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Independence Group NL
Summary
| Project: | Long | |
|---|---|---|
| Deposit: | Long | |
| Location: | Australia | |
| Commodities: | Nickel | |
| Date: | 10/14/2016 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 14-10-2016: Independence Group NL announces a Resource Estimation report for its Long deposit at the Long project. Annual statement of mineral resources and ore reserves. Independence Group NL (IGO or the Company) (ASX: IGO) is pleased to provide its annu | |
| Resources: | (Reserve, Total): 351Kt @ 3.9% Ni, for 13600t Ni contained | |
| CP/QP: | [Resources]: Somealy Sheppard (Internal) | |
| ABSTRACT: | Independence Group NL (IGO or the Company) (ASX: IGO) is pleased to provide its annual Mineral Resource and Ore Reserves estimates, as at 30 June 2016. Commenting on the update IGO’s Managing Director and CEO, Peter Bradford, said: “We have significantly strengthened our growth platform during FY16 as we transform the business in FY17. A key element of the Tropicana Long Island study has been completed with development of the mineral resource model, which captures the resource drilling completed as part of this study. The model will form the framework for the completion of the prefeasibility study. The current Mineral Resource stands at 7.5Moz of gold using the current cost structure to constrain the resource, with the Ore Reserve at 2.4Moz of gold. A change in the mining costs delivered by the strip mining approach and optimisation of waste haulage being investigated as part of our Long Island Study will unlock the resource to reserve conversion. An updated Mineral Resource and Ore Reserve will be issued as part of the study expected in the December quarter” At Nova there has been no change to our Mineral Resource or Ore Reserve statement, however the resource continues to be de-risked with the current grade control drilling program. At present, we have three underground diamond drill rigs executing this program. Results to date, although only representative of a small proportion of the total resource have been encouraging with positive nickel equivalent metal reconciliations when compared to the resource model. | |
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