Legend Mining's September 2024 Quarterly Report: Field Activities Resume at Rockford
LEG (LEG) Share Update October 2024 Monday 21st
Legend Mining Resumes Field Activities After Weather Delays
Legend Mining Limited (ASX: LEG) has announced the resumption of field activities at its Rockford Project in Western Australia, following significant weather-related delays earlier in the year.
Instant Summary:
- Cash reserves of $12M as of 30 September 2024.
- Field activities resumed at Rockford in July 2024.
- Completion of HPFLTEM surveys at Octagonal and Magnus.
- Ongoing tenement rationalization at Rockford.
- Native Title Landholders' visit postponed to March 2025.
Overview of Activities
Legend Mining's September 2024 Quarter was marked by the resumption of field activities at the Rockford Project, situated in the Fraser Range district of Western Australia. This follows unprecedented rainfall and road closures that hampered operations during the previous quarter.
The company successfully completed the extension of the High-Power Fixed Loop Electro-Magnetics (HPFLTEM) survey at the Octagonal prospect. This survey identified six new complex conductors, suggesting potential nickel-copper sulphide mineralization extending to the eastern side of the Octagonal Intrusive contact.
Project Developments
In addition to the Octagonal survey, Legend completed an HPFLTEM survey at the Magnus prospect. The results, released in October 2024, indicate promising prospects for nickel-copper sulphide deposits, similar to the Nova-Bollinger style.
Despite delays, the company has made progress in tenement rationalization, reducing its management area from 1,597 km² to 1,087 km², thereby lowering project expenditure commitments.
Challenges and Future Plans
Weather-related access issues have delayed a planned visit by Native Title Landholders to the Mawson site, now rescheduled for March 2025. This visit is crucial for advancing Land Access Agreements, a prerequisite for heritage clearances necessary for drilling activities.
Looking forward, Legend plans to integrate the new HPFLTEM data with seismic reprocessing at Octagonal, conduct further surveys at Area Y, and continue prospectivity analysis to identify new targets.
The resumption of field activities is a positive development for Legend Mining, potentially leading to significant discoveries at the Rockford Project. However, the ongoing challenges with weather and access could impact timelines and investor sentiment. The company's cash reserves provide a buffer, but strategic management of resources and communication with stakeholders will be key to maintaining confidence.
Investor Reaction:
Analysts are likely to view the resumption of activities as a positive step, though cautious optimism may prevail given the weather-related challenges. The identification of new conductors at Octagonal could boost interest in Legend's exploration potential.
Conclusion:
Investors should keep an eye on Legend Mining's progress at Rockford, particularly the integration of new data and the outcomes of upcoming surveys. The company's ability to navigate environmental challenges and advance its projects will be crucial in driving future growth.