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Home / Stock Market News / Why Legacy Iron Ore (ASX: LCY) stock is up 29% this morning

Bernd Struben | 10 March 2021 1:23 p.m. | More on: LCY

Legacy Iron Ore Ltd (ASX: LCY) stock price was up 7% in the early afternoon after rising 29% earlier in the day

While its name may suggest the Western Australia-based company exclusively explores and mines iron, Legacy Iron is also focused on gold, tungsten and other mineral discoveries

Legacy Iron’s share price rises today after the company reported encouraging results after completing a metallurgical testing program on its mountain on the Celia Gold Project

These results include high gravity gold recovery averaging 475% across all tests, with Legacy Iron adding that “a finer grind size may result in increased gold recovery”

The newly completed test work builds on the first results that the company received on March 8th Released December According to Legacy Iron, testing the 3 new composite samples will include “Diagnostic Leach Tests, Ore Seed Sorting Tests, and Tailings Geochemistry Assessment”

The company will use the final results to move the Celia Gold Project down the mountain to a pre-study feasibility level

Our December 2020 results showed high gold recovery These metallurgical follow-up results continue to confirm that gold recovery is high, with plenty of gravity-mining gold and general gold recovery in the mid-1990s

The result of the results shows that this material can be processed in any conventional gold processing facility in the region or through a toll treatment agreement with local operators. These results also support the further development of our project and a path to production, examining all processing options. p>

In the past 6 months, Legacy Iron stocks are up 50%, representing a 15% increase in the All Ordinaries Index (ASX: XAO)

Things didn’t go so well for shareholders in 2021. Since the start of the year, Legacy Iron Ore shares have fallen 70%

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Motley Fool employee 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 provides general investment advice only (under AFSL 400691) Authorized by Bruce Jackson

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Iron Ore Price

World News – AU – Why Legacy Iron Ore (ASX: LCY) stock is up 29% this morning

Source: https://www.fool.com.au/2021/03/10/why-the-legacy-iron-ore-asxlcy-share-price-jumped-29-this-morning/