Legend Mining (ASX:LEG) closes 31% strong on ASX today. Here’s why

Highlights

  • Legend Mining completes the data acquisition phase of the 3D seismic survey over a 6.5km square area at the Mawson prospect.
  • The Company expects quality drill targets for diamond drilling in 2022 to be the outcome of this survey.
  • Post this announcement, LEG closed 31.250% higher at AU$0.084 per share on ASX.

ASX-listed Australia-based exploration company Legend Mining Limited (ASX:LEG) announced completion of the data acquisition phase of the 3D seismic survey over a 6.5km square area at the Mawson prospect,  part of the Rockford Project in Western Australia.

HiSeis field teams carried out the data collection over the past six weeks with Barry Bourne from Terra Resources as a consultant. 

Pleased with the completion of the data collection phase, the Company revealed that HiSeis expects to deliver the survey's final results by February 2022. Today, backed by this announcement, the stock LEG closed 31.250% higher at AU$0.084 per share on ASX. 

The Company stated that the survey's final results would clarify structural interpretations within the current drilling envelope. According to today's announcement, Legend expects quality drill targets for diamond drilling in 2022 to be the outcome of this survey.

According to the Company, the survey is intended to describe the architecture of the Mawson intrusion related to the stratigraphic package to a depth of a minimum of 1000m below the surface. Besides, a comprehensive study on the western side of the survey area will be conducted to detect Ni-Cu-Co sulphide accumulations at the Mawson discovery zone.

Field activities have now been completed for the 2021 field season, while assay results from diamond and aircore drilling across Mawson are expected by February 2022.

Read More: Why is mining firm Ardea (ASX:ARL) winning investors’ attention

Bottom Line:

The 6.5km square survey consisted of 6,000 vibe truck soundings, with the seismic response to each sound being recorded by geophone receivers at 8,300 points across the survey area. The survey's final results will provide further clarity on structural interpretations within the current drilling envelope, including the massive sulphide and associated mineralisation at the Mawson discovery zone.

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