- Legend is backed by Creasy Group company Yandal Investments
- A Creasy exploration team will likely move to Legend’s Rockford site this quarter to help out with an induced polarisation (IP) program at Area D
- Explorers will help set the plan for diamond drilling Area D
- Ongoing aircore drill activities are planned to restart start next month, taking in Rockford South first
- Shackleton prospect is to undergo more moving loop electromagnetic (MLEM) surveying this year
What does Legend Mining do
Legend Mining Ltd (ASX:LEG) specialises in exploration on Western Australia’s Fraser Range. It is run by Mark Wilson, an engineer with more than 30 years executive experience, including 20 years in mining leadership.
What does Legend Mining own?
The key asset is the Rockford nickel-copper-gold joint venture project on the Fraser Range in WA.
Extending over a 2,621 square kilometre expanse, the JV project is run in partnership with legendary prospector Mark Creasy’s the Creasy Group Pty Ltd.
Creasy Group has a 30% stake in the JV to Legend’s 70% majority stake.
Legendary prospector Creasy was behind Sirius Resources NL (ASX:SIR) when it struck the jackpot at Nova-Bollinger and started “The Great Nickel Rush” on Fraser Range.
Sirius was then taken over by the now owner of the Nova-Bollinger Nickel-Copper Project, Independence Group’s (ASX:IGO).
Legend’s Rockford Nickel-Copper-Gold Project is prospective for an ore body similar to the Nova-Bollinger nickel-copper deposit.
Rockford project consists of 12 contiguous granted exploration licences about 120 kilometres northeast of the Nova-Bollinger nickel-copper underground mine.
Legend’s Rockford package covers a 100-kilometre strike length of over a high regional gravity “ridge” associated with the dense mafic/ultramafic intrusive rocks of the Fraser Zone, within the larger Albany-Fraser Orogen.
Nova-Bollinger is within Fraser Zone, on a gravity ridge of similar tenor to Rockford project.
A sum of $11.2 million has already been spent on exploration at Rockford.
An upcoming induced polarisation (IP) program at Rockford project’s Area D is planned for this quarter, with a Creasy exploration team expected to assist with determining which of 11 conductors to drill next, in which order.
The program is aimed at designing locations for diamond drilling.
Last quarter nine new conductors were identified at the Area D prospect while two previous conductors were better defined.
In total, 25 areas selected from aeromagnetic and gravity efforts at Rockford project.
Thirty-two conductors have been identified with moving loop electromagnetic (MLEM) surveying.
Four diamond holes have been drilled for 2,652 metres, 10 reverse circulation (RC) holes for 2,266 metres and 524 aircore holes for 34,700 metres.
Ongoing aircore drill activities are planned to restart start at Rockford next month, taking in Rockford South first
At Shackleton prospect two new conductors and an anomalous volcanogenic massive sulphide (VMS) geochemical signature were identified in the December quarter.
Further MLEM surveying over this trend is planned for this year.
Also on Legend’s work program for Rockford is an aeromagnetic survey over a portion of Rockford South.
Legend spent $1.1 million on exploration and evaluation last quarter, pulling in a $1.3 million R&D tax credit to put $5,000 of funds towards operating activities.
The company ended December with $3.5 million cash and no debt.
It expects $770,000 in cash outflows this quarter, with $500,000 budgeted for exploration efforts.
Creasy’s investment management firm Yandal Investments Pty Ltd had a 16.86% significant stake in Legend on March 16 last year.
Also on the registry at the time were Australian Gold Resources Pty Ltd (8.07%) and Chester Nominees WA Pty Ltd (6.16%).
Legend reports its annual results on a calendar year basis, with the next report expected in March.
Diamond drilling success at Rockford project’s Area D
Successful exploration efforts at Rockford’s Shackleton prospect
Major investor interest in Legend’s share registry
Project success at other projects on the range
M&A activity by nickel-copper companies in the region and beyond
Commodity pricing trends over the coming years
Managing director Mark Wilson looking forward to exploration with Creasy team
“After a summer break the exploration office is truly humming,” Legend managing director Mark Wilson told the Proactive Investors Stocktube channel this week.
“The work program up at area D is going to be an IP program that’s designed to assist us in prioritising which of … 11 conductors we’d drill first and in what order.
“That team’s currently working at Creasy Silver Night project and … we are scheduled to be the next program. My expectation is that’ll be during the month of March.”
Legend managing director Mark Wilson will deliver a 9.50am presentation today at the February 19-21 RIUExplorersConference 2019 at Esplanade Hotel Fremantle. You can find Legend’s information at Poster Board I.