Legend Mining (ASX:LEG) continues to add intrigue to the potential of the company's joint venture in the Fraser Range of Western Australia, with a developing story in the northern region of the Rockford project.
While still only early exploration days, the wisdom of a systematic and persistent exploration program is starting to map out targets.
Fixed loop electromagnetic (FLTEM) surveying has modelled two conductors (N1-N2), with modelling of N1 defining a strong conductor (6,000-12,000S) at 500-550 metres depth.
The N1 conductor lies on the SE margin of both a gravity feature and an aeromagnetic high, near the centre of a larger folded structure.
This type of surveying is very cost effective and assists in providing more prospective targets, where financial resources can then be applied to a drilling program.
Legend (70%) is partnering with the Creasy Group (30%).
Potential of N1
Assays from a single line of aircore drilling over conductor N1 returned anomalous nickel-copper values of 37 metres at 0.1% nickel and 0.01% copper from 24 metres to the bottom of the hole.
Adding interest, follow up petrology from the bottom of hole sample identified a favourable mafic host rock.
Drilling from a second hole 100 metres away has shown similar geology, with assays pending.
Area N is located in the northern part of the Rockford Project, which 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.
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.
The Nova-Bollinger deposit lies within this zone, and is situated on a similar tenor gravity ridge to that of Rockford.
Next steps
Mark Wilson, managing director for Legend, commented: "We have prioritised reverse circulation/diamond drill testing of the N1 conductor once a rig becomes available.
"The anomalous nickel and copper numbers in the aircore hole and the confirmation of favourable mafic rock in the bottom of hole certainly elevate the prospectivity of this area.
"The similar lithologies encountered in the aircore hole 100 metres away have given a dimension of a minimum 200 metres width for the mafic unit."
Analysis
With the rains cleared the upcoming drilling program will be closely watched, as Legend is just one of a handful of companies that have access to the Fraser Range.
Legend remains in a very enviable funding position, with circa cash and liquid assets of $8.5 million.
This does not include the $3 million receivable due from Jindal.