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LEGEND MINING LIMITED Capital/Financing Update 2004
65223_rns_2004-04-13_0aec0843-e02a-4e7d-b901-f14ad5a8ca5e.pdf
Capital/Financing Update
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14 April 2004
Legend Developing towards New Algeria Lode, Gidgee Gold Project
Legend Mining is commencing underground development towards another new ore body, Algeria lode, at the Swan Bitter Underground Gold Mine, Gidgee Gold Project located 90 km north of Sandstone in WA.
The Algeria lode is only 40 metres west of existing underground workings, on a parallel mineralised system. It is located just above the Tunisia lode, which has provided the majority of the mine's ore for the past 14 months.
Initial development will include driving 120 metres westward to the top of the lode, from the Swan Bitter decline near the portal. Concurrently, development will advance towards the bottom of the lode. It is expected that it will take approximately 3 months to fully develop the lode and commence production stoping.
Recent underground diamond drilling by Legend (Table 1) has shown the Algeria lode to be more extensive than recognised by the previous owners (Figure 1). It is now interpreted to have a northerly plunge rather than the southerly plunge as initially interpreted. This reinterpretation has opened the possibility of additional potential in the upper parts of the mine.
| і апіс і І эндинсанс онцегдгөйнд гланиянд глип кезинэ — літена поле |
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|---|---|---|---|---|---|---|---|---|---|
| Hole | East | North | RL | Azimuth | Hole | From | Intercept | True | Grade Au |
| (mine | (mine- | (m) | /Dip | Length | (m) | Length | Width | (uncut) | |
| grid). | grid) | (est) | |||||||
| GUD1065 | 20170.3 | 49792.1 | 318.8 | $279/+17$ | 159.8m | 122.20 | 5.15m | 2.50 m | $5.25$ g/t |
| includes | 122.20 | 0.53 m | 0.25m | 33.73g/t | |||||
| GUD1069 | 20170.2 | 49792.1 | 319.1 | $267/+25$ | 156.4m | 119.50 | 4.20 m | 2.10 m | 47.24g/t |
| includes | 120.65 | 0.35m | 0.17m | 271.76g/t | |||||
| 135.00 | 2.25m | 1.10m | 8.32g/t | ||||||
| GUD1070 | 20170.4 | 49792.2 | 318.8 | 280/120 | 162.7m | 103.24 | 5.36m | 2.70 m | 5.74g/t |
| includes | 106.50 | 2.10m | 1.00m | $9.61$ g/t | |||||
| GUD1090 | 20141.6 | 49905.2 | 372.9 | $229i - 2$ | 149.4m | 116.10 | 5.10m | 2.60m | 9.00g/t |
| includes | 116.10 | 1.77m | 0.90 m | 22.08g/t | |||||
| GUD1094 | 20141.6 | 49905.2 | 372.9 | $223/-2$ | 164.0m | 111.20 | 0.80 m | 0.40 m | 16.21g/t |
| GUD1105 | 20149.1 | 49848.6 | 320.1 | 235/+28 | 145.2m | 116.00 | $2.00\mathrm{m}$ | 1.00 m | 21.56g/t |
| 129.40. | 1.90m | 0.95m | 30.12g/t | ||||||
| includes | 129.40. | 0.70 m | 0.35m | 75.14g/t | |||||
| Cut-off grade of 2.0g/t Au. Maximum internal dilution of 2.2m. Assay method: 200g Leachwell (25g Aqua Regia repeats). | |||||||||
Toble 1. Simificant Undergrand Diamond Drill Desults Alconia Lodo
Legend recently announced the discovery of the Mali and Senegal lodes, and has significantly increased resources at the 60,000oz per year Gidgee gold mine to 586,650 ounces.
Drilling is continuing, to determine the full extent of the currently defined lodes and possible extensions along the 4.5 kilometre Swan Bitter-Kingfisher mineralised trend.
Total gold production to date from the Gidgee project is in excess of 1.2 million ounces.
Murray McDonald Director
Figure 1: Cross Section of Existing Underground Workings, Swan Bitter Mine
Information in this report relating to exploration results is based on data compiled by Ian Cowden, a Fellow of the AusIMM and consulting geologist who is employed by Iana Pty Ltd. He has sufficient relevant experience to qualify as a Competent Person under the JORC Code and consents to the inclusion of the data in the form and context in which it appears.