Legend Mining (ASX:LEG) (70%) and partner the Creasy Group (30%) have commenced a highly prospective air-core drilling program at the Rockford Project, located in the Fraser Range of Western Australia.
Rockford covers a strike length of 100 kilometres over a regional gravity high ridge associated with dense mafic/ultramafic intrusive rocks of the Fraser Zone.
Adding interest - the Nova-Bollinger deposit lies within this zone, and is situated on a similar tenor gravity ridge to that of Rockford.
Drilling program
The program will comprise 50 holes for circa 3500 metres, with a focus on six areas in the north of the project.
Rockford covers almost 2800 square kilometres, with the majority of this in the joint venture with the Creasy Group.
Circa 262 square kilometres of the total is held solely by Legend.
Next steps
Details from the air-core program, in conjunction with the current moving loop electromagnetic surveys, will generate targets for future reverse circulation and diamond drilling.
Analysis
Legend has a market cap. circa $20 million, and with cash and liquid assets of $8.5 million, the enterprise value is not much over $11 million.
This equation does not include the $3 million receivable due from Jindal.
Now moving to Legend's position in the Fraser Range, it is just a handful of companies that have access to the area, and not all of these are listed considering Mark Creasy's personally held interests.
With assays set to start flowing, Legend is leveraged to exploration success.