Legend Mining Limited is an Australian exploration company listed on the Australian Securities Exchange (ASX:LEG). Legend's mission is to make value-adding mineral discoveries and utilise all available asset bases to maximise shareholder benefit.
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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.
Legend Mining Limited is an Australian based junior explorer focussing activities on nickel-copper sulphide exploration in the Fraser Range area of Western Australia. The key project is Rockford, located over the highly prospective Fraser Zone of the Albany-Fraser Orogen, some 300km east of Kalgoorlie, which the Company recently acquired a 70% stake in from the Creasy Group.
Legend Mining Limited (ASX: LEG, “Legend” or “the Company”) has recently acquired a 70% interest in the Rockford Project from the Creasy Group, located over the Fraser Zone of the Albany-Fraser Orogen in Western Australia, considered highly prospective for intrusive related Ni-Cu massive sulphide, as well as Tropicana-style gold mineralisation.
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Official website: http://legendmining.com.au/
ASX on Hotcooper: http://hotcopper.com.au/asx/LEG