ASX-listed Legend Mining has benefited from a financial windfall after the company received a refund from the Australian Taxation Office to the tune of $2.93 million including a research and development claim.
The early Christmas bonus will be more than enough to cover the cost of a recent 3D seismic survey of its Octagonal prospect that forms part of its greater Rockford project in the Fraser Range.
The survey cost the company more than $1 million and is based on results from drilling seismic targets at its Mawson prospect.
The company recently engaged hard rock seismic solutions company HiSeis to define the structure of the Octagonal intrusive complex at Rockford to a minimum depth of 1500m below the surface where it is targeting nickel-copper mineralisation.
The greater Rockford project covers more than 3000 square kilometres of tenure within the celebrated Fraser Range, about 250km east of Kalgoorlie.
The company recently recorded massive nickel sulphides from a diamond drill campaign based on targets identified from a detailed 3D seismic survey covering a 6.5 square kilometre area of the Mawson prospect.
The explorer recently completed a total of 161 air-core holes across more than 13,000m as part of an overall 30,000m campaign over selected sites at Rockford.
The drilling was targeting a combination of aeromagnetic and gravity features interpreted to represent ultramafic and mafic intrusives within the same structural domain as Mawson. First-pass assay results across a section of the Mawson prospect produced a positive 12m intercept at 0.1 per cent nickel and 0.09 per cent copper from 58m that the company says is encouraging for future diamond drilling.
Legend says mineralisation at Octagonal shows all the characteristics of a fertile magmatic nickel-copper sulphide system similar to the Nova-Bollinger and Silver Knight deposits in the Albany-Fraser Belt. Octagonal sits within the same structural corridor that host the Nova and Silver Knight intrusions and nickel-copper-cobalt deposits.
The prospectivity of the region was highlighted nearly a decade ago following Sirius Resources’ Nova-Bollinger nickel, copper and platinum discovery about 120km away. A 14.3 million tonne resource going 2.3 per cent nickel and 0.9 per cent copper has subsequently been defined at the now producing Nova-Bollinger mine that is now operated by mining giant IGO Limited.
A maiden diamond drilling program by Legend at the Octagonal prospect last year hit a broad zone of blebby and semi-massive nickel-copper sulphides.
The final 3D model from the latest seismic survey at Octagonal are expected to be completed in the new year.
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