BASE METALS PROJECT (IGO VARIOUS OWNERSHIP LEVELS)
IGO has consolidated the largest ground position of any listed company on the prospective Fraser Range where IGO currently holds ~12,000km2 of tenure outside the Tropicana joint venture areas on and proximal to the Fraser Range. The tenement package is under-explored and considered highly prospective for nickel, copper and cobalt sulphide mineralisation.
IGO is in a unique position to leverage-off both the Nova capital infrastructure and the fingerprinting of the Nova-Bollinger deposits.
Exploration activities have increased over the second half of FY17 with improved geological interpretation and target generation through the completion of significant soil samples, regional geophysical gravity surveys and 3D inversion modelling, as well as by conducting moving loop electromagnetic (MLEM) surveys and data collection for a number of EM conductors that require follow-up drill testing. Systematic reconnaissance aircore drilling is underway on the northern tenements.
RC drilling was also completed on a number of the more advanced targets including Raising Dragon and Cobra. Follow-up drilling is required on both these prospects.
MACKAY GOLD/BASE METALS PROJECT (IGO MANAGER AND OPTIONS TO EARN 70%)
IGO is in an exploration alliance with ABM Resources NL (ASX: ABU) under which it can earn a 70% interest in a portfolio of tenements in the Lake Mackay region in the Northern Territory. The Lake Mackay Joint Venture with ABM Resources is located 400km northwest of Alice Springs. The JV has approximately 8,000km2 of exploration licences and applications over a favourable Proterozoic margin, characterised by continent-scale targeting criteria. The area includes sparsely explored Proterozoic age metasediments intruded by granitic and mafic rocks beneath varying thickness of aeolian sand cover and is considered prospective for gold, base metals and nickel sulphide mineralisation.
Exploration is at very early stage and has been limited to a small proportion of the tenement package. Work programs during FY17 have included a regional aeromagnetic survey and the completion of an 18 hole reverse circulation (RC) program which lead to the discovery of the Grapple Prospect. Encouraging drilling intersections were reported and have defined mineralisation over a strike length of 300m. Mineralisation remains open to the west.
Lake Mackay Project - Location Map over Gravity Image
BRYAH BASIN JOINT VENTURE (JV) (IGO MANAGER AND EARNING 70% - 80%)
IGO is in an exploration alliance with Alchemy Resources Limited (ASX: ALY) under which IGO can earn a 70% - 80% interest (excluding iron ore) in ALY’s Bryah Basin portfolio of tenements. The Bryah Basin JV tenure is situated approximately 40km west along strike from the DeGrussa Cu-Au VMS deposit currently being mined by Sandfire Resources Ltd and covers the same prospective Narracoota Volcanic – Karaluni Formation host stratigraphy. The IGO exploration team has extensive VMS exploration and discovery experience through its Jaguar and Stockman projects and is applying similar exploration techniques developed at these projects to the exploration of the Bryah Basin JV Project. A full data review has been completed with a specific focus on determining those areas along the prospective contact that had not been fully or effectively tested by past exploration. Following this review, Moving-Loop Electromagnetic (MLEM) and broad spaced AC geochemical programs were completed across priority areas to identify conductors and/ geochemical responses potentially representing buried massive sulphide mineralisation. This work highlighted the Neptune prospect, comprising a strong multi-element (Au-Cu-Ag) geochemical anomaly with semi-coincident MLEM conductors as a high priority for follow-up.
Bryah Basin Project - Tenement Location Plan over Geology and Aeromagnetics