On 9 July 2019, Legend revealed it had entered into the Ponton JVA 2019, a new joint venture agreement with Ponton Minerals Pty Ltd and Mark Creasy.
Under the agreement, Legend will purchase from Ponton a 70% legal and beneficial interest in two tenements for $2 million worth of shares issued at 3.6 cents.
The two tenements contain two advanced nickel-copper prospects Octagonal and Magnus.
Both prospects have similarities to the Nova discovery with drilling intersecting 82 metres at 0.18% nickel, 0.15% copper from 168 metres at Octagonal.
Octagonal could host a major nickel-copper sulphide discovery
Legend’s managing director Mr Mark Wilson said: “With the release and despatch of the Notice of Meeting to shareholders for the upcoming General Meeting, we felt it was important that shareholders have these exploration results to assist them to make an informed decision when voting for Resolution 1 at that meeting.
“The results clearly demonstrate the statement that Octagonal is now the third publically disclosed example of massive nickel-copper mineralisation identified to date in the Fraser
"Range (along with Nova and Silver Knight) and that Magnus has the right host rocks for the mineralisation we are seeking.
“Our first task will be to conduct our innovative moving loop electromagnetic (MLTEM) surveys over both prospects.
“The interpretation of conductors identified in these surveys will be greatly enhanced by the known geological characteristics already identified in the work by the Creasy Group.”
Industry heavyweight IGO takes stake in Legend
Earlier this year, nickel heavyweight Independence Group (ASX:IGO) became a substantial shareholder of Legend with an initial 11.94% stake.
The holding came as a result of the agreements signed with Independence and well-known prospect Mark Creasy’s Creasy Group Pty Ltd earlier in the year.
These agreements included three new joint ventures covering parts of Legend’s large Rockford Project and raising $9.8 million in a two-tranche subscription arrangement with Independence.