The Legend Mining (ASX:LEG) share price is up 10% today. Here’s why

The Legend Mining (ASX: LEG) share price is flying today with news of 2 intercepts of nickel-copper sulphide at Mawson discovery zone.

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The Legend Mining Ltd (ASX: LEG) share price is soaring today following news from its Mawson discovery zone. There, it has come across 2 new intercepts of nickel-copper sulphide.

At the time of writing, the Legend Mining share price is up 10%, trading at 13 cents each.

Let’s take a closer look at today’s news from the miner.

Massive nickel-copper sulphide intercepts

According to Legend Mining’s release, the company has intercepted a wide sulphide zone at its flagship Mawson Ni-Cu-Co prospect in Western Australia.

Results from the 2 drill holes have been described by the company as “massive nickel-copper sulphide intercepts”. The results came from a drilling program made up of 4 holes, conducted at the site over the second half of April.

Of the 2 intercepts, 1 was east-south-east of the Mawson discovery zone. It included:

  • 45 metres of semi-massive and massive sulphide, and
  • 4 metres of net-textured and semi-massive sulphide.

The other was in the northeast of the discovery zone. It included:

  • 15 metres of massive sulphide, and
  • 75 metres of net-textured and semi-massive sulphide.

Commentary from management

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

The success of this year’s diamond drill program has ramped up with two new intercepts of massive nickel copper sulphide within broad bands of sulphide mineralisation.

The distance between these holes and the discovery zone, along with the developing story from downhole EM surveys, continue to demonstrate a very large system driving Mawson, which is consistent with the potential of a significant deposit.

Legend Mining share price snapshot

The Legend Mining share price has had a good 2021 on the ASX, but its last 12 months overall have been poor.

Currently, the Legend Mining share price is up 18% year to date, although it’s down 35% over the last 12 months.

The company has a market capitalisation of around $330 million, with approximately 2.76 billion shares outstanding.

Motley Fool contributor Brooke Cooper 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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