Legend Mining Ltd's (ASX:LEG) managing director, Mark Wilson, has moved to a substantial shareholder of the Fraser Range focussed explorer.
Chester Nominees WA Pty Ltd (otherwise known as Wilson’s Super Fund) now holds 110 million shares for a 5.41% stake.
Chester Nominees did quite well in its investment in Sirius Resources.
Wilson is clearly backing the potential that Legend could be the next Sirius.
Recently two diamond holes assayed grades measuring up to 0.150% copper and 0.178% nickel.
A new 5000 metre aircore program is about to start, providing news flow over the next couple of months.
Rockford
Rockford covers 2,554 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.
The project is 120 kilometres north-east of Nova, and 100 kilometres south of Tropicana.
Analysis
Legend holds $11.2 million in cash, cash equivalents and receivables at end of September 2016, therefore placing the company in an enviable position of not needing to raising capital potentially for a couple of years.