Legacy Iron Ore Limited Delivers Further Encouraging Gold Results at Sunrise Bore Project

Perth-based exploration company Legacy Iron Ore Limited (ASX: LCY) recently announced further encouraging gold results from drilling at its Sunrise Bore Project located 220km northeast of Kalgoorlie in Western Australia.

About Legacy Iron Ore Limited

Legacy Iron Ore Limited is a Western Australian mineral exploration company focused on iron ore, base metals, tungsten and gold. The company aims to increase shareholder value through the discovery, development and operation of profitable mining assets.

Legacy Iron was listed on the ASX in 2008 and has since made several iron ore and gold discoveries which are now at various stages of drilling and resource definition. The company’s key projects include the Mt Bevan Iron Ore Project, the South Laverton Gold Project, and the East Kimberley Gold, Base Metals and REE Project.

The Sunrise Bore Gold Project

The Sunrise Bore Project consists of a single exploration license covering 97km2 and is located within the South Laverton Gold Project. The area lies on the southeastern edge of the Laverton Tectonic Zone, a regional shear/fault system that controls significant gold mineralization in the region. The tenement geology comprises mafic and ultramafic volcanic sequences intruded by felsic stocks and underlain by regolith cover.

Legacy Iron has conducted extensive exploration at Sunrise Bore including geochemical sampling, geologic mapping and both reverse circulation (RC) and rotary air blast (RAB) drilling. This work successfully delineated a number of gold-in-soil anomalies and RAB gold intercepts which have become high priority drill targets.

Latest Drilling Delivers Encouraging ResultsThe recent RC drilling program at Sunrise Bore consisted of 15 inclined drill holes totaling 1,710 metres targeting the Kingsley and RAB-4 gold anomalies.

Assay results greater than 0.5g/t gold were intersected in 5 of the 15 holes drilled with highlights including:

• 2m @ 3.36g/t Au from 45m in SBRC037
• 5m @ 1.35g/t Au from 9m in SBRC039

These results have improved confidence in the continuity of gold mineralization at Kingsley and RAB-4. The mineralized zones remain open along strike and at depth providing immediate follow-up drill targets.

Interpretation and Future Plans

The results from Legacy Iron’s three drilling campaigns at Sunrise Bore to date have identified at least two mineralized NE trending zones that warrant further drill testing.

Follow-up drilling will aim to test the continuity and extensions of these encouraging results with a view to developing maiden mineral resource estimates. Several other gold-in-soil anomalies defined within the tenement also remain untested and represent additional targets for assessment.

Legacy Iron’s CEO Rakesh Gupta commented that the company was encouraged by the latest gold hits and would plan further programs to advance Sunrise Bore towards a high-value resource definition stage project.

Conclusion

Legacy Iron Ore offers investors exposure to a portfolio of prospective gold and iron ore projects in Western Australia. The company has had significant exploration success since listing in 2008 and built up an attractive pipeline of discoveries.

The Sunrise Bore gold results demonstrate the potential for Legacy Iron to develop a meaningful resource and add significant value at a relatively early stage gold project. Follow-up drilling is expected to build continuity in preparation for maiden resource estimates.

Several other projects in the company’s portfolio also host targets with resource upside potential, providing investors with multiple shots on goal for exploration success.

With a tight capital structure and modest market capitalization of around $15 million, Legacy Iron has potential for strong share price leverage to exploration news flow and resource growth.

The company appears well funded following a recent $2.1 capital raising to progress its key projects. Legacy Iron is also earning into the Mt Celia gold-copper project adding further optionality into the portfolio mix.

Legacy Iron offers speculative exposure to grassroots exploration success in the tightly held Laverton district. The latest Sunrise Bore results provide encouragement that systematic exploration can continue to build value in this historically underexplored area.

Patient investors can accumulate positions in anticipation of ongoing drilling results and potential resource definition at Sunrise Bore and other targets across Legacy’s strategically located tenement package.

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