Legacy Iron Ore Limited (LCY) has announced a revised mineral resource estimate for its Mt Celia gold project in Western Australia. The update reveals a 27% increase in gold grade, reaching 1.84 g/tonne, within a total resource of 4.30 million tonnes, containing 255,200 ounces of gold. While the overall gold ounces have decreased, the higher grade and a significant 46% of the resource now classified in the Measured and Indicated categories (containing 90,800 ounces) provide increased confidence in the project’s economic viability.
The Kangaroo Bore deposit accounts for 64,400 ounces at 1.60 g/t in the Measured and Indicated categories, while Blue Peter contributes 26,400 ounces at a higher grade of 2.75 g/t, also in the Measured and Indicated categories. Both deposits remain open at depth, suggesting further exploration potential.
The revised resource model incorporates updated geological interpretations, focusing on multiple thin vein lodes, consistent with mining experience at Blue Peter and Kangaroo Bore. Legacy Iron sees potential for future underground mining at the Blue Peter deposit due to its high-grade zones.
Between November 2023 and March 1st, 2025, mining depletion totalled 12,076 ounces of gold. Subsequent drilling, not included in this resource estimate, has shown high-grade intercepts, indicating opportunities to expand the resource through further drilling at Blue Peter 4 and Kangaroo Bore 4 deposits.
Andrew Hawker of HGS Australia, a competent person under the JORC Code 2012, prepared the resource estimation. Legacy Iron believes these estimates support further development of Mt Celia, citing potential for new discoveries within the project area. This revised estimate reflects both a change in geological understanding and depletion due to mining activities.
