Legend Mining (ASX:LEG) has purchased two granted exploration licences from Musgrave Minerals (ASX: MGV) in the renown Fraser Range district of Western Australia.
The tenements cover 238.5 square kilometres and lie adjacent to the company’s current 100% owned Rockford Project.
Legend will issue 10 million shares and 10 million unlisted options exercisable at $0.04 in consideration for the purchase.
This increases Legend’s total ground in the Fraser Range to 2,792.5 square kilometres comprised of nine granted exploration licences and three licence applications.
Mark Wilson, managing director, commented: “This transaction complements our existing project as both tenements are contiguous with other Rockford tenements.
“It increases the project exposure to the western stratigraphy of the Fraser Zone and a quality data set came with the acquisition.”
The purchase includes an exploration data package comprising; detailed aeromagnetic, gravity and ground electromagnetic survey data, along with valuable geological information from drilling.
Legend has identified several targets of interest from aeromagnetic/gravity data interpretation on the new tenements and will integrate exploration activities within the larger Rockford Project program.
Follow up work will include regional high powered moving loop electromagnetic surveys and aircore drilling aimed at defining reverse circulation and diamond drill targets.