Legend Mining Ltd (ASX:LEG) has completed fixed loop electromagnetic (FLTEM) and downhole EM (DHTEM) surveying at Area D at its Rockford Project in the Fraser Range of Western Australia.
As a result, three conductors D6, D7 and D8 have been highlighted as priority targets and will be tested with diamond drilling.
Mark Wilson, managing director, commented:
"Following our five hole reverse circulation program in March we are pleased that this phase of EM has generated targets requiring diamond drilling.
"This will be our first diamond drilling at Rockford and access to drill core is a bonus in giving our team a better understanding of the geology.”
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 the Creasy Group (30%).
Legend is the operator and manager of the joint venture.
The primary target is Nova style nickel-copper mineralisation hosted in high grade mafic granulites within the Fraser Complex.
A secondary target is Tropicana style structurally controlled gold mineralisation.
Well-funded
Legend is the envy of many explorers, considering its cash position.
The company held $5.7 million in cash at the end of March 2016. Add to this $3 million in investments (as at 6th April), and a $3 million receivable due in December 2016.
Analysis
Legend is set to increase news flow with its first diamond drilling at Rockford.
The primary target is Nova style nickel-copper mineralisation.
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