Legend Mining Ltd (ASX:LEG) managing director Mark Wilson has demonstrated faith in the company’s mining strategy through the purchase of shares worth $59,600 in an on-market transaction.
The purchase increases Wilson's overall holding in the company to 129.74 million shares.
Exploration budget doubles
Legend recently doubled its exploration budget to $8 million for 2020 after receiving promising drilling results from the Mawson prospect within the wider Rockford Project in Western Australia.
The results from the 1,423 metre diamond drilling program found significant intersections in drill hole RKD007, returning 70.15 metres at 0.52% nickel, 0.36% copper and 0.03% cobalt including 14.9 metres at 1.07% nickel, 0.75% copper and 0.06% cobalt.
The funding for the $8 million exploration budget is planned to come from $2.5 million owed by debtor Jindal Mining & Exploration Ltd and the exercise of options held by the Creasy Group (around $6 million).