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by Jindal for the sale of the Came- around the Seahorse project.
roon iron ore project and an antici- “That type of activity from the big boys
pated R&D tax rebate of about $1.2 brings nickel into focus right in our back-
million also add significant weight yard. Obviously BHP and IGO aren’t sub-
to Legend’s treasury. ject to the same capital pressures that a
Access to funding has made junior is, but it certainly makes me feel a
Legend a mainstay in the Fraser lot less lonely in that space,” Wilson said.
Range where diamond drilling at “Exploration in the Fraser Range itself
Area D within the Rockford project is pretty limited and since the Nova dis-
is planned to start this month. covery the story in the Fraser Range has
Legend’s ability to potentially been one of consolidation. IGO has been
create value through the drill bit tending to mop up a lot of that tenure that
comes at an opportune time given juniors have dropped from the early days
the attention the nickel sector is and if you refer their land tenure in the re-
now receiving. gion from 2015 to 2019 you can see their
BHP Nickel West, Western Ar- accumulation as they prosecute what
eas Ltd and IGO have in large they have argued for a very long time; the
part kept nickel on the agenda and Fraser Range is a very fertile place with
Legend, IGO and Creasy Group are entering a JV on while there is an emphasis on the exponential growth potential for nickel-
two Rockford North tenements in the Fraser Range downstream opportunities and pro- copper discoveries.”
duction to drive the EV revolution, Wilson also noted that S2 Resources
exploration is also back in vogue. Ltd had started acquiring ground in the
“From a cash perspective, to get the Out of a budget of $73 million for Fraser Range, which was a welcome
nod from IGO that they are prepared FY2020, IGO is spending $26 million sight for industry.
to invest $9.8 million into the company on near-mine exploration at Nova alone, “Mark Bennett’s presence in that area
at the same premium price that Creasy while about 150km east of Legend’s is great for the industry because he has
accepted our stock for the purchase of Fraser Range ground, BHP has sparked been the most successful to this point in
those two new tenements. It means we interest in the Madura province by peg- time.”
have funding for several years.” ging 26 tenements along a strike length
Staged repayments over the next 12 of 350km covering about 13,000sq km – Mark Andrews
months totalling $3 million to be fulfilled

A Driven, Aggressive Exploration Company

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The conference proceedings

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aUSTRaLIa’S PaYDIRT OCTOBeR 2019 Page 101