Legend shares up on iron ore prospect
Tuesday, 3 June 2008
SHARES in Perth-based explorer Legend Mining jumped more than 29% today after the company announced 7km of Cleaverville formation had been defined within its Pilbara tenements.
The company’s shares rose by 1c to 4c in morning trade following the announcement.
The Cleaverville geological formation hosts the 1.6 billion tonne Cape Lambert iron ore project, 15km northeast of Legend’s tenements.
Legend said its Pilbara project, in Western Australia, also contains an additional 10.5km strike of Cleaverville formation as part of the Mt Marie joint venture with Fox Resources, in which Legend is earning up to 70% interest.
The JV tenements include the Mt Kristie and Mt Catherine prospects.
Legend said the Cleaverville formation was evident in high resolution aeromagnetic data and would be followed up with geological mapping and surface sampling.
Eleven priority base metal drill targets have already been identified at the prospect, the company said.
The Pilbara project is located within 50km of Karratha and comprises 686 square kilometres of tenure.
Other than the Mt Marie JV and the Pilbara project, Legend has an interest in two other projects in WA, its wholly-owned Gum Creek and the Mt Gibson JV with Oxiana.
Legend shares up on iron ore prospect Tuesday, 3 June 2008SHARES...
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