Cashed up Legend Mining seals the deal at Frazer Range and kicks off ground EM survey. Mark Creasy banks 71.5m Legend shares and 150m options.
They say lightning never strikes the same place twice but in the case of world class nickel discoveries, it’s not all that unusual for them to occur in clusters.
Some good examples are the Sudbury, Thompson, Raglan and Norilsk deposits to name just a few.
The burning question on everybody’s lips since Mark Creasy and Sirius Resources discovered the spectacular Nova nickel deposit in the Fraser Range, is could this be another cluster discovery ?
The 13mt Nova discovery grading 2.1% nickel and 0.9% copper sparked a modern day land grab by junior explorers hell bent on bragging rights to properties in the newly minted best neighbourhood in town.
The last man standing with the biggest block on the best street was Perth based Legend Mining.
This week they sealed a deal with legendary deal maker Mark Creasy to acquire 70% of his “Rockford Project”.
The Rockford project boasts nearly 3000 square kilometres of highly prospective ground just 120km from Sirius’ colossal Nova project.
Creasy retains a 30% free carried interest up until the signing of a mining venture agreement and this week he was allocated 71.5m Legend shares and 150m options exercisable at 4c a share – 4 times Legend’s current share price.
Creasy was also paid $2.5m cash by Legend who are the envy of their junior explorer peer group with up to $15m in cash and liquid assets.
As part of the deal, the avid explorer Creasy has supplied Legend with box loads of exploration data for the project and the company has now identified three key target areas.
The Fraser Range express is about to start gathering speed too as Legend Mining this week kicked of an electromagnetic survey at the Rockford project which is where it all began for Sirius.