Legend Mining Expands into Leonora with Pinnacle Well Acquisition

Legend Mining’s Strategic Expansion

Legend Mining Limited has taken a significant step to broaden its exploration footprint by signing binding term sheets to acquire the Pinnacle Well Project, located approximately 25 kilometres north-northeast of Leonora in Western Australia. This acquisition marks Legend’s first foray beyond its established Fraser Range projects, signaling a strategic pivot towards one of Australia’s most prolific gold and base metals regions.

A Project with Untapped Potential

The Pinnacle Well Project comprises two granted exploration licences covering an area of 110 square kilometres. Despite its location within the mineral-rich Leonora district; home to notable deposits such as Gwalia and King of the Hills; the project has seen limited exploration activity over the past decade. Historical work has primarily focused on base metals and gold, but drilling has been sparse, with only ten holes completed since 2003.

Legend’s Executive Chair, Mark Wilson, highlighted the opportunity presented by this underexplored asset. The project’s geology features a complex mix of volcanic and granitic rocks with significant structural features and alteration zones indicative of hydrothermal activity; key markers for potential mineralisation. The presence of quartz veining and gossan outcrops near the syenogranite-volcanic contact further underscores the prospectivity for gold mineralisation.

Planned Exploration and Data Integration

Legend plans a methodical approach to unlock the project’s potential, starting with compiling and validating all historical exploration data. This will be complemented by reprocessing aeromagnetic, radiometric, and gravity datasets to refine structural interpretations and identify fluid pathways that could host mineral deposits. Infill soil sampling is also slated to better define geochemical anomalies, particularly over the less explored licence area.

The company’s strategy aims to generate robust drill targets, leveraging modern geophysical techniques and geostatistical analysis to build on the legacy data. This disciplined groundwork is critical given the conceptual nature of the exploration potential and the absence of a defined mineral resource to date.

Acquisition Terms and Market Implications

The acquisition terms are straightforward – Legend will pay $50,000 in cash for 100% ownership of the licences, with a 1.5% gross royalty payable to the vendors on any future mineral production. There are no additional encumbrances or payments, and completion is expected by July 2025.

This low-cost entry into a historically productive district could enhance Legend’s project pipeline and investor appeal, especially as the company diversifies its asset base. However, the true value will hinge on the outcomes of the upcoming exploration programs and the ability to convert conceptual targets into defined resources.