The Fontenoy project has a known mineralized strike of at least 8 km. Historical drilling has intercepted widespread disseminated and veined copper-gold mineralisation from the surface. The preliminary work includes the identification of oxide copper mineralization interpreted as malachite and chalcocite from undrilled historical workings.
There has also been renewed investigation into historical anomalous nickel (Ni) cobalt (Co) results. Furthermore, the project has the potential for associated platinum group elements (PGE) mineralization apart from known chromium (Cr), copper (Cu), and Ni occurrences.
Legacy Minerals Managing Director, Christopher Byrne said, “It’s very exciting for Legacy Minerals to be part of a small group of companies utilising the power of artificial intelligence to assess and target prospective areas for drilling. Our Exploration Alliance with Earth AI puts Legacy Minerals at the forefront of the exploration industry in utilising artificial intelligence and machine learning to increase discovery opportunities.”
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He went on to add that, “Earth AI’s vertically integrated approach and ownership of diamond drill rigs sets Earth AI apart from other AI explorers and gives them the capacity to drill test newly defined targets in quick succession.”
Goal of Legacy Minerals’ alliance with Earth AI is to fast-track discovery across Fontenoy
The goal of Legacy Minerals’ alliance with Earth AI is to fast-track discovery across Fontenoy and Mulholland with up to $4.5M AUD to be spent by the latter over the course of 2 years. This has allowed Legacy Minerals to maintain its focus at Bauloora, which the company considers to be the largest under-explored low-sulphidation epithermal gold-silver system in NSW with the potential for major gold discovery.
Unlike a classical joint venture, the alliance between Legacy Minerals and Earth AI is success-based with up to a 3% royalty to be earned by the latter over the discovery area if a significant drilling discovery is made. As per the agreement, LGM retains 100% ownership of all exploration licences. However, subject to work conducted by Legacy Minerals, Earth AI has the option to purchase the relevant tenements from Legacy Minerals for $1M USD and a 2% royalty to LGM.
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Legacy Minerals has been involved in the exploration and acquisition of gold, copper, and base-metal projects in the Lachlan Fold Belt since 2017. The company has six wholly owned and unencumbered projects that present significant discovery opportunities for shareholders.
Earth AI, on the other hand, is based in San Francisco, USA. The company’s NSW based operations are at Young which is 15km from Legacy Minerals’ Fontenoy tenement. Earth AI plans to implement its artificial intelligence deposit targeting system to generate drill targets across this tenement. Once identified, Earth AI will follow up with on ground geophysical and geochemical work before drill testing.