LEONORA: Legend Mining Limited announced Wednesday it has signed binding term sheets to acquire a 100% interest in the Pinnacle Well Project, located 25 kilometers (15.5 miles) north-northeast of Leonora in Western Australia’s mineral-rich Leonora district.
The project, which covers 110 square kilometers (42.5 square miles) across two exploration licenses, has seen little exploration activity for over a decade. It is considered prospective for gold and base metals, with potential for intrusive-related and structurally controlled gold mineralization, as well as volcanic massive sulfide (VMS) deposits similar to nearby Teutonic Bore and Bentley mines.
“This acquisition marks our first step in expanding beyond the Fraser Range,” said Mark Wilson, executive chair of Legend Mining. “The Leonora district has a long mining history, and we see significant opportunity here.”
The company plans to compile historical data, reprocess aeromagnetic surveys and conduct new geophysical studies to identify drill targets. Previous exploration in the 1970s-2000s focused on molybdenum, base metals and gold, but only 10 shallow drill holes were completed, with the last drilling occurring in 2003. Recent soil sampling near a syenogranite-volcanic contact revealed quartz veining and gold nugget traces, highlighting a priority area for further work.
Under the terms of the agreement, Legend will pay $50,000 (AUD) for the licenses and grant a 1.5% gross royalty to the vendors. The deal is expected to close in July 2025.
The Perth-based company explores for nickel, copper and gold in Western Australia. Its flagship projects include the Rockford Project in the Fraser Range.