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Legend Mining identifies two new conductor targets at Rockford

Published: 09:35 21 Dec 2018 AEDT

australian bank notes
Legend's cash balance has also been bolstered by a $1.28 million R&D cash refund

Legend Mining Ltd (ASX:LEG) has identified two moving loop electromagnetic (MLEM) conductors at the Shackleton prospect at its Rockford Project in Western Australia.

The two conductors are located near the western margin of a magnetically distinct stratigraphic package considered prospective for volcanic massive sulphide (VMS) style mineralisation.

Further MLEM surveying over this trend is planned for 2019.

Legend Managing Director Mark Wilson said, “These results are a positive end to the 2018 field season which itself has been a very productive one for value adding exploration news.

“Legend is now poised for an exciting 2019 year commencing with the IP survey over our Area D prospect.”

 

READ: Legend Mining aircore results reveal two new prospects

The Shackleton 1 conductor has a weak to moderate conductance and moderate size, but importantly coincides with the western margin of the strong magnetic feature.

Reverse circulation (RC) or diamond drilling to test Shackleton 1 is planned.

Shackleton 2 is a broad, relatively flat-lying low conductivity feature.

Further MLEM surveying is required to the south of Shackleton 2 to define the extent of the feature and determine whether the conductance and character of the conductor changes along strike.

Further aircore drilling and MLEM surveying of the greater prospect is planned.

Cash balance increased

Legend lodged it’s FY2018 tax return in November 2018 and received a R&D cash refund from the Australian Taxation Office of $1,.28 million on 7 December 2018.

The company also received its December 2018 interest payment of $30,000 on 20 December 2018.

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