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LCY - Legacy Iron Ore

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Goldexplorer said:
In this climate, people are waiting for the earn in on Mount Bevan 60 percent before investing.

That shouldnt be very far away at all.

We may even pick up the final 40 percent very cheap with the joint venture partner struggling.
Click to expand...

60% earn in should happen this month before financial year. Good time to hold for shareholders. IMO
 
Goldexplorer said:
60% earn in should happen this month before financial year. Good time to hold for shareholders. IMO
Click to expand...

GE, what exactly is this earn in you are talking about? There doesnt seem to be any information about it in this thread. Why is it a good time for holders?

Thanks
 
prawn_86 said:
GE, what exactly is this earn in you are talking about? There doesnt seem to be any information about it in this thread. Why is it a good time for holders?

Thanks
Click to expand...

60% earn in is from the Mount Bevan project that LCY bought from HAW for 3.5 million. Good time for holders as the completion of phase 3 drilling was completed today and offical earn in happen few weeks back now.
 
MC - $49m
SP - 8.5c
Shares - 581m
Options - 146m
Cash - $13.4m

EXPLORATION UPDATE – EAST KIMBERLEY PROJECTS (BASE METALS AND RARE EARTH ELEMENTS) JULY 2012 FIELDWORK
● Style of mineralisation (VHMS) at Koongie Park Project is similar to that found at Sandfire Resources‟ Doolgunna discovery and at the Teutonic Bore/Jaguar/Bentley deposits of Independence Group
● Reconnaissance work clearly indicates excellent potential to host VHMS mineralisation
● Planning commenced for airborne VTEM surveying

LEGACY IRON FINALISES ACQUISTION OF QUEENSLAND COAL PROJECTS
 Acquisition part of Legacy Iron’s strategy to build its portfolio of steelmaking assets.
 First two coal projects secured, as part of a broader six project sale agreement.
 Legacy Iron continues to evaluate potential coking coal acquisitions.

EXPLORATION
Mt Bevan Iron Ore Project, WA
● Good progress continues to be made at the Mt. Bevan Iron Ore Project, Legacy Iron’s cornerstone project, with Legacy’s 60% earn-in for the project completed, and awaiting formal transfer.
● Major phase 3 drilling completed – objective to convert substantial part of JORC Inferred Resource to Indicated category.
● Infill drilling confirms continuity and thickness of mineralisation.
● Infrastructure options remain under discussion – project lies proximate to existing road, rail and port facilities.
Robertson Range Manganese and Iron Ore, WA
● RC Drilling of geophysical/ geochemical targets planned for Q3.
South Laverton Gold Project, WA
● Drilling to commence shortly at Yilgangi.

PLANNED ACTIVITIES – SEPTEMBER 2012 QUARTER
Mt Bevan:
Finalisation of drilling database post April – June phase 3 drilling.
Modelling and resource estimation by SRK Consulting – provision of Indicated JORC resource likely in October.
Mapping and sampling of Eastern BIF – DSO hematite targets. Drill planning and statutory approval for drilling of priority targets.
Continuing work on processing and infrastructure requirements.
South Laverton:
RC drilling program at Yilgangi gold project.
East Kimberley:
Field work assessing REE and base metal targets.
Robertson Range:
Heritage clearance and track/pad establishment, then RC drill testing of iron and manganese targets.
 

Attachments

  • lcy_ax07feb12_to_11aug12.png
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COMPLETION OF DRILLING AT YILGANGI GOLD PROJECT
● 1,020m RC drilling program completed
● Objective to extend gold resource to depth and along strike
● Assay results expected end of August
 
Not much action here?

Maybe 2013 will be the year for Legacy????

SP has been hammered this year will the indians do nothing that they promised!!

 
Very dissapointing so far with all the promises over past 12 months. AGM held tomorrow and the spin doctors were in a meeting all day today preparing for it and not taking phone calls.

Someone should be sacked and held accountable for the lack of aggresive action that has been promised with NMDC comming on board
 

if you listen to all the tools on hotcopper this will skyrocket next week before xmas!!!!

believe it or not?
 
Legacy Iron Ore is up 33.33% today after announcing that they have defined a 133,000 oz inferred gold resource at the company's Kangaroo Bore prospect at the Mt. Celia Project.
 
No news in a month but LCY is starting to move north on increasing volume. The assay results from the RC drilling carried out last month to test the strike extension of the Blue Peter mineralisation must be due soon.

Looks like some are betting on good news.

 
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RC drilling at the Mt Celia Project continues to yield promising results for LCY. Mineralisation is close to the surface and there are some nice grades there.

 
Big news for LCY yesterday.


Mining magnate Gina Rinehart looks to expand iron ore empire into WA's Goldfields region

Mining magnate Gina Rinehart has struck a deal to buy into an iron ore project in WA's northern Goldfields, further expanding her iron ore empire which includes the Roy Hill mine in the Pilbara.
www.abc.net.au
 
Have put a post in Hawthorn thread also.
No further news after Hancock announcement?
Not sure what's caused today's interest.
Any current thoughts on Legacy or Hawthorn @greggles ?

 
TRADING HALT REQUEST

Legacy Iron Ore Limited (the “Company”) hereby requests a trading halt in its securities and provides the following information in accordance with Listing Rule 17.1.

The request for the trading halt is in relation to the execution of a joint venture agreement in relation to the Mt Bevan iron ore project.

The trading halt is to last until the earlier of the Company releasing an announcement regarding the transaction, or the commencement of trading on Thursday 7 April 2022
 
7 April 2022
Joint Media release

HANCOCK ENTERS MT BEVAN IRON ORE JOINT VENTURE

Legacy Iron Ore Ltd ASX: LCY (Legacy Iron) and Hawthorn Resources Limited ASX: HAW (Hawthorn) are delighted to announce that all relevant agreements for the earn-in of Hancock Magnetite
Holdings Pty Ltd (Hancock) into the Mt Bevan iron ore project (Project) have now been executed.
The execution follows a comprehensive due diligence process undertaken by Hancock.
Historically, the Project was a joint venture between Legacy Iron (60% interest) and Hawthorn (40% interest) situated 250km north of Kalgoorlie and 100km west of Leonora in the Central Yilgarn region of Western Australia.

The details of the agreement were originally outlined in the ASX announcement of 15 November
2021 and the final agreement comprises:
• Hancock having exclusive right to earn-in to the Mt Bevan iron ore project and form a new
joint venture agreement
• Hancock funding the Pre-feasibility Study (PFS)
• Hancock appointing Atlas Iron Pty Ltd (Atlas) as the manager of the new Joint Venture
• Legacy Iron and Hawthorn retaining all non-iron ore rights.
Under the executed agreement, Hancock will make an initial investment of $9m for a 30% interest in the Project (Initial Investment) with $8m cash being paid to Legacy Iron ($4.8m) and Hawthorn ($3.2m) and the remaining $1m to be available as working capital for the new Joint Venture. The
cash payment will increase the cash reserves of both Legacy Iron and Hawthorn.
Upon completion of the Initial Investment, Hancock will hold a 30% interest in the Project with
Legacy Iron and Hawthorn holding 42% and 28% respectively.
Earn-in occurs with Hancock increasing its interest in the Project by a further 21% through the funding of a completed PFS. After the earn-in, Hancock will hold 51%, Legacy will hold 29.4% and Hawthorn will hold 19.6% of the Project.
Thereafter, and subject to favourable outcomes, work programs will be undertaken with the intention of further advancing the Project to a Bankable Feasibility Study.

 
Things moving ahead for LCY and HAW at the Mt. Bevan Iron Ore Project with first steps being taken to progress it, including putting the PFS on the agenda.

 
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