Legend Mining – (ASX: LEG, Share Price: $0.057, Market Cap: $117m, coverage initiated @ $0.011 in Sep 2015 – current gain of 418%)
Key Catalyst
New assays and petrology reaffirm third mineralised intrusive body at Area D, Fraser Range.
LEG’s share price hit a multi-year high of $0.058 in Friday’s trade on the back of the release this week of further significant drilling results from its Rockford Project in Western Australia’s Fraser Range province. It’s fair to say that LEG’s exploration results over the past 12 months are the most significant since the world-class Nova-Bollinger nickel-copper discoveries made by Sirius Resources.
The Nova-Bollinger discoveries ultimately led to a $1.8 billion takeover of Sirius by Independence Group (ASX: IGO) in late 2015, a far cry from Sirius’ minnow status just a few years earlier. LEG is solely focused on exploration in the Fraser Range province and also happens to be one of the last independent ASX-listed juniors working in the region, which remains one of our most prospective, but still largely misunderstood, exploration provinces.
LEG’s patience, persistence and meticulous approach to project exploration and appraisal has paid off, reinforced by a relationship with its major shareholder, renowned exploration identity Mark Creasy.
Latest Activity
Rockford Exploration Update
LEG has provided further air-core assay results from its ongoing 2018 drilling program at its Rockford project in Western Australia’s Fraser Range region. The latest results comprise assay results for a further 12 air-core drill-holes (RKAC256-267) from Area D.
Air-core drilling assay results include:
- RKAC265: 30m @ 0.31% Ni, 0.03% Cu, 0.04% Co from 78m to end of hole – including 8m @ 0.45% Ni, 0.03% Cu, 0.04% Co from 98m
- RKAC266: 16m @ 0.22% Ni, 0.02% Cu, 0.02% Co from 92m to end of hole
Technical Significance
The latest results have confirmed a third mineralised intrusive body, supporting the prognosis that Area D at Rockford is prospective for multiple such intrusions. The results have also extended the footprint of the nickel-copper anomalism at the third mineralised intrusive body to >100m.
Figure 1: Area D Location
Summary
Air-core drilling at Area D has now identified favourable olivine-rich gabbronorite cumulate host rocks with coherent anomalous Ni-Cu geochemistry – with the primary significance being their association with three similar but spatially separate intrusive bodies. The takeaway from all of this is that there is now an even greater possibility of their being other mineralised intrusive bodies located not only throughout the wider Area D region, but the whole Rockford Project and Fraser Zone.
Not surprisingly, LEG says it will continue with its systematic exploration approach, involving the evaluation of aeromagnetic and gravity datasets, which have identified the targets identified so far. This strategy has so far proven to be successful and a comprehensive geophysical review of all data from Area D is currently underway. In particular we look forward to the commencement of a regional air-core drilling program over selected targets in the southern portion of the Rockford Project area.
The ongoing flow of air-core drilling results has been very well received by the market, with LEG’s share price this week hitting a multi-year high and representing a five-fold increase in price since we initiated coverage back in September 2015. The potential for another world-class Nova-Bollinger nickel discovery is what is driving current interest in LEG.
