Legend narrows hunt for elusive nickel-copper monster
Legend Mining believes it is getting closer to unearthing a “Nova-style” nickel-copper deposit after finding encouraging signs in its latest diamond drillhole at its Octagonal prospect within Western Australia’s rugged Fraser Range.
Management says it identified visual sulphides at regular intervals between 848m and 1661m in the hole which ran to a depth of 1700m. Octagonal, named after the champion Australian racehorse who won the 1995 Cox Plate, sits within the same structural corridor as IGO’s legendary Nova-Bollinger nickel-copper-cobalt mine.
The deposit holds 11.8 million tonnes averaging 1.76 per cent nickel, 0.71 percent copper and 0.06 per cent cobalt.
After wrapping up drilling at the latest hole, Legend says its confidence is growing behind its modelling that suggests it is homing in on a deposit of significance. The explorer has now wheeled over the drill rig about 800m to the west of the latest hole to start work on a fifth hole of the campaign, where it plans to plunge to a depth of up to 1500m.
A downhole transient electromagnetic survey is now also underway at the fourth hole.
Legend Mining executive chairman Mark Wilson said: “Diamond hole 4 has intersected the right mineralised intrusive rocks and favourable host stratigraphy, both being marker characteristics for a Nova style nickel-copper orebody. Importantly, in this hole, there is an excellent correlation between the seismic data and geology, and our technical team believe this hole will transpire to be the most informative drill hole at Octagonal to date. It has certainly given us confidence that the seismic/AMT target in hole 5 could be the accumulation of nickel-copper sulphide we are seeking.”
Octagonal is one of a swag of priority prospects at Legend’s flagship Rockford project, which covers more than 3000 square kilometres within the celebrated Fraser Range, about 250km east of Kalgoorlie. The company believes the mineralisation identified at the prospect so far demonstrates all the characteristics of a fertile magmatic nickel-copper sulphide system.
In February, it tabled a maiden nickel-copper-cobalt mineral resource at its Mawson deposit at the project, clocking in at 1.45 million tonnes at 1.14 per cent nickel, 0.74 per cent copper and 0.07 per cent cobalt for 16,500 tonnes of nickel, 10,600 tonnes of copper and 1100 tonnes of cobalt.
Nickel is currently in short supply on the back of demand for the electric batteries of which is it a critical component. The metal is used in the cathodes of high-performance electric car batteries to boost capacity and cut weight.
The International Energy Agency predicts that, if it is to meet its decarbonisation goals, the world will need to be producing 48 million tonnes every year by 2040 – about 19 times more than it manages today. That adds up to between 300 million and 400 million tonnes of metal between now and then.
With Legend beavering away to turn up more nickel and copper in WA, those with an interest in how the globe powers its green-energy transition will be keeping a close eye on the numbers.
Octagonal, the horse was known by the nickname, “The Big O”. It is a fair bet Legend will be letting go with more than just a few big “Ohhhhs” if it proves up its mineral prediction.
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