Legend Mining Ltd's (ASX:LEG) cash position is the envy of many explorers, and it has now improved further.
Legend has sold its 990,000 Independence Group NL (ASX:IGO) shares for $4,057,162. The sales occurred on market over a period from 5 July to 3 August 2016.
As at today’s date, Legend’s treasury position includes; $8.5 million in cash, $0.6 million in liquids and a $3 million receivable.
This totals $12.1 million.
Mark Wilson, managing director, commented: “We have always disclosed that the purpose of our treasury operations is to generate cash to spend on our own projects.
"This transaction demonstrates the financial objective of the investment has been achieved and is a very good outcome for Legend shareholders.”
The company is focused on exploration at its Rockford Project in the Fraser Range of Western Australia, and recently encountered several similarities to a Nova-Bollinger style system from diamond drilling.
Assays are currently pending from a two hole drilling program.
History of investment
The history of the investment was Legend purchased 1.5 million Sirius Resources NL shares on market in 2012 for $1,874,658.
As a result of the IGO Acquisition and S2 Resources Ltd (ASX:S2R) Demerger in 2015, Legend received cash ($780,000), 990,000 IGO shares (sold for $4,057,162) and 750,000 S2R shares.
Legend still holds the S2R shares worth circa $495,000.
All up the value of the initial investment including cash and remaining shares is $5,332,162.
Rockford covers 2,939 square kilometres and comprises eight contiguous granted exploration licences, with a large portion of the project subject of a joint venture between Legend (70%) and the Creasy Group (30%).
Legend is the operator and manager of the joint venture.
The primary target is Nova style nickel-copper mineralisation hosted in high grade mafic granulites within the Fraser Complex.
A secondary target is Tropicana style structurally controlled gold mineralisation.
The project is 120 kilometres north-east of Nova, and 100 kilometres south of Tropicana.
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