region. Two granted exploration leases, E47/1868 and E47/1869 covering an area of 52.3 km2 flank the Beasley River channel iron deposit. Access to the tenements is via the sealed Nanutarra-Paraburdoo-Tom Price road and then numerous station tracks to the licence areas.
The Project area is highly prospective for iron ore mineralization due to the occurence of the major Beasley River goethite-hematite channel iron deposit (CID) which bi-sects the two tenements. Estimated resources of the Beasley River CID are 400Mt at 56.6% Fe. The Beasley River CID is composed dominantly of massive and in part bedded goethite-hematite with beds of fine hematite-goethite gravels. The iron deposit occurs as a meandering palaeosurface. Legacy's Hamersley project area is covered by extensive Quaternary colluvium of red and brown soils. Potential channel iron deposits may occur as tributaries into the significant Beasley River channel iron deposit which abuts the project area and may be present under shallow soil cover.
Exploration conducted by Legacy to date on the Hamersley Project includes a review of Quickbird satellite imagery and process ratio LandSat data covering the entire project area of 52.3 km2 and acquisition of aero-magnetic and radiometric geophysical surveys. Studies of the satellite imagery have defined ten iron rich targets on the tenement, some under shallow colluvial cover. These targets are proximal to Beasley River channel iron deposit and have potential as iron rich tributaries. Legacy is planning on conducting detailed mapping and rock chip sampling as the inital phases of exploration over the two mineral tenements.
MT BEVAN PROJECT
The Mt Bevan Project consists of Exploration Licences E29/210 and E29/713 located approximately 100km west of the Leonora Township in the central Yilgarn region of Western Australia
The project covers the northern parts of the Mt Ida Archaean greenstone belt. To the immediate south along strike, Jupiter Mines Limited ("Jupiter") have reported a JORC compliant inferred resource comprising DSO hematite of 5.75Mt @ 59.9% Fe at Mt Mason, and are currently drilling out a magnetite resource at Mt Ida with an exploration target of some 1.1 – 1.3Bt grading between 30 – 40% Fe. Jupiter have recently reported a maiden inferred resource for the Mt Ida magnetite project of 530Mt @ 31.9% Fe for the Central Area – over only some 30% of the strike length considered as the conceptual target within their ground.
A 5,000m RC drilling program has commenced in February 2011. The drilling program is located in the southern part of the Mt Bevan Project area, to the immediate north of the significant hematite and magnetite resources held by Jupiter. This drilling will test to depths of approximately 200m - 250m over a 5km strike length and aims to provide an initial JORC compliant inferred resource for the zone with an exploration target for magnetite mineralisation of 500Mt* grading between 30% and 40%. This zone represents only some 30% of the prospective BIF stratigraphy at Mt Bevan as identified to date.
SOUTH LAVERTON PROJECT
Legacy's South Laverton Project, is a gold tenement package, with between 80% and 100% equity in approximately 613 km2 of exploration tenure in the South Laverton region (Figure 1) located 125 - 180 km north-east of Kalgoorlie. The project has two Inferred Resources of 44,500 ounces and one Indicated Resource of 46,000 ounces (information detailed below). The tenements are located in the Norseman-Wiluna greenstone belt, the premier gold producing area in Australia. Locally, this geological zone has a known gold endowment of approximately 22 million ounces of gold and includes the major gold deposits of Sunrise Dam, Wallaby, Granny Smith, Carosue Dam, Red October and Mt Morgans.
Legacy's plans are to build a strong gold portfolio with the aim of defining new and upgrading existing resources with the view of taking them to feasibility quickly. The South Laverton tenement portfolio is highly prospective because of its location in a proven mining district where more than 2 million ounces of gold had been defined on adjacent properties.
The tenements are largely under explored and at least 25 untested targets have been identified in three distinct tectonic environments, namely the Murrin-Margaret Sector, Laverton Tectonic Zone and Keith Kilkenny Tectonic Zone. Legacy believes that the project area is highly prospective for the definition of further resources as the vicinity offers a full suite of prospects, from grass roots to advanced targets.
A review of available data has identified numerous untested conceptual targets; large scale, low level geochemical and RAB anomalies; some open bedrock mineralisation and two low grade Inferred resources. These tenements give Legacy a much greater chance of exploration success in a favourable commodity and security with a broad strategic tenement package in mineralised corridors.
Legacy's tenure is focused on a strategic portion of the well mineralised Wallbrook - Porphyry trend in the Edjudina Mining Centre, an area along strike from the Mulgabbie Mining Centre and a region within the Yerilla - Mount Remarkable Mining Area.
The South Laverton Project has two resources delineated at Yerilla (Bull Terrier) and Yilgangi (Golden Rainbow) with the Inferred Resource inventory totalling 731,600t at 1.89g/t Au for 44,500oz. The Bull Terrier Deposit has an Inferred Resource of 527,000t at 1.92g/t for 32,500oz (at a 1g/t cut-off) and at Golden Rainbow, a near surface oxide resource has an Inferred Resource of 204,600t at 1.83g/t for 12,000oz (at a 1g/t cut-off).
Significant infrastructure has been developed in the region in the last six years following the discovery and development of the Carosue Dam Operations. This Operation and associated infrastructure, and a large landholding in the area are owned by Saracen. The 2.4Mtpa plant is currently under care and maintenance following production of 800,000 ounces between November 2000 and June 2005. Saracen is currently finalising a definitive feasibility study for the re-commissioning of the Carosue Plant.
Overall, the lease package has a series of early stage (grass roots) to advanced stage (resources) targets and these provide a platform for growth in area with high exploration potential.
EAST KIMBERLEY PROJECT
The East Kimberley Project tenements are located in the Halls Creek area. Halls Creek occurs 347 kilometres south of Kununurra and is readily accessible via the sealed Kununurra-Halls Creek Highway. Currently, Legacy has four granted tenements and three tenements under application covering an area of 370 km2 in this highly prospective area for gold and base metal mineralisation
Rocks of the East Kimberley form part of the Early Proterozoic Lamboo Complex. All lithologies of the Lamboo Complex have undergone low- to medium-grade metamorphism. The oldest rocks in the eastern zone of the Complex are the Ding Dong Down Volcanics and the Sophie Downs Granite, which are separated from the overlying Halls Creek Group by an unconformity. The Halls Creek Group consists of the Saunders Creek, Bsicay and Olympio Formations. The Biscay and Olympio Formations have been intruded by the Woodward Dolerite.
Mine For
iron ore, gold
Location of operation(s)
Western Australia
Address
Se 32, Hyatt Centre, 23 Plain St
EAST PERTH, WA, AUSTRALIA
Phone
(61 8) 9421 2005
Website
Last Updated
13/12/2011
The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.
