Legend Mining (ASX:LEG) has completed moving loop electromagnetic (MLEM) surveying at Areas E and F in the far northwestern portion of its Rockford Project in the Fraser Range, and has identified a further two conductors.
The feature at Area F is a moderate conductor at shallow depth (<125m), while the feature at Area E is a larger weaker conductor at a depth of >600m.
EM surveying has now been completed for the 2015 season and the geophysical field crews demobilised back to Perth.
MLEM surveying will recommence early in 2016 to complete untested targets from the 2015 program.
The next step will be planning of reverse circulation / diamond drilling to test the seven conductors at Areas D, E and F.
This is likely to be in the March quarter of 2016, pending all required statutory approvals and favourable weather conditions.
Also a plus 10,000 metre aircore program is planned to commence in early March, aimed at providing valuable geological and geochemical information and assisting with the prioritisation of areas for further work.
Mark Wilson, managing director, commented:
“It is very pleasing to go to the Christmas break having achieved the key objective of the 2015 exploration activities, i.e. identifying conductors for reverse circulation drill testing.
"It is an added bonus that most of the conductors are relatively shallow meaning the drill cost to test is low and the very high conductance readings at several of the conductors is promising.”
Analysis
The Rockford Project is part of an acquisition Legend recently made with the Creasy Group, which transitioned Legend to be one of the most dominant players in the Fraser Range.
Legend is well funded with $7.3 million in cash at the end of September 2015, which does not include investments (market value 26 October 2015 $3.5 million), and a $3 million receivable due in December 2016.
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