With the second release of an exploration update also pending, Legend requested the halt “to assist in managing its disclosure obligations”.
The halt will remain in place until the start of normal ASX trading on Wednesday, April 22, 2020, or when an announcement is released to the market, whichever occurs earliest.
Since March 19 shares have performed strongly, rising from 5.7 cents at the close on that day to a new 12-month high of 21.5 cents this month and last traded at 18.5 cents.
Multiple massive sulphide intersections
Much of this increase was attributable to results released on March 31 which revealed the company had hit multiple massive sulphide intersections in the first diamond drill hole this year at Mawson prospect.
This hole was designed to test an off-hole conductor identified by a downhole electromagnetic survey in the initial ‘discovery’ diamond drill hole reported in December 2019.
This discovery hole returned 14.9 metres at 1.07% nickel, 0.75% copper and 0.06% cobalt from 114 metres.
Visual and geological observations from the new hole demonstrate the presence of materially significant mineralisation at Mawson.
“A spectacular start”
At the time managing director Mark Wilson said: “Legend’s 2020 field season has had a spectacular start.
“The three massive sulphide intercepts clearly stamp this hole as the most significant and exciting discovery in the Fraser Range post-Nova.”
Rockford is in the same region as the operating Nova Bollinger Nickel-Copper Project of IGO Ltd (ASX:IGO) with IGO and prominent Fraser Range explorer Mark Creasy and his Creasy Group Pty Ltd holding investments in Legend.
Published at Mon, 20 Apr 2020 02:38:00 +0000-Legend Mining halted with further exploration results pending from Fraser Range project