Legend Mining (ASX:LEG) has revealed it’s focusing on 4 electromag targets, possible nickel-copper systems, on-site its WA Magnus play.
The company is hopeful it can prove that mineralisation underground replicates that of Nova-Bollinger style.
While nickel prices have tanked, if the company can find meaningful copper systems, that could play to its benefit. Fastmarkets analysts expect the orange metal to hit fresh record highs before the end of 2024.
The on-site data collection process was a milestone in itself, given this is the first time the company’s launched such fieldwork. Four zones containing “multiple conductors” were logged in the maiden High-Power Fixed Loop Electro-Magnetics (HPFLTEM) survey.
At least one zone of interest sits on the outskirts of an already known target anomaly “outside and below existing drilling.” A second EM survey is underway at another prospect of interest called ‘Area Y.’
“These are some of the better results from EM surveying conducted by Legend at the Rockford Project,” Legend EC Mark Wilson said.
“The size, strength and interpreted geological setting of zone 3 in particular, makes this zone a promising drill target.”
Notably, the company will launch ahead with diamond drilling once it negotiates a deal with local Native Title groups which Legend pointed out won their claim in late November last year.
Wilson also highlighted the innovative ways the company has landed upon these new zones of interest.
“It is particularly pleasing from an R&D perspective, that these results demonstrate that the Legend team has been able to design a surface EM system which can identify conductive zones below 600m, which challenges conventional thinking.”
LEG last traded at 1.1cps.
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