THE BOURSE WHISPERER: Legend Mining (ASX: LEG) has purchased two granted exploration licences from Musgrave Minerals (ASX: MGV), located in the Fraser Range district of Western Australia.
Legend Mining said the 238.5 square kilometre tenements are contiguous with the company’s Rockford project.
Legend’s total tenement holding in the Fraser Range is now 2,792.5sqkm, comprising nine exploration licences and three exploration licence applications.
“This transaction complements our existing project as both tenements are contiguous with other Rockford tenements,” Legend Mining managing director Mark Wilson said in the company’s announcement to the Australian Securities Exchange.
“It increases the project exposure to the western stratigraphy of the Fraser Zone and a quality data set came with the acquisition.
Legend Mining indicated it has identified several targets of interest from aeromagnetic/gravity data interpretation on the new tenements, which will be integrated into exploration activities within the larger Rockford project program.
Follow up work will include regional high powered moving loop electromagnetic surveys (MLTEM) and aircore drilling aimed at defining RC/diamond drill targets.
Under the terms of the agreement, Musgrave will transfer to Legend 100 per cent of its interests in the tenements, for which it will receive 10 million fully paid ordinary shares in Legend (which will be freely tradeable) and 10 million unlisted options exercisable at four cents expiring 30 March 2021.
“The transaction with Legend delivers on the company’s objectives of crystalizing value via divesting non-core assets to enable the company to direct its focus on the Cue project in the Murchison region of Western Australia,” Musgrave Minerals managing director Rob Waugh said in his company’s ASX announcement.
“The transaction with Legend also provides Musgrave Shareholders with exposure to the very large land holding held by Legend in the Fraser Range region.”