Large 500m x 500m ‘Bulls-Eye’ Resistivity Anomaly Identified by AMT at Breccia Sinter Prospect, Bauloora

Legacy Minerals Holdings Limited (ASX: LGM) (Legacy Minerals or “the Company) is pleased to announce the results of the recently completed audio-magnetotelluric survey over completed on the Bauloora Project located in New South Wales (NSW), Australia.

Highlights

Compelling audio-frequency magnetotelluric (AMT) results returned from the initial survey phase at the Breccia Sinter Prospect at Bauloora:

• A strongly resistive anomaly (~9,000 ohm*m) has been identified.
• The anomalous feature is depth extensive (>1,000m) and comes to within 300m of the surface.
• The anomaly is 500m x 500m and sits directly beneath mapped outcropping sinter.

The strongly resistive body supports the interpretation of a feeder structure at depth and the potential boiling zone which may host significant gold and silver mineralisation.

Sinter and high-grade gold on surface up to 32.2g/t Au above anomaly

• The AMT anomaly coincides with pathfinder elements associated with low-sulphidation systems.
• It is interpreted to be down dip of the recently announced 500m x 250m >20ppb Au soil anomaly where rock chips have graded up to 32.2g/t Au and 290g/t Agi, (see Endnotes Page 8).
• It shows indications of being structurally controlled by NS and NW-SE orientations, which reflects mapped vein orientations, and trends identified in ground magnetics and gradient array induced polarisation geophysical surveys.

Next Steps – Drilling this quarter

This high priority target will be drill tested immediately with a drill program planned for Q3 2023.

Management comment - Legacy Minerals CEO & Managing Director, Christopher Byrne said:

“We are extremely pleased to report the positive initial results from the AMT survey conducted at Bauloora. The geophysical results highlight a large, undrilled, ‘bulls-eye’ resistivity anomaly at the Breccia Sinter Prospect.

AMT is a well-regarded survey technique used to identify zones of intense silicification and resistivity, and it has proved successful in guiding companies towards discoveries.

The AMT anomaly is compelling for a number of reasons. It sits 300m beneath a mapped sinter terrace which, according to Buchannans Model, is where you would expect the boiling zone and high-grade gold and silver mineralisation to increase. The anomaly is also adjacent to a gold soil anomaly and is below high-grade gold bearing low-sulphidation veins grading up to 32.2g/t Au and 290g/t Ag.

This is a textbook example of what we hope to see in a low-sulphidation target, and we’re excited to be drilling it imminently. “

Audio-frequency Magnetotelluric Geophysical Survey

The Company has completed Phase 1 of a large-scale, 80 line-km AMT survey over the Bauloora Vein Field. Geophysical contractors Quantec Geoscience and AGS were engaged to complete this work. The total survey area including Phase 2 will cover approximately 10km2 with approximately 200m spaced lines and infill to 100m spaced lines at the Breccia Sinter Prospect. The objective of the survey was to identify and target large, potentially deeper and strike extensive resistivity anomalies that may represent zones of silicification associated with epithermal veining. The survey provided very high- quality datasets to approximately 1,000m depth.

Magnetotelluric surveys such as AMT are a proven technique that has globally delivered success in the delineation of subsurface zones of silicification, even beneath areas of high-level silica and steam- heated clay alteration, which can be expected in the upper portions of a completely preserved epithermal system such as that interpreted at Bauloora.

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