Legend Mining launches nickel quest at Fraser Range Rockford Project
Thursday, September 24, 2015 by Proactive Investors
proactiveinvestors.com.au
Legend Mining ( ASX:LEG) has commenced a moving loop electromagnetic (MLEM) survey over selected targets at its Rockford Project in the highly prospective Fraser Range district of Western Australia.
This week Legend completed the acquisition of the project from the Creasy Group, and has paid all funds and issued the consideration shares and options as approved at the recent general meeting.
The survey at Rockford is targeting features identified from detailed aeromagnetic and gravity datasets, along with input from previous aircore drilling, which identified favourable nickel host rocks.
Mark Wilson, managing director, commented: “The Legend team are pleased to get onto the ground at our new Rockford Project.
"This first activity consists of ground EM to interrogate interpreted intrusive rocks for conductors which in turn will generate reverse circulation/diamond drill targets.
"With our enviable cash position we will continue to design and carry out aggressively responsible exploration programs."
About the acquisition
Legend recently entered into a transaction with the Creasy Group to acquire an extensive 2530 square kilometre tenement package.
The deal transitions Legend as one of the most dominant players in the Fraser Range.
Consideration for the deal for Legend to acquire 70% interest in tenements (E28/2188-2192, E28/1718 and E28/1727) includes:
- $2.5 million cash payment;
- 71.5 million Legend shares at deemed price of $0.007 ($500,500); and
- 150 million five year Legend options exercisable at $0.04.
Legend will sole fund exploration and free carry Creasy Group’s 30% interest through to the signing of Mining Venture Agreements.
Rockford: Technical Discussion
As part of the Rockford transaction, Legend received an extensive exploration data package from the Creasy Group including:
- Project wide high resolution aeromagnetic data at 50m line spacing;
- Detailed gravity data over an 800m/400m x 100m grid, comprising 35,600 stations;
- Aircore drilling with multi-element analysis of bottom-of-hole samples;
- Detailed petrological descriptions of bottom-of-hole aircore samples; and
- Project wide soil and calcrete geochemical sampling over an 800m x 400m grid.
Legend said that these high quality datasets have proven extremely valuable (and will continue to be so) in the identification of the first areas for follow up exploration.
The selection of areas initially involved the interpretation of these individual datasets, then their full integration to assist in the ranking and prioritisation process.
The selection has comprised:
- Aeromagnetic data interpretation to provide a regional structural framework;
- Assessment of geological information from aircore drilling;
- Petrological descriptions of bottom-of-hole aircore samples to identify favourable nickel host rocks;
- 3D aeromagnetic inversion modelling to assist in identifying intrusive bodies;
- 3D gravity inversion modelling to assist in identifying intrusive bodies;
- Assessment of the surface geochemical data; and
- Field reconnaissance.
The exercise has identified three priority areas (A, B & C), which will be followed up with high power MLEM surveys.
Area A
Area A contains two discrete magnetic lows (remanently magnetised features) in the south and a large composite feature with low magnetic response in the north.
Previous aircore drilling over these features has demonstrated a close relationship between magnetic “lows” and intrusive mafic/ultramafic bodies.
Bottom-of-hole petrology samples identified a range of cumulate textured rocks including; gabbro, norite and gabbronorite, which are considered favourable nickel host rocks.
The MLEM survey is designed to test these magnetic lows and associated intrusives.
Area B
Area B contains two features with low magnetic responses (again remanently magnetised) located within a region of structural complexity.
These magnetic “lows”, are associated with broad gravity highs and may represent mafic/ultramafic intrusive bodies, as defined in Area A. The MLEM survey will test the two magnetic lows.
Area C
Area C contains a 10km long intense magnetic feature with associated moderate gravity response.
The feature coincides with the hinge zone of a tightly folded sequence, which is bounded by two major regional SW-NE trending structures.
The proposed MLEM survey will test both the high and low portion of the magnetic feature. |
