Australia

Legend Mining will see continued upward trajectory with further drilling success: Euroz

Legend Mining Limited (ASX:LEG) recently intersected a further 13.5 metres of massive nickel-copper sulphides in another diamond drill hole at Mawson prospect of the Rockford Project in WAs Fraser Range.

Hole RKDD013 returned 12 metres from 239.2 metres downhole and another 1.5 metres from 257.5 metres.

Euroz analyst Jon Bishop has maintained his Speculative Buy recommendation for Legend with a 30 cents per share price target (current share price: 16 cents, up 14% today).

The following is an extract from Eurozs Quick Comment on Legend dated May 4, 2020:

Key Points

  • A 13.5m zone of massive Nickel-Copper sulphides within a broader 21.6m zone has been encountered at RKDD013;
  • The hole is 20m south of the RKDD008 (5 zones of semi massive and massive Ni-Cu-Co & precious metals – assays reported 21/04/20);
  • Notably the mineralisation has occurred within an interpreted mafic intrusive unit (previous mineralisation encountered occurs within metasediments);
  • A 12m interval of massive Ni-Cu sulphides was encountered from 239.2m downhole and a second 1.5m section from 259m:
  • The intercepts visually compare with the recently released assays (dd 21/04/20) that graded +2.5%Ni; +1.3% Cu; +0.14% Co; plus Au, Pt, Pd;
  • The core is being prepared and sent for assay. Timing of assays on that basis will be late-May;
  • RKDD012 – drilled 20m to the north – encountered 42.7m of disseminated Ni-Cu sulphides from 103.2m downhole (consistent with the shallow zone in RKDD007);

FORWARD PROGRAMME

  • DHTEM at RKDD013 to identify, size and position off and in-hole conductors to locate future drill holes;
  • The diamond rig will move to the RKDD014 location to drill the next hole;
  • Review of structural and geological data from RKDD012 to better orient future holes to define the deeper massive sulphide units encountered in RKDD007;
  • Air-core will continue to infill the c.200x300m geochem anomaly that has given rise to the Mawson discovery and explore a large magnetic feature due east of the Mawson location.
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