Legend Mining Limited’s (ASX:LEG) best nickel-copper-cobalt results to date from the Rockford Project are supporting an improvement in share prices.
The company reached a 12-month high of $0.03 from 28 December 2017 to 2 January 2018 after the results.
Legend’s quarterly results have also provided some impetus and this morning shares climbed 8% to $0.027 after closing at $0.025 last Friday.
Rockford is in the highly prospective Fraser Range district of Western Australia.
READ: Legend Mining releases assay results from Rockford Project in Fraser Range
During the December quarter the company completed a 41 hole aircore drilling program for 3,494 metres at Area D of Rockford.
Best results were 47 metres at 0.29% nickel, 0.12% copper and 0.03% cobalt from 64 metres, and 10 metres at 0.09% nickel, 0.10% copper and 0.01% cobalt from 56 metres.
These were the best results from Rockford since Legend began project exploration work in September 2015.
Similar tenor to Nova
The assays in one of these two holes are a similar tenor to the aircore assays reported by Sirius Resources prior to discovery of the Nova ore body in July 2012.
A subsequent petrology report has identified the host rock of the anomalism in this hole as an olivine-rich gabbronorite, which is also the host rock of the Nova ore body, now owned by Independence Group NL (ASX:IGO).
Legend is awaiting the results of assays from individual 1 metre samples as well an analysis of the iron-rich clays and goethitic materials.
This will provide a better understanding of the character of the nickel-copper-cobalt anomalism to assist in detailed planning of the next field programs.
READ: Legend Mining's managing director buys big on-market
The majority of the 2,792.5 square kilometre Rockford project comprises seven contiguous granted exploration licences and is the subject of a joint venture between Legend (70%) and Creasy Group (30%).
Legend is operator and manager of the joint venture.
The remaining 262.5 square kilometres is 100% owned by Legend and includes five granted exploration licences.
Near-term news flow from Rockford
In the near-term Legend is expecting:
- Assays from additional sampling at 1 metre intervals over the entire anomalous intersections in the two drill holes;
- Results pending from analysis of iron-rich clays and goethitic material in one hole to assist understanding the character of the anomalous nickel-copper-cobalt;
- Further BOH sample petrology from Area D aircore drill holes to assist with bedrock rock identification; and
- Further evaluation of previously identified electromagnetic conductors at Areas D, J, Q and U.