Legend kicks off 5000m drill program at Fraser Range

By Matt Birney

07/11/2017 - 05:52

Bulls N' Bears Announcements

Legend Mining's Rockford project is gathering investor interest with the company's stock jumping by 55% in the past month. Nickel's growing recognition as a key part of the electric vehicle boom, coupled with Legend's blue chip address, just down the road from the revered Nova-Bollinger deposit, is putting legend onto the radars of investors. The company has just kicked off a 5000m drill program.

Legend Mining’s Rockford exploration project in the Fraser Range moved into a new phase at the weekend with the start of a 65-hole aircore drilling program in Area D.

Legend and their 30% JV partner, the Creasy group, have switched their focus back to Area D following a full review of the petrology of results from diamond drilling in the area in July last year.

The review identified that a drill core sample from 628.8 contained disseminated iron, copper and nickel sulphides of magmatic origin, along with the right textures and host rocks for a potential Nova-Bollinger style discovery.

Previous exploration at Area D involved extensive use of Legend’s innovative moving and fixed loop electromagnetic surveys, which have proven their ability to see up to 600 metres below the surface.

EM surveys identified eight conductors in total.

The new aircore drilling program will expand the drill tested area to 7km x 5km and focus on several aeromagnetic lows and highs, as well as the flanks of a gravity high.

The aircore drilling program will comprise of 65 holes for a total of about 5,000 metres, or an average depth of about 80 metres. The program is expected to take 3 to 4 weeks, with assay results about 4 weeks later.

In a statement to the ASX, Legend reported the drilling program would provide valuable information about the regolith and the geochemical signature of the basement. The results will be used to prioritise areas for the next phase of high-powered EM surveys.

Legend offers investors a highly leveraged exposure to nickel, which has swung back into favour with the global boom in electric vehicles. The market has responded too, lifting Legend’s share price by 55% in the past month.