Legacy Gold Prospecting at the Baner Gold Project, Idaho Finds 20 Historic Shafts and Adits and Returns 29.3 g/t Au Sample
Legacy Gold Prospecting at the Baner Gold
Project, Idaho Finds 20 Historic Shafts and
Adits and Returns 29.3 g/t Au Sample
Calgary, Alberta--(Newsfile Corp. - January 20, 2025) -
Legacy Gold Mines Ltd.
(TSXV: LEGY) (the
"
Company
" or "
Legacy Gold
") is pleased to announce results from its prospecting, sampling and other
activities at the Baner gold project located in Idaho County, Idaho, USA (the "
Baner Gold Project
") (the
Company recently acquired an option to acquire the Baner Gold Project - see the Company's October 4,
2024 press release). Of particular interest were results from a bedrock sample on the western-most area
of adits that graded 9.2 g/t Au, and results from two well-mineralised boulders that returned 29.3 g/t Au
and 1.6 g/t Au in an area of the Baner Gold Project with no previous known workings or geology work.
The Baner Gold Project and immediate area is a historic gold mining camp that hosts numerous gold
deposits along geologic structures that appear to have provided conduits for the gold fluids and that
extend for significant distances.
"Since completing the transaction for the Baner Gold Project in October, Legacy Gold personnel have
been busy completing various programs and tasks while awaiting the permit to drill," said Mike Sutton,
VP, Exploration of the Company. "We are very pleased with the results of the successful extensive
prospecting program on the property which found 20 historic mine shafts and adits and returned some
nice high-grade assays at both historic mining sites and new under-explored areas."
Sampling Results
Some of the better gold assays received through Legacy work at the Baner Gold Project includes:
29.3
g/t Au and 1.6 g/t Au from boulders located west of the historic Black Lady Mine; 38.2 g/t Au and 16.1 g/t
Au from Baner Adit D rock dump; 22.7 g/t Au from the Baner Adit K rock dump; 7.5 g/t Au from the
historic Zenith Mine rock dump; 5.2 g/t Au from Baner trench B; 9.2 g/t from outcrop at Baner Adit G; 6.1
g/t Au from the Lucky Strike Adit B rock dump; and 6.0 g/t Au from the Baner Adit E rock dump.
Some of the better gold assays received through historical work by previous companies at the Baner
Gold Project includes: 25.9 g/t Au at the historic Zenith Mine rock dump; 42.5 g/t Au, plus 19.0 g/t, plus
8.6 g/t Au, plus 12.9 g/t from the Baner Adit F rock dump, plus 39.5 g/t Au from historic Adit F Mine; 7.1
g/t Au from outcrop at the collar of drill hole (2018-17); 6.0 g/t Au and 5.2 g/t Au from the historic Baner
Adit D Mine rock dump; 94.3 g/t Au plus 86.2 g/t Au plus 87.1 g/t Au from Harris Mine Shaft 2; 134.4 g/t
Au from the historic Baner Adit E Mine; 18.0 g/t Au from the historic Baner Adit J Mine; and 18.5 g/t Au
plus 10.6 g/t Au from the historic Baner Adit G Mine. See the Technical Report (defined below) for
additional information about the historical sampling completed at the Baner Gold Project
.
See Figures 1 and 2; Table 1 below.
Highlights of the Baner Gold Project
Legacy Gold identified the Baner Gold Project as a promising gold property because of numerous
positive traits. Some highlights of the Baner Gold Project include:
Multiple high-grade gold intersections in previous drilling
(1)
, including:
8.7 g/t Au over 6.3m, including 147.7 g/t Au over 0.3m (ICG2018-08);
4.8 g/t Au over 5.9m, including 24.3 g/t Au over 0.5m (ICG2018-16); and
20.8 g/t Au over 12.0m, including 65.8 g/t Au over 3.0m (ICG2018-13).
Approximately 3 million ounces Au recovered in area rivers which surround the Baner Gold Project
(which occupies the triangular middle high ground) and adjacent districts in central Idaho.
(2)
Only 30 holes drilled within which there are 37 assays reporting greater than 5.0 g/t Au (with three
over 50 g/t Au).
(1)(3)
Multiple strong vein sets are present (e.g. 9 zones in drill hole ICG2018-15).
(1)
Mineralization has been identified by drilling over 2,300m horizontal.
(1)(3)
Distinct soil and rock geochemistry anomalies (see Figure 1 below) associated with cross-over
structures, geophysical anomalies, and historic prospects. Two major north-south mineralized
structures - and likely crossover (shear) structures in between.
A new geologic interpretation opens up the possibility of a significant deposit.
Prospective areas that have not yet been drilled, including:
east-west Baner mine-area veins (3 known veins to date);
cross-over structures - with strong gold in soil and geophysical anomalies (conductors); and
historic-reported, 9,000ft by 600ft aplite dike with 360 historical samples averaging 1.9 g/t
Au.
(4)
Soils/geophysics show numerous strong untested anomalies along trend, plus elsewhere on the
Baner Gold Project.
Idaho is highly ranked in the most attractive jurisdictions in the world for mining investment surveys
by the Fraser Institute.
Perpetua Resources Corp.'s Stibnite Gold Project recently received a Final Record of Decision
from the United States Forest Service authorizing Perpetua's mine plan for the project, which is
located approximately 55 miles south of the Baner Gold Project and contains an estimated 4.8-
million-ounce gold reserve and is anticipated to produce 450,000 ounces of gold annually over the
first four years of production.
(5)
Sources: (1) Technical Report (defined below); (2) Reid, R. R., 1959, Reconnaissance Geology of the Elk City region, Idaho: Idaho Bureau of Mines
and Geology Pamphlet 120; (3) See May 9, 16 and 22, 2021 press releases of Champion Electric Metals Inc.; (4) Wagner, E R. (1946): Report, Baner
Mine and Baner-Champion Combination; and (5) See the January 6, 2025 press release of Perpetua Resources Corp.
Operational Update
Legacy Gold submitted an application for a permit to drill the Baner Gold Project to the US Forest
Service on July 1, 2024.
The US Forest Service has indicated that its review of the application is a
priority for it and its review is nearly complete. As a result, and given current challenging winter
conditions at site, it is expected that the start date for drilling is now likely to be in Q2 2025, after the
winter melt-down.
Since completing its acquisition of the option for the Baner Gold Project in October 2024, the work
completed and ongoing by Legacy Gold includes:
Drill sites have been delineated.
Work continues on organizing core and studying core for marker horizons/structures.
Soil sampling grids have been laid out for Spring work.
Organized historical data and that data has been compiled for better georeferencing of previous
drilling and assays in order to better understand the Baner Gold Project's mineralization within a
3D geological model.
A new model has been interpreted using textbook shear orientations and flatter dipping
mineralization vs. vertical; this results in better continuity and better geometry for a bigger deposit.
Tendered out for drilling and bids were received and analyzed.
Engaged main local contractors who will provide earthwork services, water truck, power at site,
transportation.
Core shack and core cutting facilities have been organized and set up.
Hired 2 consulting geologists - one senior (Steve Osterberg - former VP Exploration, Timberline),
one junior.
Multiple visits with key suppliers and government agencies (motel, lodge, core farm, equipment
suppliers, identified local contractors that can do soils/staking/etc., US Forest Services Offices in
Elk city and Kamiah).
Ordered/received long-timeframe supplies.
Purchased geological data management software.
Management has also been looking at potential acquisitions of mining claims and previously
producing assets in proximity to the Baner Gold Project and which have had various
geophysical/geochemical studies performed on them, yielding promising results and potential for
mineralization that would warrant exploration drilling.
Added new Board member, Michael Michaud, who is a professional geologist and will be an asset
in assisting in the identification and evaluation of potential acquisition opportunities within the
mining space - see the Company's January 13, 2025 press release.
Figure 1: Map showing location of surface samples.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10544/237797_e84f33e684fe1af7_002full.jpg
Figure 2: Inset map referenced in Figure 1, and showing expanded view of surface samples in
Inset area.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10544/237797_e84f33e684fe1af7_003full.jpg
Review by Qualified Person, Quality Control and Reports
Mr. Mike Sutton, P.Geo., Director and VP of Exploration of the Company, is the Qualified Person, as
defined under National Instrument 43-101 -
Standards of Disclosure for Mineral Projects
, who reviewed
and approved scientific and technical disclosure in this press release. The Qualified Person has not
reviewed the mineral tenure, nor independently verified the legal status and ownership of the Baner Gold
Project or any underlying property agreements.
Samples are loaded into rice bags and dispatched to the ALS Global prep-lab in Elko, Nevada, USA.
ALS USA Laboratories, located at 2103 Dollarton Hwy, North Vancouver, BC, Canada undertook final
assaying. The lab has ISO/IEC 17025 accreditation. All samples are assayed for gold by Fire Assay,
with gravimetric finish, and other elements assayed using ICP. The Company's QA/QC program includes
the regular insertion of blanks and standards into the sample shipments, as well as instructions for
duplication. Standards, blanks and duplicates are inserted at one per 20 samples. Approximately five
percent (5%) of the pulps and rejects are sent for check assaying at a second lab with the results
averaged and intersections updated when received.
About Legacy Gold Mines Ltd.
The Company is a Canadian based gold exploration and development company that is listed on the TSX
Venture Exchange under the symbol "LEGY".
The Company holds an option to acquire a 100%
undivided interest in and to the mineral claims comprising the Baner Gold Project located in Idaho
County, Idaho, USA.
Additional information about the Company and the Baner Gold Project is available on SEDAR+ at
www.sedarplus.ca
under the Company's profile, including a technical report titled "NI 43-101 Technical
Report on the Baner Project, Idaho County, Idaho, USA", dated effective August 1, 2024, prepared by
Steven A. Osterberg, Ph.D, P.G. (the "
Technical Report
").
For further information, please contact:
Legacy Gold Mines Ltd.
Brian Hinchcliffe, Executive Chairman and Chief Executive Officer
Telephone:
+1 (587) 327-9815
Email:
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This press
release includes certain "forward-looking statements" under applicable Canadian securities
legislation. Forward-looking statements include, but are not limited to, timing and completion of any
exploration, drilling and work programs on the Baner Gold Project, estimates of mineralization from
drilling, sampling and geophysical surveys, geological information projected from drilling and
sampling results and the potential quantities and grades of the target zones, the potential for minerals
and/or mineral resources and reserves, and statements regarding the plans, intentions, beliefs, and
current expectations of the Baner Gold Project and the Company that may be described herein.
Forward-looking statements consist of statements that are not purely historical, including any
statements regarding beliefs, plans, expectations or intentions regarding the future. Such information
can generally be identified by the use of forwarding-looking wording such as "may", "expect",
"estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations.
Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no
assurance that the plans, intentions or expectations upon which they are based will occur.
By their nature, forward-looking statements involve numerous assumptions, known and unknown risks
and uncertainties, both general and specific, that contribute to the possibility that the predictions,
estimates, forecasts, projections and other forward-looking statements will not occur. These
assumptions, risks and uncertainties include, among other things, the state of the economy in general
and capital markets in particular, as well as those risk factors discussed in the Filing Statement of the
Company dated effective September 19, 2024 or referred to in the Company's annual Management's
Discussion and Analysis for the year ended December 31, 2023 available at
www.sedarplus.ca
, many
of which are beyond the control of the Company. Forward-looking statements contained in this press
release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release are made as of the date of this press
release. Except as required by law, the Company disclaims any intention and assumes no obligation
to update or revise any forward-looking statements, whether as a result of new information, future
events or otherwise. Additionally, the Company undertakes no obligation to comment on the
expectations of, or statements made by, third parties in respect of the matters discussed above.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Table 1
. Grab or chip samples from mines, mine dump, outcrop, and boulders; all Legacy Gold
samples, select historic Wagner samples >5 g/t, and historica Idaho Champion samples > 0.2 g/t; Grid
references are based on the UTM NAD83 Datum Zone 11N projection coordinate system.
East
North
Sample Number
Sample Source
Au, g/t
615402
5069156
4
Legacy
38.20
615287
5071336
9008
Legacy
29.30
615199
5069194
9001
Legacy
22.70
615402
5069156
2
Legacy
16.05
615316
5069209
1419
Legacy
9.16
615271
5070128
1444
Legacy
7.52
615657
5070430
1412
Legacy
6.13
615406
5069148
1405
Legacy
6.01
615357
5069215
1446
Legacy
5.15
615535
5069265
1408
Legacy
4.13
615816
5069041
1434
Legacy
3.01
615132
5069355
7626
Legacy
2.88
615814
5069023
1435
Legacy
2.79
615402
5069156
3
Legacy
2.52
615316
5069209
1420
Legacy
2.17
615199
5069194
9002
Legacy
2.03
615196
5069255
1401
Legacy
1.86
615289
5071368
9007
Legacy
1.61
615128
5069327
7629
Legacy
1.29
615836
5069061
1433
Legacy
0.98
615132
5069355
7627
Legacy
0.94
615132
5069355
7628
Legacy
0.88
615316
5069209
1418
Legacy
0.67
615301
5069187
1403
Legacy
0.55
615747
5071528
1416
Legacy
0.46
615245
5070121
1410
Legacy
0.38
615404
5069179
1445
Legacy
0.29
615210
5069522
9005
Legacy
0.18
615566
5071678
1415
Legacy
0.15
615689
5068982
1421
Legacy
0.12
615092
5068234
1436
Legacy
0.11
615469
5068318
1439
Legacy
0.10
615319
5069186
1424
Legacy
0.09
615305
5069191
1404
Legacy
0.08
613649
5068969
1429
Legacy
0.08
613699
5068699
1426
Legacy
0.07
615676
5068982
1422
Legacy
0.06
615417
5069111
1407
Legacy
0.05
615128
5069327
7630
Legacy
0.05
615415
5069112
1406
Legacy
0.04
615096
5068232
1437
Legacy
0.04
615182
5069257
1402
Legacy
0.03
615528
5071612
1414
Legacy
0.02
615867
5069288
1425
Legacy
0.02
613754
5068790
1430
Legacy
0.02
615088
5068208
1438
Legacy
0.02
616382
5067683
7622
Legacy
0.02
616306
5068868
7625
Legacy
0.02
615197
5069989
9003
Legacy
0.02
615870
5071508
1
Legacy
0.01
615245
5070121
1409
Legacy
0.01
615662
5070395
1411
Legacy
0.01
615692
5070244
1413
Legacy
0.01
615543
5069047
1423
Legacy
0.01
614001
5071515
1427
Legacy
0.01
613772
5068712
1431
Legacy
0.01
616392
5067667
7621
Legacy
0.01
616393
5067662
7623
Legacy
0.01
615401
5069174
9006
Legacy
0.01
615109
5069254
1417
Legacy
0.00
614218
5072022
1428
Legacy
0.00
615836
5069061
1432
Legacy
0.00
616281
5068852
7624
Legacy
0.00
615309
5069421
9004
Legacy
0.00
615403
5069142
37
Wagner, E R. (1946)
134.40
615403
5069142
42
Wagner, E R. (1946)
87.09
615838
5069057
39
Wagner, E R. (1946)
86.20
615838
5069057
40
Wagner, E R. (1946)
86.20
615411
5069157
7
Wagner, E R. (1946)
48.34
615411
5069157
9
Wagner, E R. (1946)
39.77
615403
5069142
41
Wagner, E R. (1946)
39.53
615411
5069157
32
Wagner, E R. (1946)
36.34
615411
5069157
36
Wagner, E R. (1946)
31.54
615314
5069193
35
Wagner, E R. (1946)
26.74
615314
5069193
8
Wagner, E R. (1946)
19.89
615312
5069205
34
Wagner, E R. (1946)
15.18
615314
5069193
18
Wagner, E R. (1946)
15.09
615314
5069193
24
Wagner, E R. (1946)
13.22
615428
5069124
38
Wagner, E R. (1946)
8.91
615312
5069205
19
Wagner, E R. (1946)
8.23
615312
5069205
10
Wagner, E R. (1946)
7.89
615312
5069205
25
Wagner, E R. (1946)
7.54
615403
5069129
15620
Idaho Champion
42.51
615192
5069280
B
Idaho Champion
18.95
615403
5069129
D
Idaho Champion
12.85
615274
5067711
15618
Idaho Champion
10.90
East
North
Sample Number
Sample Source
Au, g/t
615129
5069348
A
Idaho Champion
8.64
615383
5069491
15735
Idaho Champion
7.06
615321
5069204
1007514
Idaho Champion
5.25
615402
5069625
15682
Idaho Champion
4.90
615427
5068308
15623
Idaho Champion
3.91
615321
5069204
C
Idaho Champion
3.50
615317
5069815
G
Idaho Champion
3.35
615317
5069815
H
Idaho Champion
3.35
615386
5069492
15739
Idaho Champion
2.30
615386
5069492
15740
Idaho Champion
2.19
615844
5069063
15633
Idaho Champion
1.95
615419
5069894
22470
Idaho Champion
1.83
615357
5069247
15605
Idaho Champion
1.78
615384
5069493
15737
Idaho Champion
1.65
615384
5069494
15738
Idaho Champion
1.61
615339
5069808
15705
Idaho Champion
1.58
615403
5069129
1007513
Idaho Champion
1.54
615462
5068307
15624
Idaho Champion
1.47
614011
5070027
15783
Idaho Champion
1.27
615528
5070145
22492
Idaho Champion
1.20
615349
5069701
15749
Idaho Champion
1.13
615242
5068845
15627
Idaho Champion
1.10
615315
5068890
15626
Idaho Champion
0.82
615301
5069190
1007517
Idaho Champion
0.72
615188
5068695
15631
Idaho Champion
0.69
615129
5069348
1007505
Idaho Champion
0.62
615337
5067714
15619
Idaho Champion
0.55
615127
5069456
1007515
Idaho Champion
0.51
615089
5068202
15621
Idaho Champion
0.51
615100
5068243
15622
Idaho Champion
0.51
615338
5069809
15706
Idaho Champion
0.51
615373
5069586
15788
Idaho Champion
0.51
615812
5069041
15634
Idaho Champion
0.48
615338
5069806
15702
Idaho Champion
0.48
615380
5069487
15732
Idaho Champion
0.48
615376
5069613
15680
Idaho Champion
0.45
615388
5069484
15728
Idaho Champion
0.45
615348
5069703
15751
Idaho Champion
0.45
615192
5069280
1007512
Idaho Champion
0.41
615383
5069492
15736
Idaho Champion
0.41
615373
5069584
15787
Idaho Champion
0.41
615512
5069260
F
Idaho Champion
0.41
615296
5069906
15639
Idaho Champion
0.38
615384
5069482
15731
Idaho Champion
0.38
615343
5069813
15712
Idaho Champion
0.34
615390
5069484
15727
Idaho Champion
0.34
615383
5069491
15734
Idaho Champion
0.34
615246
5069288
15604
Idaho Champion
0.31
615387
5069481
15729
Idaho Champion
0.31
615370
5069587
15789
Idaho Champion
0.31
615242
5069890
15637
Idaho Champion
0.27
East
North
Sample Number
Sample Source
Au, g/t