What’s with the Legend Mining (ASX:LEG) share price today?

Legend Mining shares, up 9% this year and 50% over the past 12 months, have yet to move on the company’s latest drill results.

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The Legend Mining Limited (ASX: LEG) share price, up 9% this year and 50% over the past 12 months, has yet to move today on the company’s latest drill results.

Despite some promising drilling data, the Legend share price is flat in afternoon trading, still sitting at its opening price of 12 cents.

What did Legend Mining report this morning?

In an ASX announcement this morning, Legend Mining said the latest assay results from a diamond drillhole at its Mawson prospect in Western Australia revealed it to be the best hole to date.

The Mawson prospect holds both nickel (Ni), Copper (Cu) and Cobalt (Co).

The results showed nickel values up to 3.26%, copper values up to 3.84%, and cobalt values up to 0.17%. The company said that metallurgical test work is under way.

Commenting on the results, Legend Mining managing director Mark Wilson said:

These assay results are further confirmation of our earlier assessment that hole 34 is the best hole drilled at Mawson to date. The combination of the widths and grades of the massive sulphides in this hole support our conviction that we are dealing with a mineralised system of substance at Mawson.

The purpose of the hole was to conduct Phase 1 metallurgical tests and the results of this test work will be reported once received.

Meanwhile further assay results from 2020 drilling programs are rolling in for compilation and assessment. Once integrated with existing data, they will assist in future drill planning for the 2021 field season.

Legend Mining share price and company snapshot

Legend Mining is an Australian minerals exploration company. The company’s focus is its nickel-copper Rockford Project in the Fraser Range of Western Australia. Legend Mining shares first listed on the ASX in August 1995.

Analysts are widely predicting the demand for nickel and copper to grow, as both metals are needed for the transition to sustainable energy sources and both are used in infrastructure and building construction. Copper prices reached 8-year highs last Thursday, trading at US$8,179 (AU$10,622) per tonne.

Year-to-date, the Legend Mining share price is up 9.1%. That compares to a 0.3% gain for the broader All Ordinaries Index (ASX: XAO).

Despite shares crashing more than 45% during the wider COVID-19 market selloff in February and March last year, patient Legend Mining shareholders are unlikely to be complaining.

Over the past 12 months the Legend Share price is up 50%. The All Ords, over that same time, remains down 0.7%.

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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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