Legacy Gold's First NE Zone Drill Hole Returns 6 Gold Zones, Including 1.0 g/t Gold over 74.5ft (22.7m) at Baner, Idaho

Legacy Gold reports strong gold intercepts in first Northeast Zone drill hole at Baner Property.

What the company is saying

Legacy Gold Mines Ltd. is announcing initial assay results from core hole LG26-011, the first drill hole targeting the Northeast (NE) Zone at its Baner Gold Mine Property in Idaho, USA. The company emphasizes that LG26-011 intersected six gold-bearing zones, including a headline result of 1.0 g/t Au over 22.7m, with higher-grade sub-intervals up to 5.78 g/t Au over 0.55m. Management, led by Vice President of Exploration Mike Sutton, frames the NE Zone as a priority for the 2026 drill program, citing similarities to the Main Zone in grade and mineralized thickness. The release highlights the scale of the 2026 program—up to 12,000ft (3,658m) of core drilling and up to 28,000ft (8,536m) of RC drilling—and notes that 11 core holes and 28 RC holes have been completed so far. The company references historical results from hole ICGB2020-2 and provides detailed QA/QC protocols, including referee sampling for 5% of samples. The tone is confident and technical, focusing on the significance of the NE Zone and the ongoing receipt of further assay results.

What the data suggests

The disclosed assay results from LG26-011 show multiple gold intercepts, with the most significant being 1.0 g/t Au over 22.7m, and high-grade sub-intervals such as 5.78 g/t Au over 0.55m, 3.36 g/t Au over 0.60m, and 5.25 g/t Au over 1.0m. Additional intervals include 1.89 g/t Au over 2.0m, 0.73 g/t Au over 3.0m, 0.45 g/t Au over 4.7m, 0.36 g/t Au over 4.75m, and 0.25 g/t Au over 14.5m, all from the same hole. The results are core-lengths, with true widths not yet determined. The NE Zone appears to host multiple mineralized horizons, and its geometry differs from the Main Zone, potentially indicating structural complexity. Eleven core holes and 28 RC holes have been drilled to date, with the RC phase originally planned for 53 holes. The company’s QA/QC program is robust, with standards, blanks, and duplicates inserted at a rate of one per 15 samples, and 5% of samples to be referee assayed. No resource estimate or economic assessment is provided, but the technical disclosure is detailed and transparent for this exploration stage.

Analysis

The announcement provides detailed, specific assay results from core hole LG26-011, including multiple gold intercepts with grades and thicknesses, as well as a factual update on the number of holes drilled to date. The tone is positive, highlighting the NE Zone as an important exploration target, but the language remains proportionate to the technical results disclosed. Most claims are realised and supported by numerical data, with only a minority of statements being forward-looking (e.g., anticipation of further assay results and ongoing referee sampling). There is no evidence of exaggerated or promotional language, nor are there unsupported claims about resource size, economic value, or production potential. The capital intensity flag is not triggered, as the disclosure focuses on ongoing exploration rather than large, uncertain capital outlays. The gap between narrative and evidence is minimal, with the data supporting the company's statements.

Risk flags

• ●Resource and economic potential remain unquantified, as no resource estimate or economic study accompanies these drill results; the investment case relies on future drilling success and eventual resource delineation.
• ●True widths of mineralized zones are not yet determined, introducing uncertainty about the actual size and continuity of the gold-bearing structures.
• ●The NE Zone’s geological complexity, with a different trend and dip from the Main Zone, may complicate future resource modeling and mine planning, increasing technical risk.
• ●The company’s option to acquire a 100% interest in the Baner Property is disclosed, but no details are provided on remaining obligations, timelines, or potential ownership risks.
• ●Ongoing exploration requires sustained funding, and the announcement does not disclose current cash position or budget for the full drill program, leaving financial runway unclear.

Bottom line

Legacy Gold’s first drill results from the Northeast Zone at Baner show multiple gold intercepts, including a standout 1.0 g/t Au over 22.7m, with several high-grade sub-intervals. The technical data is thorough for an early-stage explorer, with robust QA/QC and a clear outline of drilling progress—11 core and 28 RC holes completed so far. However, the results are core-lengths, not true widths, and no resource estimate or economic analysis is yet available, so the scale and value of the discovery remain uncertain. The NE Zone’s structural complexity and the absence of financial disclosures add to the risk profile. Investors should watch for additional assay results and, eventually, a maiden resource estimate to clarify the project’s potential. The main takeaway is that Baner’s NE Zone is emerging as a credible exploration target, but the path to defining a mineable resource is still at an early stage.

Announcement summary

(TSXV:LEGY) Legacy Gold Mines Ltd. reported assay results from core hole LG26-011, the company's first drill hole targeting the Northeast (NE) Zone as part of Phase 1 of its 2026 drill program at the Baner Gold Mine Property in Idaho County, Idaho, USA. Core hole LG26-011 returned six zones of gold mineralization, including 1.0 g/t Au over 22.7m (74.5ft) from 102.1m (335ft) downhole, with notable sub-intervals of 5.78 g/t Au over 0.55m (1.8ft), 3.36 g/t Au over 0.60m (2.0ft), and 5.25 g/t Au over 1.0m (3.3ft). Additional intersections included 1.89 g/t Au over 2.0m (6.6ft), 0.73 g/t Au over 3.0m (9.8ft), 0.45 g/t Au over 4.7m (15.4ft), 0.36 g/t Au over 4.75m (15.6ft), and 0.25 g/t Au over 14.5m (47.6ft). The NE Zone is highlighted as an important exploration target, with grades, mineralized thicknesses, and multiple gold zones similar to those in the Main Zone. Mike Sutton, Vice President, Exploration, stated that the 2026 drilling priority includes both the Main and Northeast Zones, and that additional assay results from other holes are forthcoming. The 2026 drill program was designed to begin with up to 12,000ft (3,658m) of core drilling in Phase 1, followed by up to 28,000ft (8,536m) of RC drilling in Phase 2. To date, eleven core holes have been drilled, including two in the Northeast Zone, and 28 RC holes have been completed out of a planned 53. Historical hole ICGB2020-2 intersected 0.65 g/t Au over 24.5m (80.4ft) and 0.70 g/t Au over 35.2m (115.5ft). Drill hole LG26-011 was drilled in a southwesterly direction to test mineralization intersected in this historical hole. The NE Zone mineralized zones are trending northeast and dipping relatively flat to the southeast, differing from the Main Zone's northwest trend. The Baner Property sits within the Orogrande Shear Zone, estimated to be 100-200m wide with a general NNE trend. The 2026 drill program targets both the Main and Northeast Zones, as well as new exploration targets to the northwest. The company holds an option to acquire a 100% undivided interest in the Baner Gold Mine Property. Core samples are processed at Scout Drilling LLC in Idaho and assayed at Paragon Geochemical in Reno, Nevada, with QA/QC protocols including blanks, standards, and duplicates. Referee sampling will be done for 5% of samples at various grade increments by fire assay at a second lab. RC drilling is conducted by Earth Drilling (Harris Drilling), with samples assayed at Skyline Assayers & Laboratories in Tucson, Arizona. Mike Sutton, P.Geo., Director and VP of Exploration, is the Qualified Person for the technical disclosure. The company refers to its August 11, 2026 press release for additional drill target information and to its NI 43-101 Technical Report dated August 1, 2024 for further technical details.

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