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Legend Mining Parachutes Into Fraser Range, Pegs Tenement For Nickel, Copper

Legend Mining (ASX: LEG) has now pegged a 356 square kilometre tenement within the highly prospective Fraser Range Belt in Western Australia.

While still only early days, aeromagnetic interpretation indicates potential for magmatic nickel-copper mineralisation beneath transported cover.

Mark Wilson, managing director, commented: "This tenement lies within the Fraser Range and is considered prospective for Nova-style nickel-copper and Tropicana-style structurally controlled gold mineralisation.

"Once historical data has been fully reviewed and the tenement granted, work programs will be able to be planned and executed."

The importance of the Nova-style comparison is the simple fact the Sirius Resources' (ASX: SIR) Nova discovery, followed by Bollinger, pushed the SIR share price from $0.05 before the discovery - to a high of $5, with the stock currently in the $2.80 range.

Tropicana was discovered in 2005 after AngloGold Ashanti Australia followed up an unexplained gold in soil anomaly. The Havana deposit, just to the south of Tropicana, was discovered in 2006.

That resource is 6.41 million ounces.

Analysis

While early days for Legend's pegged tenements in the Fraser Range, the location between the Nova and Tropicana Gold discoveries adds blue sky exploration upside for Legend.

There is news flow ahead and catalysts for potential valuation change with grant of tenement and work programs.

With aeromagnetic interpretation indicating potential for magmatic nickel-copper mineralisation beneath transported cover, this is an interesting development for Legend.

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