(MENAFN- ProactiveInvestors)
() is gearing up to drill test its highly prospective Rockford Project located in the Fraser Range district of Western Australia.
A five hole 1400 metre reverse circulation drilling program will commence later in the month and will test five strong-moderate conductors identified by moving loop electromagnetic (MLEM) surveying at Areas D and F.
Four holes will be drilled at Area D and one at Area F and all approvals and clearances have been received.
Area D has a discrete 1.5km x 1km gravity high (4mgal) with an associated magnetic signature suggestive of a structural fold closure or intrusive feature.
Area F has an elongate ENE trending residual gravity high in the west and a more subtle gravity trend in the east.
In addition MLEM surveying has recommenced and will focus on Areas A North and A South.
These surveys will complete the scheduled 2015 MLEM program which was cut short by the Christmas break.
Mark Wilson managing director commented:
“Following the success of our 2015 MLEM surveys we are pleased to commence our first reverse circulation drilling campaign to test five quality conductors.
"These will be the first reverse circulation holes drilled in the entire Rockford Project area and will provide important geological information to compliment the magnetic and gravity datasets.”
The Rockford Project
Rockford covers 2939 square kilometres and comprises eight contiguous granted exploration licences.
A large portion of the project (2530 square kilometres) is the subject of a joint venture between Legend (70%) and Creasy Group (30%) with Legend operator and manager of the joint venture.
The project covers a strike length of 100 kilometres over a regional gravity high “ridge” associated with dense mafic/ultramafic intrusive rocks of the Fraser Zone within the larger Albany-Fraser Orogen.
The Nova-Bollinger deposit which lies within the Fraser Zone is situated on a similar tenor gravity ridge to that of the Rockford Project.
Analysis
With drilling set to get underway news flow will remain strong for Legend during March / April.
The company is well-funded with $6.2 million in cash at the end of 2015. In addition to this is investments of $2.4 million (market value 15 January) and a $3 million receivable due in December 2016.
Last month Legend also received a $93000 tax refund and based on current expenditures and budgets for the 2016 tax year the company expects to receive circa $500000 refund early in 2017.
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