Additional Information
Market: ASX
Sector: General Mining - Iron Ore and Bauxite
EPIC: LCY
Latest Price: A$0.10  (-4.76% Descending)
52-week High: A$0.22
52-week Low: A$0.09
Market Cap: A$58.13M
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Legacy Iron Ore
www.legacyiron.com.au

Legacy Iron Ore (ASX: LCY) is a Perth-based Australian exploration company, established to search for iron ore and gold deposits.  The flagship project is Mt Bevan Iron Ore project located approximately 100 kilometres west of Leonora in the central Yilgarn region.  Mt Bevan is a joint venture between Legacy and Hawthorn Resources whereby Legacy will earn a 60% interest in the project by expending a minimum of $3.5 million to develop the project to a pre-feasibility status.

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Legacy Iron Ore finds potential for more magnetite and DSO resources at Mt Bevan

4th Aug 2011, 3:55 am

Legacy Iron Ore (ASX: LCY) has identified the potential for an additional major magnetite resource from field reconnaissance at Mt Alexander, which is part of the Mt Bevan project.

The identification of a thick, extensive outcrops of magnetite rich BIF over a 2.5 kilometre strike has allowed Legacy Iron to add an exploration target of 250 to 350 million tonnes at 30% to 40% iron.

Significantly for the project is the intriguing potential for fault related direct shipping ore hematite - providing a boost in early cash flows.

Sharon Heng, chief executive officer, commented “The reconnaissance at Mt Alexander illustrates the excellent potential of the Legacy/Hawthorn Resources Mt Bevan joint venture, with initial targets having the potential to add significantly to the already large magnetite resource at Mt Bevan.

"What is even more exciting for Legacy is the potential shown for the definition of DSO hematite resources.”

The new exploration target at Mt Alexander is in additional to the exploration target for the southern area of 1.5 to 2.0 billion tonnes at 30% to 40% iron.

Mt Bevan is a joint venture between Legacy Iron and Hawthorn Resources (ASX: HAW), where Legacy Iron will earn a 60% interest in the project by spending a minimum of $3.5 million to develop the project to a Pre-Feasibility status.

The project has an Inferred JORC Resource of 617 million tonnes at 32.1% iron.

 

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