Legend Mining (ASX:LEG) has identified four conductors from electromagnetic surveys at its Rockford Project in the Fraser Range district of Western Australia.
Two strong-moderate conductors have been defined at Area N and two moderate-weak conductors have been defined at Area J.
The Fraser Range district rose to international prominence through the discovery of the world-class Nova-Bollinger nickel-copper-cobalt deposit.
This area has since become one of Australia’s hottest exploration districts.
Mark Wilson, managing director, commented: “The conductors at Area N look to be walk up drill targets for the first quarter in 2017.
“Further ground EM is required to better model their precise locations and this work will be prioritised in the New Year.”
Rockford survey
The moving loop electromagnetic (MLTEM) survey program was designed to test eight areas (Areas G-N), interpreted as possible mafic/ultramafic intrusive bodies, for conductive features consistent with massive sulphide nickel-copper occurrences.
Six of the eight planned target areas were completed and promising conductors have been identified at Areas N and J.
Area N contains a large folded and/or intrusive feature with low magnetic response closely associated with a 2.5 x 0.5 kilometre trending gravity feature.
Area J was originally selected for MLTEM follow up based on the coincidence of a broad aeromagnetic low and a subtle 2.5 x 0.6 kilometre gravity feature.
Analysis
While further electromagnetic surveying is required, these conductors present opportunities for Legend to drill out a nickel-copper sulphide discovery.
The company is well-funded with $11.2 million in cash and liquid assets at the end of September 2017.
Furthermore, Mark Wilson recently became a substantial shareholder in the company by purchasing 30 million shares on market and now holds 5.41%.