Legend Mining Ltd (ASX:LEG) achieved its "busiest-ever" September quarter with more than $6 million options being exercised, further assisting its plan to advance the Rockford project at the current rate of activity and expenditure, which is around double that of prior periods.
In its latest quarterly report, the company said during the quarter diamond, reverse circulation (RC) and aircore drilling programs were carried out at the Fraser Range project with geophysics and assay reporting playing catch up.
The drilling, which is ongoing, resulted in further success, with massive nickel-copper intersections in diamond holes 23 and 27 along with broader zones of nickel-copper sulphide mineralisation.
Quality and scale
The quality and scale of Rockford has been underlined by the development of the Mawson 3D gravity model (with mag inversion, geochemistry and structural inputs) along with the regional MLTEM success at Hurley.
Ongoing successes at Mawson and Rockford have seen Legend's market cap increase to approximately $281.2 million today while share prices during the quarter ranged from 12.5 to 18.5 cents.
In prolific region
Legend’s Rockford Project is in the highly prospective Fraser Range district of Western Australia, considered prospective for mineralisation styles including magmatic nickel-copper, VMS zinc-copper-silver and structurally controlled gold.
Rockford comprises 14 contiguous granted exploration licences covering a total area of 3,088 square kilometres to the northeast of IGO Ltd's (ASX:IGO) Nova operations
Assays of up to 24.7 metres at 1.35% nickel, 0.77% copper and 0.11% cobalt from 219.2 metres have recently confirmed visual observations of nickel-copper sulphide mineralisation at Mawson discovery within the Rockford Project.
Within the 24.7-metre intersection were 3.05 metres at 1.11% nickel, 0.81% copper, 0.09% cobalt and 0.19 g/t platinum from 219.2 metres and 8.2 metres at 1.83% nickel, 0.86% copper and 0.15% cobalt from 228.7 metres.
Another 2.85-metre intersection from 237.5 metres assayed 1.71% nickel, 1.23% copper and 0.14% cobalt
Managing director Mark Wilson said: “The key objective of the ongoing work at Mawson is to look for and find the primary source of this mineralisation.”
Diamond drilling ongoing
Diamond drilling of DHTEM targets generated from RKDD023, RKDD025 and RKDD026 is ongoing although the program has been disrupted by unforeseen weather and associated logistical issues.
The first proposed hole was to test the 6,000-15,000S conductor but did not intersect the conductor at the modelled depth.
Subsequent DHTEM in the hole has suggested the feature is below the bottom of the hole and geophysical advice is the hole be extended.
This is scheduled once the current hole testing the 25,000-70,000S conductor off hole from RKDD025 is completed.
Legend has also received assays from RC holes RKRC023 through RKRC027 over the Eastern Geochemical Anomaly with three of these returning anomalous nickel-copper-cobalt intercepts.
Results confirm drilling visual observations that primary mineralisation continues below the aircore drilling into the primary intrusive rock suite.
Geological, geochemical and geophysical datasets continue to be integrated on receiving data to design and target potential nickel-copper sulphide accumulations with diamond drilling.
Wilson said: “The anomalous RC assays returned from the three holes in the Eastern Geochemical Anomaly have added to the geochemical and geology datasets for this area.
“Ultimately, the assimilation of all these datasets will lead to diamond drill targets over this eastern area of Mawson.”