Sign up Australia
Proactive Investors - Run By Investors For Investors

Legacy Iron Ore acquires South Laverton gold tenements near 2 million ounces gold

iron_ore_bauxite.jpg

Legacy Iron Ore (ASX:LCY) has finalised an AUD$350,000 contract with Jackson Minerals (ASX:JAK) to purchase highly prospective gold exploration tenements south of Laverton.

The purchase price comprises AUD$250,000 in cash or Legacy shares, at Legacy’s discretion, and AUD$100,000 in Option Fees.

Legacy Chief Executive Officer Sharon Heng said the deal would accelerate Legacy’s plans to build a strong gold portfolio with the aim of defining new and upgrading existing resources and taking them to feasibility quickly while prices remained high.

Jackson’s South Laverton ground was extremely promising because of its location in a proven mining district where more than 2 million ounces of gold had been defined on adjacent properties, Ms Heng said.

The 533km2 purchase area has inferred gold resources of 44,500 ounces and is located 125km north-east of Kalgoorlie. It surrounds the Wallbrook Hill gold project (544,000 ounces), which was sold by Jackson to Saracen Mineral Holdings in 2007.

The acquired tenements are largely under explored as the former tenement holder concentrated exploration activities in the Wallbrook Hill resource area. 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.

The new landholdings complement 51km2 of tenements under application which Legacy already holds in the region. As part of its due diligence, Legacy has determined 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.

Legacy Iron Ore is a progressive West Australian explorer with a broad spread of interests in gold and iron. The company has a multi-pronged exploration strategy centred on a growing portfolio of quality tenements in the Kimberley, Pilbara, Gascoyne and Yilgarn regions of WA. The company has recently intensified its gold program to fast-track potentially viable mining operations and capitalise on buoyant commodity prices.





Register here to be notified of future LCY Company articles
View full LCY profile View Profile

Legacy Iron Ore Ltd Timeline

Related Articles

1504607061_Iron-ore-stockpile.jpg
September 05 2017
Black Iron's potential costs have fallen significantly at the Shymanivske iron ore project in Ukraine, and the risk has fallen away too
copper tubes
September 07 2017
The latest economic study at Parys Mountain has delivered some encouraging numbers against a backdrop of rising base metals prices
Nickel
May 19 2017
Strategic Minerals has a diversity of assets, including the Cobre magnetite operation in New Mexico and the Redmoor tin and tungsten project in Cornwall

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2017

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use