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Legend Mining managing director shows faith in company’s mining strategy with $59,600 share purchase

Last updated: 11:20 17 Mar 2020 AEDT, First published: 13:20 16 Mar 2020 AEDT

Legend Mining Limited - Legend Mining managing director shows faith in company’s mining strategy with $59,600 share purchase
The company will spend $8 million on exploration in 2020

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).

Legend Mining unlocking Octagonal nickel-copper sulphide potential

Legend Mining Ltd (ASX:LEG) chair Mark Wilson tells Proactive the company is gearing up to conduct a downhole transient electromagnetic (DHTEM) survey on recently completed diamond drill hole OCDD005 after the hole intersected a “mixing zone” with magnetite and pyrrhotite at Octagonal prospect...

on 4/9/23