Legend Mining Ltd (ASX:LEG) has exploration news flow pending from its Rockford Project in the Fraser Range of Western Australia.
Rockford covers 2,939 square kilometres and comprises eight contiguous granted exploration licences, with a large portion of the project subject of a joint venture between Legend (70%) and Creasy Group (30%).
Legend is the operator and manager of the joint venture.
The project covers a strike length of 100 kilometres over a regional gravity high “ridge” associated with dense mafic/ultramafic intrusive rocks of the Fraser Zone, within the larger Albany-Fraser Orogen.
The Nova-Bollinger deposit, which lies within the Fraser Zone, is situated on a similar tenor gravity ridge to that of the Rockford Project.
More drilling completed
Legend has now completed a further three drillholes, with two of these holes re-drills of previously abandoned holes.
Conductors D1, D2 and D4 have now been successfully drilled, with downhole EM required at D2 and D4 to explain conductors.
Legend said that heavy rain leading into Easter caused the suspension of field activities and the demobilisation of the drilling crew.
DHEM surveying at Conductors D2 and D4 is planned to commence later this week, weather permitting.
Once results from the DHEM are received along with the assays from all five drillholes future work can be planned.
The holes covered a combined 1160 metres, and provided valuable geological information specific to Area D.
It also marks the first reverse circulation drilling within the project into the prospective Fraser Zone of the larger Albany-Fraser Orogen.
Mark Wilson, managing director, commented:
"These five holes are another step in the process of systematic exploration of our entire project.
"We are looking forward to the upcoming DHEM program and the assay results from the reverse circulation holes to integrate with existing datasets to assist in the planning of future works."
Drilling details
Typical Fraser Zone lithologies were intersected including; pyroxene-rich mafic granulite, olivine/pyroxene-rich ultramafic, garnet/biotite felsic granulite and minor metasediment.
This interlayered package follows the regional NE strike and has an overall steep NW dip.
Legend said that the rocks have experienced granulite facies metamorphism, however localised hydrothermal activity is evidenced by quartz veining and thin pegmatite units.
Well-funded
Legend is particularly well-funded, with $6.2 million in cash at the end of 2015.
In addition to this is investments of $2.4 million (market value 15 January), and a $3 million receivable due in December 2016.
Recently, Legend also received a $93,000 tax refund, and based on current expenditures and budgets for the 2016 tax year, the company expects to receive circa $500,000 refund early in 2017.
Analysis
Legend is set to increase news flow, with programs including: The DHEM at Conductor D2 and D4; and Assessment of assay results from RKRC001-005.
Once results from the DHEM and assays are assessed, detailed planning of future reverse circulation, aircore and further MLEM will be determined.
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