Legend Mining Ltd (ASX:LEG) made strong progress during the half-year ending June 30, 2021, driving exploration at its Rockford Project on Western Australia’s Fraser Range.
Notably, the ongoing activities comprise testing and the development of innovative geophysical exploration techniques which include:
Diamond drilling and DHTEM testing at Mawson Prospect; and
Preparation of regional MLTEM, aircore and diamond drilling programs at the Worsley, Crean, Hurley, Magnus and Octagonal prospects.
Legend continues to impress with new results from the flagship Mawson nickel-copper-cobalt prospect within Rockford revealing a new zone of massive/semi-massive nickel-copper sulphide.
Financials
Legend turned a profit of $687,323 for the half-year compared to loss of $170,249 in the previous corresponding period in 2020.
On March 3, 2021, the company exercised 74.9 million 4-cent March 31, 2021, options and 2 million 7.2 cent September 30, 2022, unlisted options.
This exercise of options added $3.14 million to the company’s cash at bank.
Events after reporting period
On September 7, 2021, Legend received $1 million in principal and $12,500 in interest from Jindal Steel and Power as part of a revised repayment plan between the companies.
The company’s diamond drilling program at Rockford Project in Western Australia's Fraser Range continues to grow the Mawson prospect with the chonolith extended to the northeast and the ultramafic core expanded.
Geology, DHTEM and assay results from the latest diamond drill holes provide further evidence of extended nickel-copper mineralisation, particularly in the northeast.
In addition, Legend has started regional exploration over the northwest part of the Rockford Project.
This work will comprise a combination of focused diamond drilling at Magnus and Octagonal prospects along with regional aircore drilling.