Base Metals: Legend confirms ‘Nova-like’ nickel-copper discovery at Mawson
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In December, Legend Mining (ASX:LEG) made a ‘Nova-like’ nickel-copper discovery in WA’s Fraser Range and went on a massive +109 per cent run. Today, the Creasy-backed explorer confirms that it is onto something big at the Mawson prospect.
Nova — it’s a nice comparison to make.
In 2012, Sirius Resources reported a ‘discovery hole’ intersection of 4m at 3.8 per cent nickel and 1.42 per cent copper at the uppermost edge of a very large 1km-long, 300m-wide electromagnetic (EM) anomaly, “indicating potential for Nova to be a very massive nickel-copper deposit”.
Which it was. When Sirius was finally acquired by major miner Independence Group (ASX:IGO) in 2015, the former penny stock was valued at $4.38 per share, or $1.8 billion.
An investor’s dream.
Meanwhile, the ‘discovery hole’ at Legend’s Mawson’ prospect returned a 70.15m-long sulphide bearing interval grading 0.52 per cent nickel, 0.36 per cent copper, 0.03 per cent cobalt, just 88.2m from surface.
This intercept contains a 14.9m higher grade zone.
A subsequent structural report contains observations of several important characteristics of the mineralisation which are “remarkably similar” to those at the Nova-Bollinger deposit, Legend says.
Another important thing to note is that this hole was drilled across the mineralisation and not down dip – a good thing that means Legend is probably reporting true widths.
Legend managing director Mark Wilson says the assays and subsequent structural observations “have confirmed this hole to be a new discovery for Legend”.
“We are currently developing a 3D model of Mawson using the structural information from hole 007 and all other available data,” he says.
This model will be used to plan the next diamond drill hole program which is scheduled to commence later this first quarter of 2020.”
Legend was approached for additional comment.