In the 70% owned 2,939km2 Rockford Project, Legend has a quality tenement package, considered highly prospective for Nova-Bollinger style nickel-copper sulphide mineralisation. The Project is located over the Fraser Zone, the same tectonic package that hosts the 13.1Mt Nova-Bollinger Project which is located some 150km to the south-west. Project-wide early stage exploration carried out by the Creasy Group (the project vendors) has highlighted the prospectivity of the tenements. This previous work has also resulted in a comprehensive and high quality geophysical and geochemical database, which has allowed Legend to progress straight into advanced exploration, potentially saving $1.2 million and two to three years in early stage work. The Company is now undertaking electro-magnetic surveying over three key areas to define bedrock conductors for subsequent reverse circulation and/or diamond drilling. With an enterprise value of ~$7 million Legend is well leveraged to exploration success - this is a similar position that Sirius Resources was in when the Nova discovery was made in 2012. Nova and the subsequent Bollinger discovery took Sirius’ share price from $0.05 to a peak of $5.00. Being cashed up will allow Legend to carry out effective exploration, without activities being compromised by a restricted cash position. Given the above, and the quality personnel, we rate Legend as a SPECULATIVE BUY, with price movers being positive exploration results. Download the report for more information...
Legend Mining Limited October 2015 Report
Company
- Legend Mining LimitedASX: LEG