The Share Price Of LEG Zooms Up By 6.667% After The Drilling Result Announcement

  • Dec 05, 2018 AEDT
  • Team Kalkine
The Share Price Of LEG Zooms Up By 6.667% After The Drilling Result Announcement

On 5 December 2018, an announcement was made by Legend Mining Limited (ASX: LEG) where the result of the final batch of samples from regional aircore drilling program was highlighted. From the Fraser Range of Western Australia, the result of the batch sample has shown a positive result.

In the mafic/ultramafic rocks, at hole RKAC520, there is a new scope for Nova style nickel-copper mineralization based on the nickel values obtained and it resembles Area D. The copper-zinc and silver derived is above the S1 conductor.  

From hole RKAC505, the copper-zinc-silver which is linked to EM conductor have given results which is much above the standard results. At drill hole RKAC520, by drilling 11 meters, the result obtained was 0.42% of Nickel, 0.01% copper and 0.03% cobalt. At drill hole RKAC505, by drilling 9 meters, the result obtained was 0.09% Copper and 0.06% zinc. Further, 1.47 g/t od silver was obtained by drilling 88m to end of the hole.

The company has maintained a positive performance since its inception. The performance since its inception remains 325.68%. The past ten years performance of the company is 350%. In the five years duration of the company, the performance of the company is 257.95%. The company performance since last year was 93.55%. However, since the past six months, a negative performance of the company is reported.

For the half year ended 30 June 2018, the company incurred a net loss of $568,326. The balance sheet of the company appears to be strong. The company holds a total asset of $14,203,537 and the total liabilities of $422,109 which implies that the company maintains a strong position where it can manage its long-term obligation. The company holds a total current asset of $4,605,646 and a total current liability of $330,101 which indicates that the company is capable of meeting its short-term obligations as well as net working capital. The total shareholder’s equity is worth $13,781,428.

The net cash outflow from the operating activities of the company is $533,841. Here, the main source of cash outflow is due to payment made to suppliers and employees. The net cash inflow from the investing activities of the company is $456,711. Here, the main source of cash outflow was due to the payment made for the exploration and evaluation. By the end of half year, the net cash available with the company is $4,392,834.

By the end of the trading day 05 December 2018, there was an increase in the market price by 6.667% which is equivalent to 0.002 points and traded at $0.032 where the stock holds a market capitalization of A$61.33 million.


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