Legend Mining (ASX:LEG) has executed a binding term sheet to acquire the Pinnacle Well gold and base metals project, located in the Leonora district of Western Australia. The Pinnacle Well Project spans 110 square kilometres, situated 25km north-northeast of Leonora, an area known for its rich gold deposits, including Gwalia, Tarmoola, and King of the Hills, alongside base metals deposits at Teutonic Bore/Bentley/Jaguar.
Under the agreement, Legend Mining will pay the vendor $50,000 in cash. Additionally, the vendor will receive a 1.5% gross royalty on all mineral production from the tenements. The transaction is expected to be finalised next month.
Legend Mining, an Australian explorer with a market capitalisation of $17.46 million, is focused on nickel and copper discoveries in the Fraser Range, as well as gold and base metals in the Leonora district of Western Australia. The company considers the Pinnacle Well project to be prospective for intrusive-related and structurally controlled vein-hosted gold mineralisation.
Following the acquisition, Legend Mining intends to compile and validate historical data to establish a comprehensive project database. The company also plans to reprocess regional aeromagnetic, radiometric, and gravity datasets to aid structural interpretation, and will conduct geostatistical analysis of existing soil sample data to define multi-element anomalies. An infill soil sampling program will also be undertaken to better define anomalies and enhance sample coverage over E37/1548.
