Legacy Iron Ore : Resource drilling progresses at Mt Celia gold project

About Legacy Iron Ore

Legacy Iron Ore Limited ("Legacy Iron" or the "Company") is a Western Australian based Company, focused on iron ore, base metals, tungsten and gold development and mineral discovery.

Legacy Iron's mission is to increase shareholder wealth through capital growth, created via the discovery, development and operation of profitable mining assets.

The Company was listed on the Australian Securities Exchange on 8 July 2008. Since then, Legacy Iron has had a number of iron ore and gold discoveries which are now undergoing drilling and resource definition.

Board

Sumit Deb, Non-Executive Chairman

Amitava Mukherjee, Non-Executive

Director

Alok Kumar Mehta, Non-Executive

Director

Devanathan Ramachandran, Non-

Executive Director

Rakesh Gupta, Director and Chief Executive Officer

Ben Donovan, Company Secretary

Key Projects

Mt Bevan Iron Ore Project

South Laverton Gold Project

East Kimberley Gold, Base Metals

and REE Project

Enquiries

Rakesh Gupta

Chief Executive Officer

Phone: [phone]

ASX Codes: LCY

LEVEL 6

200 ADELAIDE TERRACE PERTH WA 6000

PO BOX 5768

ST GEORGES TERRACE WA 6831

Phone: [phone]

Fax: [phone]

Email: [e-mail]

Web: www.legacyiron.com.au

ASX Announcement

19 October 2020

ASX Market Announcements

ASX Limited

Via E-Lodgment

RESOURCE DRILLING PROGRESSES AT

MT CELIA GOLD PROJECT

Highlights

• PQ drilling for metallurgical studies completed at the Kangaroo Bore and Blue Peter gold deposits, in total 460 m were drilled in 5 drillholes.

• 2 HQ holes completed and commencing drilling for another 5 holes (550m) for Geotech studies.

• Additional RC drilling of 3,324 m completed to increase the resource size and upgrade category.
• Mining Lease application for 1400 Ha covering Kangaroo bore and Blue peter deposit lodged
• Metallurgical studies are ongoing.

Legacy Iron Ore Limited (Legacy Iron or the Company) is pleased to announce the completion of the PQ size (85mm) diamond drilling programme for metallurgical studies at the Mt Celia project.

A total of 460m was drilled over 5 drillholes. Metallurgical studies are ongoing from 6 composite samples generated from core drilling and one from the RC drilling. It is anticipated that the complete results of these studies will be available in mid- December.

Understanding of the geotechnical parameters is important to assist in any ongoing pit design work. Two HQ size drill holes totaling 150 m were completed at the Blue Peter deposit for this purpose. In addition, a drilling programme for 5 more HQ (64mm) size drillholes (550 m) has commenced.

SRK consulting is undertaking geotechnical studies.

In line with the Company's objective to grow the current inferred resource, another 3,324m across 40 holes of RC drilling was completed in the month of September.

Assay results are currently being interpreted and it is expected that results will be published to the market by the second week of November.

Next Steps

The company is focusing on increase the overall resource for the Mt Celia project and to convert the JORC current inferred resources into an indicated category (see Table 1 below).

Upon receiving all assay results, additional resource modelling and pit optimization work will be undertaken.

The company aims to complete resource estimation work by December 2020, with metallurgical and geotechnical studies also expected to be completed by this time to support the pre-feasibility study of the project.

Consistent with the objective of moving towards feasibility, the Company continues to work through the required regulatory approvals undertaking the necessary environmental and heritage studies.

The first-round of environmental survey work has been completed and plans are underway to complete the second round of surveys by the end of October.

Work is also underway to convert the current exploration licence to a mining lease.

Background

The Mt Celia Project lies within the Laverton Tectonic Zone, some 40km south of the Sunrise Dam gold mine (approximately 8 Moz gold resource), as shown in Figure 1

.

Figure 1: Location of Mt Celia within the South Laverton Project region

The project contains several known gold occurrences including Kangaroo Bore and Blue Peter deposits

(Figure 2). The total gold resource at Mt Celia is shown in Table 1.

Deposit	Classification	Cut-Off (g/t Au)	Tonnage (t)	Grade (g/t Au)	Metal (oz)
Kangaroo Bore	Inferred	0.7	2,800,000	1.48	133,000
Blue Peter	Inferred	1.0	607,200	2.62	51,100
Total (Mt Celia)	Inferred		3,407,200	1.68	184,100

Table 1 Mineral Resource estimate - Mt Celia Project (as of March 2018)

(Note: Please refer to ASX announcement made on 17 Nov 2017 and 22 Mar 2018 for the complete statement about the above Kangaroo bore

and Blue Peter resource estimates. Additional rounds of RC drilling have been completed at Kangaroo Bore and Blue Peter after these

estimates and getting considered in the ongoing resource upgrade for the project)

Figure 2. Mt Celia Project showing Kangaroo Bore and Blue Peter deposits with various prospect locations

A total of 207 drill holes including 24 diamond holes (totaling 15,099 m of drilling) were considered for