Legend Mining have expanded their ground in the highly prospective Fraser Range with the acquisition of two tenements from Musgrave Minerals in a share-only deal.
The new tenements cover almost 240 square kilometres and abut ground already held by Legend as part of its Rockford project. The acquisition boosts Legend’s total tenement holding to almost 2,800 square kilometres, comprising nine exploration licenses and three exploration license applications.
Legend have preserved their impressive cash balance at 31 December 2016 of $6.7m by negotiating an all-share deal with Musgrave Minerals. A 100% interest in exploration licenses E28/2404 and E28/2405 will be obtained in return for the issue of 10m shares and 10m unlisted options, exercisable at $0.04 each by 30 March 2021.
The purchase includes a data package of detailed aeromagnetic, gravity and ground electromagnetic survey data, along with data from aircore and RC drilling.
Legend, who are exploring Rockford in a 70/30 joint venture with the high profile Creasy group, have already identified nickel-copper targets in the new tenements and will soon begin exploration as part of the larger Rockford project. Follow up work will include regional, high-powered electromagnetic surveys and aircore drilling.
Legend’s Managing Director, Mark Wilson, said “This transaction complements our existing project as both tenements are contiguous with other Rockford tenements. It increases the project exposure to the western stratigraphy of the Fraser Zone and a quality dataset came with the acquisition. We welcome Musgrave to our register.”
Exploration work to date at Rockford has provided plenty of encouragement. A regional aircore drilling program in the December quarter found favourable host rocks for nickel-copper mineralisation in seven out of eight traverses around the Rockford project area.
Petrology results from 22 bottom-of-hole samples are due within weeks.
Regional electromagnetic surveying is continuing with high-tech MLTEM technology, while a 5,400-station gravity survey over the southern part of the Rockford project began in January. This data will be used in conjunction with aero-magnetics to assist with target selection for the next phase of aircore drilling.
