Legend Mining Ltd (ASX:LEG) has been granted a trading halt by the ASX with a capital raising announcement pending.
The company sought the trading halt to assist in managing its disclosure obligations in relation to the capital raising and maintaining an orderly market in the trading of its ordinary shares as well as to ensure that trading does not take place in an uninformed market.
The halt will remain in place until the start of normal trading on Thursday, June 4, 2020, or when an announcement is released to the market, whichever occurs earliest.
Shares last traded at 15 cents and since March 23 have traded between 5.3 cents and a new 12-month high of 21.5 cents.
Drilling intersects massive sulphides
Last month the company intersected 30 metres of massive sulphides in three intervals at the Mawson discovery within its Rockford Project in WA’s Fraser Range.
Drill hole 17 intersected a total of 30.05 metres of massive sulphides in three intervals:
- 19.8 metres from 227.8 metres downhole;
- 7.45 metres from 158.6 metres downhole; and
- 2.8 metres from 193.1 metres downhole
“The best Mawson hole” drilled to date
Legend managing director Mark Wilson said: “The 19.8 metres intercept of massive sulphides makes hole 17 the best Mawson hole we have drilled to date.”
The company's drill hole 13 at Mawson intersected two massive sulphide intervals:
- 12 metres at 2.36% nickel, 1.36% copper, 0.12% cobalt from 239.2 metres; and
- 1.5 metres at 2.33% nickel, 3.76% copper, 0.12% cobalt from 257.5 metres.