Perth, Nov 20, 2008 AEST (ABN Newswire) - Legend Mining Limited ("Legend") (ASX:LEG) has received encouraging iron results from rockchip sampling over the prospective Cleaverville Formation within its Pilbara Project in Western Australia. The Cleaverville Formation hosts the 1.6 billion tonne Cape Lambert Magnetite Project, located 15km to the northeast, which was recently sold by Cape Lambert Iron Ore Limited (ASX:CFE).
A total of 44 rockchip samples of predominantly magnetite bearing banded iron formation (BIF), were collected from over an 18km strike length of Cleaverville Formation. Of the 18km length sampled, 7.5km is located on 100% owned Legend tenements, with the remaining 10.5km subject to the Mt Marie Joint Venture with Fox Resources Limited (ASX:FXR) in which Legend is earning a 70% interest.
Iron values greater than 30% Fe were returned from 30 samples covering the northeastern 9km of the Cleaverville Formation. Outcropping BIF units in this area have observable thicknesses up to 50m with semi continuous strike lengths up to 600m. Minor localised hematite-goethite development was noted at several locations.
The BIF units to the southwest contain proportionally more chert and are generally thinner.
Legend Managing Director Mr Mark Wilson said "These assay results confirm the magnetite prospectivity of that portion of the Cleaverville Formation which is in our Pilbara Project. We expect a Heritage Agreement with Ngarluma Aboriginal Corporation to be signed shortly and when the magnetite potential is considered with the previously announced VTEM anomalies it promises to be an interesting field season".
Background
Legend currently holds interests in three Projects in WA, namely, Pilbara, Gum Creek and Mt Gibson.
The Pilbara Project (nickel-copper, zinc-copper) comprises 686km2of tenure in the West Pilbara, all within 50km of Karratha. Legend and Fox Resources Limited (ASX:FXR) independently control a dominant portion of this emerging and exciting base metal district. Legend has identified eleven priority base metal drill targets and confirmed 17.5km of the Cleaverville Formation as having potential for iron ore.
The Gum Creek Project (nickel-copper-platinum group element) is located 640km northeast of Perth in the Yilgarn Province. It is considered prospective for both intrusion-related (Ni-Cu-PGE) and komatiite flow-related Ni-sulphide mineralisation.
The Mt Gibson Project (zinc-copper-gold) is located 290km northeast of Perth in the Murchison Province. Mt Gibson operated for 12 years as a gold mine from 1986 following the discovery of gold in surface laterite. The operation produced 870,000 ounces of gold from 16.5Mt of ore at an average grade of 1.68g/t. Legend, through a study conducted in 2006 by Dr S Carras of Carras Mining Pty Ltd, estimated the residual gold Mineral Resource (Indicated and Inferred) to be 8.7Mt at 1.98g/t gold for 559,000 ounces (see 2006 Legend Annual Report).
Visit www.legendmining.com.au for further information and announcements.
Contact
Mr Mark Wilson
Managing Director
Ph: +61-8-9212-0600
Mr Derek Waterfield
Exploration Manager
Ph: +61-8-9212-0600
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