Intercepts extracted and reviewed by Strikepoint from the issuer’s filings. True widths may differ from downhole widths; see the full release for drill orientation.
Calgary, Alberta--(Newsfile Corp. - July 9, 2026) - Legacy Gold Mines Ltd. (TSXV: LEGY) (the " Company " or " Legacy Gold ") reports progress on its 2026 Exploration Plan to drill 40,000 feet at the Baner Gold Mine Property in Idaho County, Idaho, USA (the " Baner Property "). The first phase of the program was to strategically core drill the first 12,000 feet (3,658 meters) and then use reverse circulation (" RC ") to drill the remaining 28,000 feet (8,536 meters). This program follows up on the successful 2025 results by targeting both the Main and Northeast Zones, as well as new exploration targets to the Northwest indicated by large gold-in-soil anomalies coincident with geophysical conductors and similar magnetic highs as are in the Main Zone.
"There is no shortage of challenges facing any drilling program in the US in 2026, but Legacy's team has worked their way through them so far, and we are of course excited to receive the all-important assays shortly," said Brian Hinchcliffe, Chairman and CEO of Legacy Gold. "Meanwhile, one core drill remains on site to complete the remaining holes in and around the Main Zone, while RC drilling has now commenced and the Company continues to advance parallel technical work and projects relevant to its visualization of potential future production scenarios." "We are excited that preliminary results from the MT geophysical survey flown last month confirm and expand on the known targets and has delineated several strong new target areas," said Mike Sutton, VP Geology. "The biggest conductive target appears to be between the Northwest extension and the Northeast Zone.
A map and 3D of the conductive anomalies will be released once Legacy Gold receives the final data." Magnetotellurics is a passive electromagnetic system designed to measure resistivity/conductivity of the Earth and is especially useful for penetrating to deeper levels than comparable geophysical methods. The aim of the recently completed survey is to identify conductors beneath the water table that may represent the sulphide equivalent of the Baner Property's oxide mineralization. The objective is to determine whether there are significant concentrations of sulphides which may suggest best places to drill for oxides above and also assist in identifying the depth of potential intrusive fluid sources for the overlying gold.
The survey was flown by Expert Geophysics Limited at 100 m line spacing using their MobileMT system and included airborne magnetics. To date, nine (9) core holes have been drilled, with two (2) more pending: one (1) exploration hole to the west; two (2) holes at the south end of the Main Zone and Baner Zones; three (3) holes up the hill in the western portion of the Main Zone; two (2) holes were drilled at the north end of the Main Zone; and one (1) hole was drilled in the west portion of the Northeast Zone. DRILLING TARGETS Main Zone Drilling in 2025 intersected very wide zones such as new assays of 0.55 g/t Au over 187.5m (615ft) in the middle, 0.52 g/t Au over 108.2m (355ft) in the south, and new assays of 0.57 g/t Au over 64.0m (210ft) in the north (see the Company's March 17, 2026 press release).
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The deposit remains open in all directions. Drilling in 2026 will primarily drill up-hill from the drilling to date in the Main Zone to follow the interpreted flatter east-dipping veins to surface. On the south end of the north-south Main Zone are the Baner Zones.
They are east-west trending and have up to 20 historical adits and shafts along them for 3,000ft. Thirty-five (35) holes are planned in this area (7 core holes and 28 RC holes). NE Zone The NE Zone is separated by a 400m undrilled gap from the Main Zone.
It has limited drilling from 2020 by previous operators but contains multiple mineralized zones of similar grades/widths like the Main Zone. Together with the Main Zone, these are the areas that the initial exploration target at the Baner Property is based on and which Legacy Gold is aggressively drilling in 2026 in order to delineate a mineral resource. Ten (10) holes are planned in this NE zone (2 core holes and 8 RC holes).
NW Zone The NW Zone is located 1700m NW of the Main Zone along similar geophysical and geochemical anomalies as the Main Zone. Similar magnetic highs, IP conductors and high gold-in-soil anomalies (up to 1.0 g/t gold) are located along this NW trend, as is found at the Main Zone, yet it has never been drilled. The closest drill hole is the step-out hole #6 drilled in 2025 that returned a continuous intersection of 0.57 g/t Au over 64.0m (210ft) from surface.
It was located approximately 136m northwest of the other nearest drilling. Another zone that will be drilled is located to the west and is identified by a 530m long north-south soil anomaly with a high of 1.1 g/t. Altogether, six (6) holes are planned in the NW zone (4 core holes and 2 RC holes).
The 2025 surface drill program at the Baner Property focused on testing for continuity of high-grade and wide low-grade zones of mineralization with a new flatter-dipping interpretation of zones controlled by major structures that acted as conduits for gold bearing fluids. This would result in better continuity of mineralization, the potential resource can be far greater, and the strip ratio in a production scenario would be greatly decreased. The Company is targeting high grade mineralization that is amenable to open pit, heap-leach development.
Exploration Target Results from the recent 2025 drilling and previous drilling and exploration have supported the initial exploration target at the Baner Property of approximately 50.3 million to 55.3 million tonnes, at average grades ranging from approximately 0.72 g/t Au to 0.91 g/t Au (the " Exploration Target "). Furthermore, this initial Exploration Target was estimated prior to the receipt of the new assays reported by the Company in March 2026, which represent approximately 30% of the 2025 drill program. The potential quantity and grades of the Exploration Target are conceptual in nature.
There has been insufficient exploration to define a mineral resource and it is uncertain whether further exploration will result in the target being delineated as a mineral resource. The Exploration Target does not represent a mineral resource estimate and has not been prepared in accordance with NI 43-101 mineral resource categories. See "Basis for Initial Exploration Target" below for additional information.
Basis for Initial Exploration Target This initial Exploration Target was estimated before the new assays reported by the Company in March 2026 were received. It is limited to 1,000m for the Main Zone (plus 500m at Baner Mine trend), and 370m for the NW Zone within 1,370m of the Orogrande structure. The initial Exploration Target excludes the adjacent soil anomalies along strike, which indicate significant room to grow.
This preliminary target also excludes other targets on the Baner Property that have overlapping geophysical magnetic and conductor/soil/structural anomalies similar to where the drilling has taken place to date. The anomalous soils extend another 600m in the immediate area, while other soil anomalies suggest a further 2,200m - if drilling in those areas intersects similar criteria, the Exploration Target would increase. The conceptual volumetric calculations are derived from sectional interpretation and geological modelling.
The geological information was collected from a total of 46 drill holes for 10,459m drilled over 2.3 kilometers of strike by Legacy Gold in 2025 (RC) and Idaho Champion (core) in 2018 and 2020. The gold grade range of the Exploration Target has been calculated from the significant number of drill intercepts returned from the 46 holes completed to date. There are 114 intersections which are above 0.2 g/t cut-off.
A minimum width of 5m was used (5m benches). The volume range (tonnages) of the Exploration Target is defined by the drilling completed combined with the evidence up-dip given by similar grade soils to where drilling has taken place. Intersections were weighted averaged for each of 10 sections, with strike lengths calculated from mid-point to midpoint between sections.
There is an average of 3.8 zones per section. The dip lengths were measured up the hill where gold-in-soils suggests gold in the underlying rock. This evidence was proven in 2025 at the only set-up drilled up-hill (with gold intersections at surface and all the way down dip for at least 290m).
Several smaller sections were created where RC returned significantly wider intersections but at lower grade to core drilling. The average dip length for the 10 sections is 230m. True widths were used where the interpretation suggested an obvious change was required- most drilling is thought to be close to true width otherwise.
The weighted average sectional grade gives 0.72 g/t, with the two highest being 1.51 g/t and 1.07 g/t. Using a simple weighted average of all 114 intersections gives 0.91 g/t over 12.8m. An assumed bulk density was used of 2.73 t/m3- consistent with quartzite-hosted gold systems.
Initial metallurgical cyanide leach testing gave 87.1%-93.2%; at 4km north, Bema undertook open pit mining and heap leaching (fully permitted) at Buffalo Gulch in the early 1990's which was 95% permitted again in 2023 by Endomines. The Company cautions that mineralization and metallurgical results at Buffalo Gulch may not be indicative of mineralization or metallurgical results at the Baner Property. The Company intends to conduct additional drilling and technical studies to evaluate whether sufficient data may be obtained to support a future mineral resource estimate.
Review by Qualified Person Mr. Mike Sutton, P.Geo., Director and VP of Exploration of the Company, is the Qualified Person, as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects , who reviewed and approved scientific and technical disclosure in this press release. The Qualified Person has not reviewed the mineral tenure, nor independently verified the legal status and ownership of the Baner Property or any underlying property agreements. About Legacy Gold Mines Ltd. The Company is a Canadian-based gold exploration and development company listed on the TSX Venture Exchange under the symbol "LEGY".
The Company holds an option to acquire a 100% undivided interest in the mineral claims comprising the Baner Gold Mine Property located in Idaho County, Idaho, USA. The Baner Gold Mine Property sits within the historic Orogrande Gold Mining District that hosts numerous gold deposits and gold mines along geologic structures that have hosted gold production since Idaho's first gold rush in the late 1800's. Additional information about the Company and the Baner Property is available on SEDAR+ at www.sedarplus.ca under the Company's profile, including a technical report titled "NI 43-101 Technical Report on the Baner Project, Idaho County, Idaho, USA", dated effective August 1, 2024, prepared by Steven A. Osterberg, Ph.D., P.G.
For further information, please contact: Legacy Gold Mines Ltd. Brian Hinchcliffe, Executive Chairman and Chief Executive Officer Telephone: +1 (587) 327-9815 Email: info@legacygoldmines.com CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This press release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, timing and completion of any exploration, drilling and work programs on the Baner Property, estimates of mineralization from drilling, sampling and geophysical surveys, geological information projected from drilling and sampling results and the potential quantities and grades of the target zones , the Exploration Target, the potential for the Exploration Target to be further delineated or advanced to a mineral resource estimate, the potential suitability of the Baner Property for future open-pit, heap-leach development, future development or production scenarios, the potential for mineralization and/or mineral resources and reserves, and statements regarding the plans, intentions, beliefs, and current expectations of the Baner Property and the Company that may be described herein. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future.
Such information can generally be identified by the use of forward-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur.
These assumptions, risks and uncertainties include, among other things, the continued availability of, and compliance with, required permits and approvals, seasonal and weather-related constraints, access to drill sites, the state of the economy in general and capital markets in particular, as well as those risk factors discussed in the Filing Statement of the Company dated effective September 19, 2024, or referred to in the Company's Management's Discussion and Analysis for the period ended March 31, 2026 and the year ended December 31, 2025, available at www.sedarplus.ca , many of which are beyond the control of the Company. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release.
Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/304550 Newsfile Corp. July 9, 2026 - 4:20 AM PDT News by QuoteMedia www.quotemedia.com
Legacy Gold starts RC drilling at Baner Gold Mine, targets 40,000 feet in 2026 | Strikepoint News
