Legend Mining has reached for some innovative exploration techniques at its Rockford nickel-copper project in WA’s Fraser Range, earning it a windfall $1.77 million research and development (R&D) cash refund from the Australian Taxation Office.
It says the R&D refund offers federal government support for its high-power fixed loop electromagnetic (EM) equipment, which has pushed the boundaries of traditional electromagnetics by identifying targets at depths below 600 metres and up to 1000m. This is a significant leap from the 250m depth limit of traditional methods.
The funding injection strengthens Legend’s cash position, which stood at $11.2m as of the end of last year. Having banked the refund, the company’s current reserves surged to about $13m, providing it with ample capital to pursue its ambitious exploration plans.
Management says the new EM equipment, when paired with deep-penetrating seismic surveys, offers an advanced approach to pinpointing prospective sulphide-rich conductors in the auspicious Fraser Range, in WA’s Goldfields region.
The high-powered EM has already delivered promising results at Legend’s Octagonal nickel-copper prospect, which is part of its expansive Rockford project where six new complex conductors were identified in 2024. The findings suggest the presence of nickel-copper sulphide mineralisation extending eastward from the main Octagonal intrusive complex.
Previous drilling campaigns have already identified nickel-copper sulphides within ultramafic sills, strengthening confidence in the site’s potential to mirror the legendary Nova-Bollinger deposit, the crowning jewel of the Fraser Range.
The Nova-Bollinger deposit, owned by ASX-listed mining giant IGO, was found in 2012 and possesses an impressive 11 million tonnes at 1.52 per cent nickel and 0.615 per cent copper.
Legend’s latest efforts at its Magnus prospect - another of many areas within the Rockford project - further highlight the potential of the breakthrough technology. The maiden survey at Magnus revealed promising targets that align with the characteristics of mafic host rock intrusion for Nova-Bollinger-style nickel-copper sulphide deposit, management says.
Legend’s surveys are expected to produce precise drill targets for its next flurry of diamond drilling, which is expected shortly after the company receives some anticipated heritage surveys and reprocessed seismic data.
The company says its layered data approach deepens the geological understanding of its intrusive complexes and reinforces the potential for large sulphide accumulations at depth.
With a robust cash position and a data-driven strategy, Legend appears to be galloping ahead in the race to discover the next Nova-Bollinger. Could 2025 be the defining year for Legend in WA’s frustratingly uncorked Fraser Range elephant country?
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
By Andrew Todd
