Cash, Projects and Mark Creasy - why Legend Mining is set to be the next big thing in the Fraser Range
We've been following Legend Mining (ASX: LEG) since 2011, with the company since crystallising value with respect to its Cameroon exploration projects via a $17.5m project sale to India’s Jindal Steel and Power in 2014. Legend’s focus is now its priority Fraser Range exploration targets in Western Australia and to this end the company has announced plans to become one of the dominant players in the Fraser Range after acquiring an extensive 2,530 sq km tenement package from enormously respected WA resource sector identity, Mark Creasy. In my view the Fraser Range exploration deal with Mark Creasy represents a potential-company-making transaction. The acreage package covers 100 km along a regional gravity high and includes high-quality aeromagnetic and gravity datasets, along with Creasy Group drilling that has already identified prospective nickel host rocks. Legend retain cash reserves of $10.5m to fund aggressive and focused exploration activity, with a further $6m to be received by the end of July – making it the most cashed-up Fraser Range exploration play available to investors on the ASX.
Gavin has been a senior resources analyst following the mining and energy sectors for the past 25 years, working with Intersuisse and Fat Prophets. He is also the Executive Director, Mining & Metals with Independent Investment Research (IIR).