Just a week after closing a significant $20 million capital raise on the back of a recent 30 m massive sulphide drill intercept at its Mawson nickel-copper prospect, ASX-listed Legend Mining has again extended the prospective footprint at Mawson using gravity and aircore geochemistry data. Legend has now scheduled an RC drilling campaign to test the new gravity and geochem anomalies.
The company has been methodically closing in on the source of its already significant nickel/copper/cobalt hits at Mawson with punters running its market cap up to over $350 million as shades of Sirius Resources’ game-changing Nova-Bollinger nickel-copper discovery in the area start to emerge.
Importantly, the recent placement was “corner-stoned” by Legend’s two largest shareholders, revered “prospector” Mark Creasy and IGO Limited, the owner of Nova-Bollinger. Legend said it will have $27 million in the bank on completion of the placement, giving it an envious armoury to complete the job.
Legend Mining Managing Director, Mr Mark Wilson said recently: “The recent success we have had at Mawson has resulted in an increased expenditure over and above our current budget. This raising will enable that level of activity to continue at pace.”
Legend has wasted no time moving to firm up the full extent of the Mawson target by completing the interpretation of its recent gravity survey which it has now integrated with its recent aircore geochemical drill results.
The company said it now has three gravity anomalies that form an arcuate, 3km long feature and are aligned with the nickel-copper aircore geochem anomalies and the sulphide mineralisation seen in diamond drill holes at Mawson creating almost the perfect drill target.
Mr Wilson added: “The size, strength and location of these gravity highs between the two geochem anomalies makes this a very exciting feature of the Mawson story. The footprint that has now been interpreted, demonstrates the current extent of the large mineralised Mawson system. We have scheduled an RC drill programme to commence as soon as possible, which is designed to provide the geology to help identify the source of the massive sulphide mineralisation which we have already discovered.”
One of the most notable recent drill results at Mawson returned “ore grade” assays of: 12.0m at 2.36% nickel, 1.36% copper and 0.12% cobalt from 239.2m and 1.5m at 2.33% nickel, 3.76% copper and 0.12% cobalt from 257.5m.
The core of the project’s footprint now appears to cover an area of around two square kilometres with initial deep drill results only available on one side of it.
As good as Legend’s recent numbers are, Managing Director Mark Wilson believes he is only on the outskirts of the source of the mineralisation, albeit he has his sleeves rolled up now and saddle bags of cash to throw at the rotary diviner as he applies a 5-stage lock down to the elusive source of the mineralisation.
Is your ASX listed company doing something interesting ? Contact : matt.birney@businessnews.com.au
By Matt Birney
