There's nothing quite like the hunt for magnetic conductors in the exploration business to get the nickel and copper bulls dusting off their cheque books – especially when your ground is only 120 km from the goliath Nova Bollinger nickel find. Legend Mining have split 2 conductors into 5 with new ground surveys and are now planning to drill test them this month.
The intrigue around Legend Mining's Fraser Range project is building as the company prepares to undertake two Down Hole Survey's in search of the source of two strong magnetic conductors. The company believes it may have just missed the conductors with its drill holes and the downhole survey is capable of detecting conductors up to 100m off hole.
Despite encountering drilling difficulties that resulted in the abandonment of two holes at their Rockford project in the Fraser Range, Legend Mining says it gained a valuable insight into the geology in the area. Legend says it is able to confirm the presence of “Fraser Zone” rocks highlighting the prospectively of Area D for Nickel and Copper mineralisation.
Ever since Sirius Resources poked a hole into a magnetic signature on a map and came up with the colossal Nova-Bollinger nickel resource, the market takes particular note when others do the same – especially when it is in the same area. Legend Mining shares have run by 50% over the last few weeks ahead of their drill program starting on February 22nd to test 5 identified conductors.
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 bedrock conductors at the company's Rockford project. The Nova-Bollinger discovery, which also lies within the Fraser Range is situated on a similar tenor gravity ridge and the two projects are only about 120km apart.
SPECIAL REPORT: For the second year running, the value of shares held by company directors in WA has fallen sharply, though some operators defied the trend.
West Perth-based explorer Legend Mining will buy a large block of land in the Fraser Range and form an exploration joint venture with the highly successful prospector Mark Creasy.
Perth-based Legend Mining has entered an agreement for the $17.5 million sale of its 90 per cent share in the Ngovayang iron ore project, in the Republic of Cameroon to Indian company Jindal Steel and Power.
West Perth-based mineral explorer Legend Mining Ltd has completed the divestment of its Gidgee Gold Project to West Perth-based Apex Minerals NL, after receiving 34 million Apex shares as per the agreement.
West Perth-based Legend Mining Ltd has signed a joint venture agreement with Sydney-based Gateway Mining Ltd, allowing it to explore a greater area around its wholly-owned nickel-copper-platinum group-rich Gum Creek project.
West Perth-based mineral explorer Legend Mining Ltd will allow Oxiana subsidiary Oxiana Exploration Pty Ltd to earn a 75 per cent interest in its Mt Gibson zinc copper and gold project under a joint venture announced today.
West Perth-based mineral explorer Legend Mining Ltd subsidiary Armada Mining Ltd has signed a joint venture agreement with Leederville-based mining company Fox Resources Ltd to work on base metal projects in the Pilbara.
West Perth-based mineral explorer Legend Mining Ltd will raise $5 million in a placement through Bell Potter Securities Ltd and Findlay & Co Stockbrokers Ltd, using the funds to continue its exploration programs.
West Perth-based Legend Mining Ltd has raised $11.12 million in new capital to fund exploration drilling programs at its Mt Gibson and Gidgee projects.
