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.
Legacy Iron Ore: ongoing exploration at Robertson Range reveals manganese potential
Legacy Iron Ore (ASX: LCY) has uncovered a substantial chargeable conductor covering an area of 700 metres by 300 metres through a gradient induced polarisation geophysical survey over the Black Hill manganese discovery.
The conductor, which extends to the east and north-east under shallow alluvial cover, potentially remains open.
The Black Hill manganese discovery forms part of Legacy’s Robertson Range manganese project in the Pilbara, Western Australia.
The 370 square kilometre project area lies 90 kilometres east of Newman, and is located immediately south of the 20 million tonne Nicholas Downs manganese mine being developed in joint venture by Hancock Prospecting and PMI (Mineral Resources).
Mining has recently commenced at the Nicholas Downs high grade manganese orebody with targeted production of 600,000 tonnes per annum of 38% manganese ore.
In October, Legacy discovered significant outcropping manganese mineralisation at the Robertson Range project.
The discovery was made from a program of field reconnaissance, including mapping and rock chip sampling. Assays returned up to 33.3% manganese.
Previous work has shown that most of the tenement is underlain by Balfour Formation manganiferous shales, masked in part by surprisingly thin alluvial cover.
The shales are host rocks to the major Nicholas Downs manganese mine located some 25 kilometres along strike to the north-northeast
Three manganese bearing prospects have now been identified in the southern more exposed part of the project area.
Legacy is now planning drilling for early 2012 to test the outcropping mineralisation and the broader induced polarisation conductor at depth.
A helicopter borne aeromagnetic survey is due to begin this week that will cover the southern part of the Robertson Range manganese project, together with the Jim Jim Hills iron ore prospects.
Strong Cash Reserves
Last week Legacy secured A$1 million in funding through short term funding agreements with two funds separately managed by founders of SpringTree Global Investors, LLC, the New York investment firm that is currently funding Legacy.
The interim funding is ahead of a proposed $18.9 million capital injection should shareholders approve the placement to National Mineral Development Corporation at an EGM on 16 December 2011.
The company is now well funded to continue aggressive drilling programs at Mt Bevan where it is eyeing an upgrade to the Inferred JORC Resource of 617 million tonnes at 32.1% iron.
