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LEGEND MINING LIMITED Capital/Financing Update 2007
65223_rns_2007-04-09_cdda4385-5dba-446c-89aa-8a76e28f5cae.pdf
Capital/Financing Update
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10 April 2007
ASX Announcement
LEGEND DISCOVERS OUTCROPPING COPPER-NICKEL-PLATINUM GROUP ELEMENT MINERALISATION AT GUM CREEK
Legend Mining Limited ("Legend") (ASX:LEG) today announced the discovery of copper-nickelplatinum group element (Cu-Ni-PGE) mineralization in outcropping gossanous ironstone within its wholly-owned Gidgee Project in the Gum Creek Greenstone Belt (Gum Creek). Rock samples (see photograph) assayed up to 5.7% copper (Cu), 1.0% nickel (Ni) and 0.7g/t platinum group elements (PGE).
Legend Managing Director, Mr Mark Wilson said "this is extremely encouraging at such an early stage and the discovery is new and untested. However, it is important to remember that we've discovered one outcrop and a lot more work is required to understand the full potential of the zone."
"This discovery does however represent an immediate drill target and an airborne Versatile Time Domain Electromagnetic (VTEM) survey is also being considered as a method of identifying additional targets".
"The mineralization was found through district-scale mapping as part of an initiative to assess and evaluate the Cu-Ni-PGE potential of Gum Creek, and this work is continuing. But, we'll have to be patient. The Bungarra Target Area (Figure 1) falls within a tenement that is under application and no drilling can be conducted until after the grant of the exploration licence, which may take up to 4 months."
The gossanous ironstone that contains the mineralization lies within gabbroic rocks close to the base of a layered ultramafic-mafic sill complex, which is informally known as the Bungarra Igneous Complex (Figure 2).
The mineralization is interpreted to be contained within oxidised magmatic sulphide located within a hybrid zone at the base of the Bungarra Igneous Complex. Potentially, Legend has in excess of 10km of this prospective hybrid zone within its project area.
| Coordinates for All Samples: | 6980350N 750030E (GDA-94 Zone-50) | |||||||
|---|---|---|---|---|---|---|---|---|
| Description | $C_{11}$ $\%$ | Ni % | Pt ppb | Pd ppb | Rh ppb | Ru ppb. | Os bb | ir npb. |
| Grab Sample | 5.7 | 1.0 | 146. | 500 | 43 | 2 | з | 2 |
| Grab Sample | 2.1 | 0.51 | 91 | 404 | 65 | з | 6 | |
| Grab Sample | 0.15 | 0.55 | 108 | 41 | 316 | 34 | 26 | |
| 3m Channel Sample | 0.33 | 0.22 | 113 | 415 | 85 | 10 | 2 | 6 |
| Copper (Cu) and Nickel (Ni) assayed by XRF. Platinum (Pt), Palladium (Pd), Rhodium (Rh), Ruthenium (Rh), Osmium (Os) and Iridium (Ir) assayed by 25g fire assay (nickel sulphide collection) (CP-MS at Ultra Trace Pty Ltd. Perth. |
Table 1: Surface Rock-Chip Assay Results
1000 parts per billion (ppb) = 1 part per million (ppm) = 1gram per tonne (g/t)
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Photograph: Gossanous ironstone discovered at the base of the Bungarra Igneous Complex. The green mineral is a secondary copper mineral.
Attachments:
Figure 1 - Gidgee Location Map with the Bungarra Target Zone Highlighted Figure 2 - Simplified Geology of the Bungarra Target Zone
Visit www.legendmining.com.au to download a colour version of the photograph and attachments.
For more information:
Mr Mark Wilson Managing Director Legend Mining Limited Ph: (08) 9212 0600
Mr Bob Perring Technical Director Legend Mining Limited Ph: (08) 9212 0600
The information in this announcement that relates to Exploration Results has been reviewed by Mr Robert Perring, a Member of the Australian Institute of Geoscientists, whose services are provided by Quadramin. Mr Perring has sufficient relevant experience in the styles of mineralisation and types of deposit under consideration, and in the activity he is undertaking, to qualify as a Competent Person as defined in the 2004 Edition of the "Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (the JORC Code), and consents to the inclusion of the information in the form and context in which it appears.
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Legend Mining Limited ABN 22 060 966 145 Level 2, 640 Murray Street West Perth Western Australia 6005
P.O. Box 626 West Perth Western Australia 6872 Telephone: +61 8 9212 0600 Facsimile: +61 8 9212 0611 Email: [email protected] Website: www.legendmining.com.au
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Legend Mining Limited ABN 22 060 966 145
Level 2, 640 Murray Street West Perth Western Australia 6005
P.O. Box 626 West Perth Western Australia 6872
Telephone: +61 8 9212 0600 Facsimile: +61 8 9212 0611
Email: [email protected]
Website: www.legendmining.com.au
Figure 2: Simplified Geology of the Bungarra Target Zone
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Legend Mining Limited ABN 22 060 966 145
Level 2, 640 Murray Street West Perth Western Australia 6005
P.O. Box 626 West Perth Western Australia 6872
Telephone: +61 8 9212 0600 Facsimile: +61 8 9212 0611
Email: [email protected]
Website: www.legendmining.com.au