Legend strategy pays off with conductor hits
Legend Mining’s strategy to identify another Nova-Bollinger style nickel deposit in the Fraser Range has passed its first hurdle with the discovery of multiple conductors at the company’s Rockford project.
The Nova-Bollinger deposit, which lies within the Fraser Range is situated on a similar tenor gravity ridge to that of Legend’s Rockford Project. The two projects are only about 120km apart at their extremities.
The company says that a recent moving loop electromagnetic survey has identified three relatively shallow bedrock conductors with very high conductivities of between 9000S and 17 000S at a prospect known as “Area D”.
Mr Wilson said, “It is very satisfying to have identified these conductors using new and innovative EM techniques. We have only been on the ground at Rockford for 11 weeks and it is still early days. Our first half 2016 field work will now include RC drill testing of these conductors along with regional aircore and further EM work, details of which will be released, once final assessment of the 2015 field work is completed early in the new year.”
A total of five bedrock conductors, three of which exhibited very high conductivities, were identified in the recent program that involved 11 high powered MLEM lines spaced 150/300m apart.
Legend are now planning to commence a 10 000 meter air core drilling program in March and with nearly $10m in cash and liquid assets, they are one of the few juniors out there right now that can actually afford to prove up their project.
The Rockford project was vended into Legend Mining by legendary deal maker and identifier of large mining projects, Mark Creasy.
In a sign that he wants to keep some upside exposure to the project, Creasy accepted a swag of shares and options in Legend Mining for it in addition to some cash.