Home / Sector / Resources Shares / Here’s why the Legend Mining (ASX:LEG) share price is rocketing 21% today

Here's why the Legend Mining (ASX:LEG) share price is rocketing 21% today

With copper prices at multi-year highs, this ASX miner may have just hit the motherlode.

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Bernd Struben
Bernd Struben earned his economics degree in the US. Following several years writing about the tourism industry in the Caribbean, he moved to The Netherlands to cover the EU's booming commercial real estate markets. He moved to Australia in 2010, where he transitioned to analysing the Aussie equity markets. He employs a combination of macro economics and company specific data to gauge what he believes are tomorrow's best investments. In his free time, you're likely to find Bernd at the beach or dabbling away on a new work of science fiction.
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The Legend Mining Ltd (ASX: LEG) share price is rocketing higher today, up 21% at the time of writing.

Below, we take a look at the latest drill results from the ASX resource explorer.

happy mining worker fortescue share price

Image source: Getty Images

What results did Legend Mining report?

Legend Mining's share price is surging after the company reported its drilling campaign had intersected more nickel-copper sulphide and mineralised intrusion at Mawson. Mawson is the company's nickel-copper-cobalt prospect within its Rockford project in Western Australia.

The latest results come from 9 completed diamond drill holes at the prospect. Legend Mining has 2 drill rigs on-site that are continuing double-shift diamond drilling.

The company revealed that one hole (RKDD053) intersected a 31.2-metre sulphide zone including:

  • 1 metre of massive and semi-massive nickel-copper sulphide, and
  • 77 metres matrix nickel-copper sulphide

It also said 3 other drill holes (RKDD046/049/051) intersected wide sulphide zones that have extended the prospective intrusion 200 metres north and west of the previous drilling site.

Management commentary

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

We are very pleased to announce a new zone of massive/semi massive nickel copper sulphide around holes 43 and 53. With ongoing downhole EM and further drilling we expect this zone will evolve over time.

Equally pleasing is that our strategy of systematic step out drilling continues to expand the 3D footprint of the mineralised intrusive and open up further prospective horizons for future planned drilling.

Downhole electromagnetic (EM) surveys are ongoing and are also reported to be identifying multiple prospective targets.

Legend Mining share price snapshot

The Legend Mining share price has been highly volatile over the past year. In fact, shares closed as low as 9 cents per share on 25 November and as high as 17 cents per share on 3 September. Currently, shares are trading for 14 cents.

All up, Legend Mining shares have lost 10% over the past 12 months, compared to a 24% gain on the All Ordinaries Index (ASX: XAO).

Year-to-date the Legend Mining share price is up 23%.

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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