Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Legacy Iron Ore Completes Gold Drilling At Mt Celia, Assays Due Early Next Month

Legacy Iron Ore (ASX: LCY) expects to receive assays from a recently completed 1,200 metre reverse circulation drilling program at the Mt Celia Gold Project in early April.

The Mt Celia Project lies within the Laverton Tectonic Zone in Western Australia, some 40 kilometres south of AngloGold Ashanti's (NYSE: AU, JSE: ANG) 12 million ounce Sunrise Dam gold mine.

The recent drilling program was designed to test below the relatively shallow (to 80 metres) depths of prior drilling, at the Blue Peter prospect.

All six drill holes were successfully completed, with all samples despatched to SGS Laboratory in Perth for gold analysis.

Blue Peter hosts an Inferred JORC Resource of 239,232 tonnes at 3.97 grams per tonne (g/t) for 30,554 ounces of contained gold.

Previous drilling on the prospect has returned good widths and grade as well as visible coarse gold. All zones are open at depth, and in most cases along strike.

At the Blue Peter prospect, Legacy has previously unearthed high grade intersections of 3 metres at 21.71g/t gold from 28 metres, including 1 metre at 62.75g/t gold, and 4 metres at 12.11g/t gold from 56 metres, including 2 metres at 19.67g/t gold.

Legacy is targeting the gold potential of the Blue Peter shear as it contains several small historic gold workings.

The shear system extends over a distance of at least 2 kilometres and consists of single, parallel or en echelon quartz filled shears within mafic and lesser ultramafic lithologies that flank an eastern granitoid.

Importantly, this geometry coupled with the widespread gold dry blowing is favourable for the bulk tonnage gold potential of the system.

Mt Celia also contains a second Inferred JORC Resource of 1.04 million tonnes at 1.4g/t for 46,000 ounces of contained gold at the Kangaroo Bore prospect.