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Legend Mining to continue drilling and complete geochemical analysis at Fraser Range massive sulphide discovery

Snapshot

The results extend and strengthen the eastern geochemical footprint of the Mawson discovery.

Legend Mining set to continue drilling and complete geochemical analysis at Mawson after massive sulphide discovery

Quick facts: Legend Mining Limited

Price: 0.1 AUD

ASX:LEG
Market: ASX
Market Cap: $267.82 m
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Legend Mining Ltd (ASX:LEG) has been attracting plenty of interest with an almost non-stop positive newsflow from Mawson massive sulphide discovery within the Rockford Project in WA’s Fraser Range.

The latest boost came from broad assay results returned from infill aircore drilling which have extended and strengthened the eastern geochemical footprint at Mawson.

These have provided a compelling target for reverse circulation and diamond drilling, which is already underway.

Results include 38 metres at 0.20% nickel, 0.05% copper and 0.03% cobalt from 72 metres to the end of hole (EOH) and 43 metres at 0.12% nickel, 0.02% copper, 0.02% cobalt from 64 metres to EOH.

The company received results from an additional 37 holes with six returning broad intervals with anomalous nickel and copper values associated with mafic/ultramafic intrusives.

Footprint extended

Legend managing director Mark Wilson said: “These results are from the ongoing infill aircore program at Mawson and have extended and strengthened the eastern geochemical footprint.”

These and previous aircore results have defined the NE-SW trending eastern geochemical anomaly over an area of 1,200 x 200 metres.

The results from drill holes RKAC838-842 along with previous holes have returned broad intersections ranging from 21 to 43 metres with anomalous nickel-copper over 400 metres in a north-south direction.

Legend’s current aircore program over the greater Mawson area is scheduled to conclude shortly following the completion of infill drilling over southern and north-eastern targets.

Regional program

The rig will then move on to a 180-hole 10,000-metre regional aircore program over the western and southern tenements in the Rockford Project.

Its future programs include:

➢ Complete infill aircore drill program across the greater Mawson area;

➢ Continue 3,000 metres RC drilling program targeting anomalous aircore geochemistry and gravity features;

➢ Ongoing integration of aircore and RC drilling into the Mawson dataset to assist future RC/diamond drill hole planning/design;

➢ Infill MLTEM at Hurley to better constrain H1 and H2 conductors;

➢ Aircore follow up at Crean and Hurley to define extent of anomalous geochemistry; and

➢ RC/Diamond drill test of Shackleton and Worsley conductors (possibly also Crean and Hurley depending on follow up MLTEM and aircore).

Recent evidence of the company's progress in the prolific Fraser Range was provided by it joining the All Ordinaries Index from June 22, 2020, and being nominated for Mining News 'Explorer of the Year' award.

Speculative buy from Euroz

Euroz has reiterated its speculative buy rating for Legend with a price target of 30 cents per share (current price:13 cents) after the recent high-grade drilling results.

The stockbroker believes ongoing hits of thick, massive nickel-copper sulphides are highly encouraging in terms of the evolution of a major new discovery.

New executive director

The company also boosted its team with the appointment of former Creasy Group geologist Oliver Kiddie as executive director.

Kiddie is a geologist with more than 18 years’ experience across exploration, resource definition, project development and production throughout Australia and internationally.

He has extensive experience in base metal and gold exploration through senior management and executive positions, working for companies including Dominion MiningEuropean Goldfields and most recently as general manager exploration for the Creasy Group.

While at Creasy Group he led the exploration team of the Fraser Range project, including the discovery, resource definition and mining lease application for the Silver Knight nickel-copper-cobalt deposit.

Following his appointment, which takes effect from August 10, 2020, current executive director Derek Waterfield will step down from the board and assume the position of general manager exploration, remaining focused on the Rockford Project.

From August 10, the board will be made up of chairman Michael Atkins, managing director Mark Wilson, executive director Oliver Kiddie and company secretary Tony Walsh.

$20 million capital raise

In June, the company completed a capital raising of $20 million from existing major shareholders and a range of institutional and sophisticated investors.

The funds raised via the placement will be used to progress the company’s exploration activities at its Rockford project in the Fraser Range, in particular on the Mawson prospect and general working capital.

The placement was cornerstoned by its two largest shareholders, Creasy Group and IGO Limited.

Top shareholders

Legend Mining's two major shareholders remain fellow Fraser Range players Creasy Group and IGO Ltd (ASX:IGO) (OTCMKTS:IPGDF) following the company's recent $20 million capital raising.

Creasy Group has a 26.66% holding in Legend while IGO's stake stands at 14.12%.

Creasy Group's principal Mark Creasy is a world-renowned prospector who was behind was behind Sirius Resources when it struck the jackpot at the Nova-Bollinger nickel-copper deposit on Fraser Range.

Creasy is well known for his gold finds and lucrative company exits, making the Guinness World Records in 1994 for pocketing $130 million in a gold deposits exit, the largest ever payout received by a prospector.

The Nova-Bollinger discovery helped start what is known as the Great Nickel Rush on Fraser Range.

This discovery is being mined by successful nickel-copper-gold-zinc-silver producer IGO Group which also has interests in other companies active in the region.

Jindal Receivable

Jindal Receivable Legend and Jindal agreed to a revised repayment schedule of the outstanding debt of A$2.25 million during the March 2020 quarter. This new schedule was interest-only for the first half of 2020 with three payments of $750,000 plus interest in the second half.

With India in various stages of lockdown due to the COVID-19 situation, Legend intends to show continued patience on this matter.

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