Legend snaps up bargain Leonora gold project in WA

Legend Mining has snapped up a 100 per cent interest in the Pinnacle Well gold and base metals project near Leonora for a mere $50,000 cash. 

The company says its underexplored gem in the northern Goldfields, 25 kilometres north-northeast of Leonora, marks Legend’s first foray beyond its nickel-copper stronghold in the Fraser Range and signals a strategic gallop into the booming gold space.

Pinnacle Well spans 110 square kilometres of prospective gold and base metals tenure, which has seen little action for more than a decade and no drilling since 2003. 

The project sits among a mix of andesite and mafic/felsic volcanics hinting at its potential to host gold and base metals in the booming Leonora region, which hosts several operating gold mines such as Gwalia, Tarmoola and King of the Hills.

The acquisition gives Legend a low-cost entry into the district. With minimal exploration in recent years, Pinnacle Well offers a fresh canvas for Legend to apply modern techniques - from reprocessing aeromagnetic data to infill soil sampling - to unlock its gold and base metal potential.

Legend Mining executive chairman Mark Wilson said: “This acquisition is the first step in expanding Legend’s project portfolio beyond the Fraser Range. The Pinnacle Well project offers Legend an entry point into the well mineralised Leonora district and specifically an exposure to gold.”

The company’s reconnaissance programs will initially focus on large northwest-southeast-trending structures and evidence of hydrothermal activity at the prospect.

It says recent soil sampling near the syenogranite-volcanic contact has revealed extensive quartz veining, peppered with prospector gold nugget patches and gossan outcrops – all classic signs of Archaean greenstone belt mineralisation. 

Pinnacle lies immediately adjacent to the Linger and Die gold mine, which features intrusive-related and vein-hosted gold, as well as volcanogenic massive sulphide-style zinc-copper-lead-silver deposits akin to its regional neighbours.

Legend has launched boots-on-the-ground works to validate historical data. It will reprocess regional aeromagnetic, radiometric and gravity datasets while conducting infill soil sampling to define multi-element anomalies. 

The company says its reprocessed data will feed into a robust target generation program ahead of future drilling campaigns to properly test the project. 

The acquisition terms are a steal at just $50,000 upfront, with a 1.5 per cent gross royalty to the private vendors on future production. The deal is set to close in July and gives Legend a low-risk foothold in a proven mineral province, outside its Fraser Range musings, which have been its core focus for nearly 10 years.

While Pinnacle Well marks an exciting new chapter, Legend remains firmly saddled to its flagship Rockford project in the Fraser Range, where it continues to chase Nova-Bollinger-style nickel-copper sulphide deposits. 

Recent high-power electromagnetic surveys at the Octagonal and Magnus prospects have identified deep conductive targets. The company has diamond drilling plans on the horizon, pending heritage clearances. 

Bolstered by its strong cash position, Legend has now diversified its portfolio with Pinnacle as it looks to uncork both its Leonora and Fraser Range provinces. 

Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au