Company
ASX:LEG
Legend Mining Ltd (ASX:LEG) is an exploration company with a mission to make value-adding mineral discoveries and utilise all available asset bases to maximise shareholder benefit. The company’s exploration focus is on its nickel-copper Rockford Project in the Fraser Range, Western Australia, with its joint venture partners and major shareholders Creasy Group and IGO Limited.
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Should Legend encounter any significant semi-massive to massive mineralisation coincident with the new electromagnetic features and/or anomalisms, Euroz believes that the company will be in-play.
“We have now intersected significant mineralisation several hundred metres to the ENE of our previous discovery and our geophysical advice is that we probably have not hit the best part of this conductor,” says MD.
The company is moving quickly to test this “exciting development” on the Fraser Range with diamond drilling.
The results extend and strengthen the eastern geochemical footprint of the Mawson discovery.
The extended footprint is a “compelling” target for reverse circulation/diamond drilling which is already underway.
Ex-Creasy Group geologist Oliver Kiddie has been appointed executive director of the Fraser Range-focused nickel sulphides pre-developer.
Legend has $30 million in cash and receivables and a further $19.5 million of options in the money so is very well funded to execute the current drilling program.
The company has received highly encouraging assays from two further diamond holes at the Fraser Range discovery that has attracted strong attention.
The company is planning further drilling to test mineralisation open on three sides of the current diamond drilling.
The company will follow-up promising aircore assay results with a 3000-metre RC drilling program at the prospect.
On Legend’s Top 20 shareholder list Creasy Group is at the top with a 26.66% holding in Legend while IGO Ltd is second with a 14.12% stake.
Three high gravity anomalies have been identified with anomalous nickel-copper aircore geochemistry straddling them.
Largest shareholders Creasy Group and IGO Ltd are among existing major shareholders, institutional and sophisticated investors to show their strong support.
The company is focused on diamond drilling program targeting extensions to nickel-copper mineralisation at the Rockford Project in WA’s Fraser Range.
Legend managing director said the results add to those previously announced and indicate something big and close.
The halt will be in place until the start of trade on Wednesday, May 27, or when an announcement is released.
Surveys have been completed over a range of target types including aeromagnetic and gravity features, previous EM conductors and anomalous geochemistry from previous aircore drilling.
A second batch of assays from aircore drilling have further defined a large coherent nickel-copper geochemical footprint east and northeast of the Mawson massive sulphide.
Euroz believes on-going hits of thick, massive nickel-copper sulphides is material and highly encouraging in terms of the evolution of a major new discovery.
Results from diamond and aircore drilling support the theory that Mawson is a large mineralised system.
