Legend Mining (ASX:LEG) finished the December quarter with $8.2 million in liquid assets leaving it well funded to continue to actively explore its flagship Rockford nickel-copper and gold project in the Fraser Range of Western Australia.
The company has an ongoing electromagnetic survey, recently completed a 64-hole aircore drilling program and commenced an extensive gravity survey.
The electromagnetic survey has identified four conductors at Areas N and J.
Further surveying and modelling work on these features is planned during February 2017 aimed at defining drill targets.
A gravity survey over the southern part of Rockford commenced in December and is expected to be completed in late January 2017.
Furthermore, petrology results from 22 bottom of hole samples from the completed aircore program are due in early February 2017.
Rockford project
The Rockford project is located in the globally renowned Fraser Range district of Western Australia and covers an area of 2,554 square kilometres.
The majority of the project comprising seven contiguous granted exploration licences, is the subject of a joint venture between Legend (70%, operator) and Creasy Group (30%).
Creasy Group is affiliated with legendary prospector Mark Creasy, who owned an interest in arguably one of Australia’s best discoveries in recent times – the Nova Bollinger nickel-copper project in the Fraser Range.
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.
The Nova-Bollinger deposit, which lies within the Fraser Zone, is situated on a similar tenor gravity ridge to that of the Rockford project.
MLTEM survey details
The moving loop electromagnetic (MLTEM) survey program at Rockford 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.
Further regional electromagnetic surveying will be undertaken over Areas L and M.
Analysis
The conductors identified by the continuous surveys present opportunities for Legend to drill out a nickel-copper sulphide discovery.
The Fraser Range district rose to international prominence through the discovery of the world-class Nova-Bollinger nickel-copper-cobalt deposit using a similar method.
This area has since become one of Australia’s hottest exploration districts.
The company is well-funded with $8.2 million in cash and liquid assets at the end of December 2016.
Legend is also expecting $3 million from the sale of the Cameroon Iron Ore project.
Furthermore, Mark Wilson, managing director, became a substantial shareholder in the company in October 2016 by purchasing 30 million shares on market and now holds 5.41%.