The Legend Mining Limited (ASX: LEG) share price is up 14.81% at the time of writing to 16 cents after the company announced positive intersections at its Mawson site.
What was in the announcement?
The company announced that a diamond drill hole at its Mawson site had intersected a total of 24.65 metres of nickel copper sulphides across two intervals. This included 9.3 metres of heavy disseminated to net-textured sulphide from 132.2 metres to 141.5 metres, along with 15.35 metres of net-textured, heavy disseminated and semi massive sulphide from 219.1 metres to 234.45 metres.
Legend Managing Director, Mr Mark Wilson, commented on the result, stating:
The observations from this step out hole are an exciting development in the Mawson story. Geologically we have now intersected significant mineralisation several hundred metres to the east north-east of our previous discovery and our geophysical advice is that we probably have not hit the best part of this conductor.
"Our proven systematic methodology of DHTEM and structural logging of this hole on completion will provide the data for the design of the next diamond holes in this immediate vicinity. Meanwhile, the diamond, RC and aircore programmes are ongoing at Mawson and regionally within the Rockford Project.
About the Legend Mining share price
Legend Mining is a minerals exploration company with a primary focus on its Rockford project in Western Australia's Fraser Range where the company is exploring for copper and nickel. Well known mining entrepreneur Mark Creasy is a major shareholder in the company.
In July, Legend Mining announced that drilling at its Mawson site had revealed assays including 5 metres at 1.63% nickel, 1.29% copper and 0.09% cobalt from 141 metres.
The company had cash at 30 June of $26,591,000, up from $9,551,000 at the end of the previous quarter.
In June, Legend Mining was added to the All Ordinaries Index (ASX: XAO), which is made up of the largest 500 companies by market capitalisation listed on the ASX.
Legend Mining raised $20 million in June via a placement to existing major shareholders, institutional and sophisticated investors. The issue price was 14 cents per share.
Legend Mining shares are up 416.13% from their 52-week low of 3.1 cents. The Legend Mining share price has returned 100% since the beginning of the year and is up 433.33% since this time last year.
