Legend Mining to restart nickel drilling in prolific Fraser Range alongside Creasy and Independence interests
The nickel prospector’s share price has gained 39% in the past month and 64% in the past six months.
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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The nickel prospector’s share price has gained 39% in the past month and 64% in the past six months.
Diamond drilling will test the D1 and D5 conductors this month targeting nickel-copper sulphide deposits.
IGO has completed the second tranche of a $9.8 million subscription agreement.
Regional aircore drilling continued during August and September with the drilling of a further 69 holes for 5,351 metres.
The work is designed to better constrain and resolve the highly prospective D5 conductor within Area D.
Shareholders are required to approve the joint venture agreement for the Ponton tenements at the upcoming general meeting.
Diamond drilling at D5 is targeting a nickel-copper sulphide deposit similar to Nova and Silver Knight.
Ongoing drilling programs are planned to continue to grow the size of the Weednanna gold deposit.
The company has a portfolio of gold properties in the world-class Birimian greenstone belts of West Africa.
Mark Creasy: “These transactions demonstrate a common goal between the three parties to unlock further value in the fertile Fraser Range”
The company is in a trading halt until Wednesday, July 10, or when an announcement is released.
Recent aircore drilling results will be used to plan future reverse circulation and diamond drilling.
The results reveal zinc, silver, nickel and cobalt and enhance the prospectively of Worsley and its ability to host VMS-style mineralisation.
A 60-hole aircore drill program commenced at Area D in late March 2019.
Jindal Mining will continue to pay 4% on the principal amount owed on a quarterly basis.
The company’s systematic exploration program has revealed the Crean and Worsley prospects at Rockford South.
Reverse circulation drilling at Worsley is planned to test anomalous geochemistry which will be conducted in conjunction with planned RC drilling at Shackleton.
During the March 2019 quarter the company began its 2019 exploration program with initial 8,000 metre aircore drilling at Rockford South.
Positive results from 2018 exploration have set the scene for a pipeline of programs this year across the Rockford project.
A Creasy team will move to Rockford next as exploration resumes.