Legacy Iron Ore (ASX: LCY) has been granted a trading halt by the ASX pending an announcement about the finalisation of a funding agreement for exploration at its Pilbara iron ore assets in Western Australia.
In a statement to the ASX, Legacy Iron Ore said, "the company is finalising an agreement with a major Indian government backed organisation regarding the funding of exploration on the company's Pilbara iron ore assets and an investment in the company."
Legacy Iron Ore, which has its Robertson Range and Hamersley Projects based in the Pilara, didn't allude to which project, or projects the potential Indian investment refers to.
Hamersley has two granted exploration licenses covering 52.3 square kilometres flanking the Beasley River channel iron deposit.
The project is centrally located in the Hamersley Iron Province 22 kilometres south of Mt Brockman and is highly prospective for iron ore mineralization.
Importantly, the project is within 40 kilometres of existing iron ore railway infrastructure and within 20 kilometres of highway, with both having connections to Port Dampier.
Robertson Range comprises three exploration licenses covering 800 square kilometres and is located within 120 kilometres east-northeast of Newman, Western Australia, which has iron ore railway and highway infrastructure.
FerrAus (ASX: FRS) and Atlas Iron (ASX: AGO) have defined around 200 million tonnes of high grade hematite iron ore in adjoining ground at Robertson Range.
Reconnaissance sampling at the project has returned results of 55.66% iron and high resolution satellite imagery has defined 14 iron ore targets and four manganese targets.