Legacy Iron Ore : Revised Resource Estimates of the Mt Celia Gold Project

onlytu gsten and gold development and mineral disc very.

About Legacy Iron Ore

Legacy Iron Ore Limited ("Legacy Iron" or the

"Compa y") is a Western Australian based

Compa y, focused on iron ore, base metals,

Legacy Iron's mission is to increase

shareholder wealth through capital growth,

created via the discovery, development and useop ration 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, manganese and gold discoveries which are now undergoing drilling and resource definition.

Board

personalMr Sumit Deb, Non-Executive Chairman Chief Executive Officer

Mr R kesh Gupta, Chief Executive Officer

nd bo rd member

Mr Dev nathan Ramachandran, Non- Executive Director

Mr Amitava Mukherjee, Non-Executive

Director

Mr S mnath Nandi, Non-Executive Director Ben D novan, Company Secretary

Key Projects

Mt Bevan Iron Ore Project

South Laverton Gold Project

East Kimberley Gold, Base Metals and REE Proj ct

Enquiries

Rakesh Gupta

Phone: [phone]

ForASX 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

3rd March 2022

Revised Resource Estimates of the

Mt Celia Gold Project

Highlights include:

• Total Mineral Resources increased to 6.97MT @1.39 g/tonne for 312,600* ounces
• Indicated classification increased by 8% and the Total Mineral Resources improved by 3,000 ounces
• 54% of resource in Indicated category with contained gold of 168,300 ounces
• Kangaroo Bore contained gold totals 231,800 ounces at
  1.27 g/t*
• Blue Peter contained gold totals 64,500 ounces at 2.07 g/t*
• Margot Find resource remains unchanged gold @ 16,300 ounces at 1.44g/t*
• The database was updated with additional drill holes conducted in the second half of 2021 which included 33 RC drill holes for 2640m within the project
• Revised mining studies completing soon to determine projects economic viability

Legacy Iron Ore Limited (Legacy Iron or the Company) is pleased to advise that the recently completed resource estimation for the Kangaroo Bore, Blue Peter and Margot Find deposits of the Mt Celia project has resulted in an increase to the total Mineral Resources of the project and with the Indicated category classification increasing by 8%. The revision in the geological and resource model has been completed by Andrew Hawker, Principal Geologist, HGS Australia (HGS). As per the new estimates, Mt Celia has an Indicated and Inferred resource endowment of 6.97 MT @ 1.39 g/ tonne for 312,600oz (see Table 1). The revised total

*Please see table 1,2,3 and 4.

For personal use only

Mt Celia gold resource endowment with almost 54% i.e., 168,300 Oz as indicated Mineral Resources, provides further confidence to the economic potential of the Mt Celia project.

These estimates continue to support the Company's aim of developing the Mt Celia gold project into a mine. Further, the Company believes there is significant potential to extend existing mineralization and to discover new mineralization within the project.

Mineral Resource Statement

The previous Mineral Resource estimates for Kangaroo Bore and Blue Peter were prepared by SRK in November 2017, January 2018, December 2020, and by HGS in July 2021 respectively. Since then, Legacy Iron has completed additional drilling programs aimed at increasing the geological confidence and increasing the quantity of the resource.

The current Mineral Resource estimates were prepared using the results from drilling programs conducted up to 2021. No additional drilling has been carried out since this period.

The current Mineral Resource Statements for Kangaroo Bore, Blue Peter and Margot are presented in Table 1, 2, 3 and 4, respectively. The estimates for all deposits are based on various cut-off grades applied to oxidation horizons of 0.5g/t oxide, 0.6g/t transitional, and 0.7g/t fresh. The lower cut-off grades reflect modest operating costs with marginal increases based on weathering profiles. The majority of the indicated resource is within the upper 150m and therefore considered acceptable to open pit mining.

The resource estimation results are summarised in tables 1, 2, 3 and 4

Classification	Tonnes	Au (g/t)	Ounces
Indicated	3,663,000	1.43	168,300
Inferred	3,312,000	1.36	144,300
Total	6,975,000	1.39	312,600
Table 1 Mt Celia - Mineral Resource estimate as at Feb 2022 *
Classification	Tonnes	Au (g/t)	Ounces
Indicated	3,024,000	1.27	123,100
Inferred	2,631,000	1.28	108,700
Total	5,655,000	1.27	231,800

Table 2 Kangaroo Bore - Mineral Resource estimate as at Feb 2022 *

`

For personal use only

Classification	Tonnes	Au (g/t)	Ounces
Indicated	639,000	- 2.20	45,200
Inferred	328,000	1.83	19,300
Total	967,000	2.07	64,500

Table 3 Blue Peter - Mineral Resource estimate as of Feb 2022*

Classification	Tonnes	Au (g/t)	Ounces
Indicated	0	0.00	0
Inferred	353,000	1.44	16,300
Total	353,000	1.44	16,300

Table 4 Margot Find - Mineral Resource estimate as of Feb 2022*

Revised Resource at Mt Celia Gold Project - Feb 2022

The Mineral Resource estimates are classified in accordance with the 2012 edition of The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012). The classification of lodes as Indicated and Inferred resources is shown in figure1.

Figure 1 Classification of individual lodes with each prospect area.

For personal use only

Resource Estimation overview

The database used for the resource estimation contains 540 reverse circulation (RC) and 29 diamond drill (DD) holes.

The drilling has been performed on section lines oriented orthogonal to the general strike of the lodes. For both deposits, the nominal drill hole spacing is 25 m between sections, and 15-20 m along sections, with most of the holes dipping at 60° to the southwest (221°). Drill hole collar plots for Kangaroo Bore and Blue Peter are presented in figures 2 & 3. Summaries of the total resource area drill quantities retained in the resource estimation datasets are presented in Table 5 . Legacy Iron conducted all the drilling from 2010 onwards. The earlier programs were conducted by several companies, including Anglo, Wells, Herald, and Union.

Legacy Iron included a number of quality assurance protocols in its drilling program, including twinned DD and RC holes, field duplicates, laboratory duplicates, certified standards and coarse crushed blanks. HGS assessed the quality assurance data and did not identify any data quality issues, providing some assurance that the primary data were of sufficient reliability for the preparation of Mineral Resource estimates. Limited verifiable QAQC data were available for the historical data. However, comparisons with the Legacy Iron data did not show evidence of significant issues.

		RC		DD	Unknown		All
Year	Holes		Metres	Holes		Metres	Holes	Metres	Holes		Metres
unknown							7	564	7		564
1900	1		120						1		120
1986	15		1,290	1		155			16		1,445
1987	44		2,497	5		428			49		2,925
1988	13		1,120	7		1,266			20		2,386
1989				4		826			4		826
1991				7		1,824			7		1,824
1994	133		6647						133		6647
1996	34		3,353						34		3,353
2004	25		3012						25		3012
2010	85		4,890						85		4,890
2012	6		1,236						6		1,236
2016	14		1,858						14		1,858
2017	31		3228						31		3228
2018	21		2,202						21		2,202
2020	68		6122	5		461			73		6583
2021	50		3,720						50		3720
Total	540		41295	29		4960	7	564	576		46819

Table 5 Total drilling type and meters

For personal use only

Figure 2 Kangaroo Bore lodes and drillhole collars

Figure 3 Blue Peter lodes and drillhole collars

Geological Modelling

The mineralisation is hosted within sets of narrow, sub-parallel lodes that strike to the northwest and dip steeply to the northeast. All 3 prospect areas have each been identified over strike lengths of approximately 2km. The interpretation comprises 19 lodes separated into 3 prospect areas. Mineralised lodes are defined by their respective string and wireframe number for typical cross sections of the deposit are given as figure 4 and 5.

Kangaroo: Lodes 1-9 (Figure 2) Blue Peter: Lodes 13-19 (Figure 3)

HGS prepared one geological models for all three prospects with boundaries based on lode extents and the model orientated 310°.

An evaluation of the statistical background was used for identifying the lower cut-off in the interpretation which is defined by the variation between normal background values and the commencement of mineralisation from histograms of the entire dataset for the Mt Celia area.

A background value of 0.25g/t was used in the interpretation with a minimum of 2m downhole