As Talk Of Legend’s WA Nickel Find Gains Pace, Orion Looks To Be Sitting Pretty Right Next Door

Excitement is building around the expected release on Monday of the eagerly awaited assay results from the third hole drilled at Legend Mining’s (LEG) Area D prospect at its Rockford project in WA’s Fraser Range.

Legend was 4.2c a share ahead of going into a trading halt last week and a trading suspension this week, pending the release of the assay results.

Industry chatter is that Legend has made a significant nickel-copper discovery, with lots of talk about a 16m intersection of massive to semi massive sulphides having been encountered, with 20m of disseminated sulphides on either side.

If the whispers about the intersection being particularly rich – the chatter is for more than 4% nickel – then there will be some fun to be had for the juniors with a presence in the northern reaches of the Fraser.

It was of course the 2012 discovery hole drilled by junior explorer Sirius Resources down south which went on to become the Nova nickel-copper deposit/mine, with Sirius taken over by Independence (IGO) in 2015 for $1.8 billion.

Independence has long believed the Fraser has more than one Nova to give up and has almost blanket coverage of the region’s prospective rocks, including an exposure to Legend’s Area D discovery through its 14.2% Legend shareholding.

Private “prospector” Mark Creasy is the other big player in the Fraser, thanks to his early pegging in the district after being impressed by what he saw from some rock kicking during an expedition for space junk from Skylab’s crash to earth in 1979.

Creasy has the Silver Knight discovery to his name in the Fraser but because it is privately held, no one is sure if it is going to be another Nova or not. And for good measure, Creasy owns 26.8% of Legend.

Like the rest of us, Legend, Independence and Creasy will have to wait for the assays confirming Area D as something special before celebrating with a fancy Barossa Valley shiraz, perhaps a Rockford Basket Press.

In anticipation of the results from Area D confirming a discovery, juniors with Fraser Range exposure have already been enjoying something of a share price celebration.

Galileo Mining (GAL) – Creasy is a 31% shareholder – has shot up from 11c since Legend went into a trading halt on November 28 to 21c, while Boadicea (BOA) has come up from 22c to 26c.

Today’s interest though is in Orion Minerals (ORN) which was trading yesterday at 2.8c to be pretty much were it was before Legend alerted the market to its Area D discovery hole, assays pending.

Plus, Chalice’s record in Victoria to help its bid for highly-demanded blocks next to Kirkland’s rich Fosterville mine. Read more +

Barry Fitzgerald

About Barry Fitzgerald

Barry Fitzgerald has covered the resources industry for 30 years. His column highlights the issues, opportunities and challenges for small and mid-cap resources stocks - most recently penned his column for The Australian newspaper and before that, The Age.

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