Institutions made up about one quarter of the IPO investor base.

 

Over the past five years Legacy has pulled together almost 870sq.km across the Lachlan Orogen, hosting historical workings, and some areas close to one of the largest gold mines in Australia, Newcrest Mining's Cadia Valley.

 

It has defined a pipeline of gold, copper, and base metal prospects across a range of geological settings, including some shallow-high grade prospects that may present an opportunity for near-term resource definition.

 

The bulk of the funding will be directed towards the search for Cracow-style epithermal orebodies at Bauloora and low sulphide quartz veins at Harden.

 

Legacy says Harden has been forgotten, and is overdue a reappraisal, which is why it was chosen for Legacy's 1900m maiden drilling program, with a rig already on the mine corridor.

 

Harden surrounds high-grade historical mines that delivered 75,000 ounces of metal prior to 1941, and while there has limited drilling since World War II there are some similarities with the 6.6Moz Charters Towers mine in Queensland. 

 

Historical high‐grade drill intersects at the Harden mine area returned a best intercept of 3m at 10.5 grams per tonne from 20m and 3.6m at 21.7gpt gold from 115m at the southern McMahons Reef mine.

 

Bauloora is said to contain one of the largest zones of low sulphidation epithermal-style alteration and mineralisation in NSW spanning some 27sq.km. It is associated with the Bauloora mine, which recovered some 4000t grading 3.2-17.9% lead, 1.2-3.4% copper, 2-11% zinc and 2.3-8gpt gold prior to 1915. The deposit remains open at depth.

 

The lease also contains the 2km-long Mee Mar vein from which bonanza gold and silver have been recovered in rock chips.

 

An RC drill rig has been secured for additional drilling campaigns at the Bauloora and Harden projects, with three campaigns to be completed before the end of October

 

Legacy's earlier-stage assets include areas that could deliver company-making discoveries, including an 8km-long Fontenoy anomaly that has similarities to Regis Resources' 2Moz McPhillamys gold deposit; and Rockley, which sits within the prospective Ordovician Macquarie Arc that hosts Cadia Valley.

 

Legacy is headed up by managing director Chris Byrne and exploration director Thomas Wall.

 

The stock opened up 20% on its 20c raising price, yesterday, trading as high as 24.5c before closing down 10% at 18c off the trade of just 1.01 million shares.