Base Metals: Legend shares fly on Fraser Range nickel-copper discovery
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Tipsters should be giving themselves a pat on the back today after Legend Mining (ASX:LEG) confirmed the widely held belief that it had made a nickel-copper discovery at the Mawson, formerly Area D, prospect at its Rockford project in Western Australia’s Fraser Range.
Legend, which counts renowned prospector Mark Creasy as a major shareholder, was tipped to have made a Nova-style nickel-copper discovery after it went into a trading halt back on November 28, and then suspension on December 2.
This looks to have been on the money with managing director Mark Wilson telling Stockhead that while the stratigraphic package of rocks at Mawson was different from other known Fraser Range massive sulphide discoveries, the higher grade mineralisation and the rock that it was in were similar to those at Nova.
Legend noted that the intersection of massive, semi-massive and net-textured nickel-copper sulphides at Mawson represented the first occurrence of such sulphides outside of the “Western Stratigraphic trend”, which hosts the Nova, Silver Knight and Octagonal discoveries.
The company’s third hole at Mawson returned a 2.1m intersection grading 2.03 per cent nickel, 1.34 percent copper and 0.11 per cent cobalt from a depth of 115.5m within a 14.9m sulphide zone at 1.07 per cent nickel, 0.75 per cent copper and 0.06 per cent cobalt from 114m.
This zone in turn occurs within a larger 70.15m disseminated sulphide halo from a depth of 76m. Assays are pending for about 40m of this halo.
“This discovery hole at Mawson is an outstanding exploration success and a watershed moment for all Legend stakeholders and indeed all of the Fraser Range,” Wilson said.
“The 2.1m high-grade intercept within a 14.9m sulphide zone is within a 70m disseminated sulphide halo and has all the hallmarks of a large mineralised system.”
He added that Legend holds a dominant land position over the Eastern Stratigraphic package that hosts the Mawson prospect.
Shares in Legend rocketed more than 114 per cent this morning on the news to 9c.
Meanwhile, Canada-focused Odin Metals (ASX:ODM) looks set to exit 2019 with a bang with the latest results from its recently completed maiden drilling program highlighting continuity of the high-grade zinc core at the Abitibi Zone within its Sturgeon Lake project in Ontario.
The two holes returned 3.75m at 27.2 per cent zinc, 0.4 per cent copper, 1.9 per cent lead and 442 grams per tonne (g/t) silver from a depth of 412.1m and 3.3m at 18 per cent zinc, 0.3 per cent copper and 2.1 per cent lead within a broader 29m zone grading 5.4 per cent zinc from 389.5m.
Both holes also intersected mineralisation in the deeper Upper Zone, where the first hole in the program returned a high-grade hit of 3m at 26.9 per cent zinc and 257g/t silver, at the top of a broader intersection of 8.5m at 12 per cent zinc and 99g/t silver from 485.5m.
Results are pending for a further three holes and the Abitibi Zone remains open at depth and to surface.
Odin has also identified a new and previously unrecognised prospective volcanogenic massive sulphide trend at the Bell Lake West prospect, which includes outcrops with visible sulphides such as chalcopyrite (copper).
Cygnus Gold (ASX:CY5) has kicked off its first drill program to test the nickel potential of its Bencubbin North project in Western Australia. The 4,000m program of up to 80 aircore holes is expected to take up to three weeks to complete and is co-funded by the WA government’s Exploration Incentive Scheme.
Also in WA, Cassini Resources (ASX:CZI) has mobilised a rig to carry out its first-ever diamond drilling testing of new electromagnetic conductors at the Yarawindah Brook project near New Norcia. No drilling has been conducted at the project, which is prospective for nickel and copper, since 2007.