Legend Mining notches up another 13.5 metres of massive nickel-copper sulphides at Mawson
Diamond hole 13 has extended the strike zone by a further 20 metres as encouraging results continue from the Fraser Range property.
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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Diamond hole 13 has extended the strike zone by a further 20 metres as encouraging results continue from the Fraser Range property.
The company is well funded with $13 million in cash and receivables and a further $19 million of options in the money.
The company’s managing director Mark Wilson has described the assays from hole 11 as “an outstanding result”.
Results from the first diamond hole drilled at the prospect within the Rockford Project have been described as “paydirt”.
The halt will be in place until Wednesday, April 22, or when an announcement is released to the market.
The first diamond hole of 2020 has intersected five intervals of nickel-copper sulphide mineralisation totalling 41.5 metres.
Shares are halted pending the release of exploration results from the company's Rockford Project in the renowned Fraser Range region.
Separate diamond and aircore programs have commenced with the first diamond hole testing a conductor target.
After finding promising nickel, copper, and cobalt results at the Mawson prospect, the company has increased its focus on further exploration in the region.
After finding promising nickel, copper, and cobalt results at the Mawson prospect, the company has increased its focus on further exploration in the region.
The 60x60-metre offhole conductor target measured a high 6,000-8,000 Siemans on the conductivity scale.
Mineralisation encountered at Mawson is showing important similarities to the Nova-Bollinger deposit in the Fraser Range.
Initial assays indicate economic grades akin to NovaBollinger within a 15-metre massive sulphide zone.
Shares hit a new 12-month high of 12 cents this morning, nearly triple their last close of 4.2 cents, with almost 114.7 million being traded valued at more than $10 million.
Legend’s cash ($10.5 million) and receivables ($2.5 million) position at December 4, 2019 is $13 million.
The halt will be in place until Monday, December 2, or when an announcement is made to the market.
The diamond hole is targeting nickel copper sulphides beneath scout aircore drilling that intersected nickel and copper mineralisation.
The intersection is in the right rock for the type of mineralisation that the company is seeking in the prolific Fraser Range.
The company partnered with Mark Creasy and Independence Group is diamond drilling again at Area D.
Mark Creasy and Independence Group NL account for over 40% of Legend’s register and are key JV partners in several of the company’s permits.