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Independence Group NL

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Summary

Project:

Long

Deposit:Long
Location:Australia
Commodities:Nickel
Date:7/26/2018
Report Code:JORC
Report Type:Resource Estimation
Project Stage:Mine in Care & Maintenance
Report details:26-7-2018: Independence Group NL announces a Resource Estimation report for its Long deposit at the Long project. Annual statement of mineral resources at the project. Independence Group NL (‘IGO’ or ‘the Company’) (ASX: IGO) reports the annual update of
Resources:(Resource, Total): 0.70Mt @ 4.9% Ni for 33Kt Ni contained at Long
CP/QP:[Resources]: Mark Murphy (Internal)
ABSTRACT:Independence Group NL (‘IGO’ or ‘the Company’) (ASX: IGO) reports the annual update of IGO’s Mineral Resources and Ore Reserves as well as an update on Exploration activities for the 2018 financial year. Full details of the Mineral Resource and Ore Reserve estimates, including JORC Code Table 1, can be found in the attached Report – Annual Update of Exploration Results, Mineral Resources and Ore Reserves as at 30 June 2018. Peter Bradford, IGO’s Managing Director and CEO said: “IGO is in a unique position at the Nova Operation with 96%1 of the Mineral Resource now classified as Measured and 92%1 of the Ore Reserve classified as Proved. These are the highest confidence JORC Code categories and represent a significant step in de-risking future production from Nova. There are few mining operations which effectively have their life-of-mine profile at such a low-risk resource classification. By taking these steps, the Company can now focus on both optimising the value of the resource and delivering discovery of additional mineralisation at Nova. “We have seen a decrease in the Ore Reserve metal at the Nova Operation of approximately 11%2 compared to the previous Ore Reserve statement. Although this is a reduction in metal, the team has done a great job in optimising the life-of-mine plan to drive additional value. “We are confident that additional discoveries will be made at Nova and on the Fraser Range which will drive future value. Exploration underground drilling has commenced targeting the Phoenix prospect from underground positions at Nova. “At Tropicana, the drilling has been completed for the Boston Shaker prefeasibility. Results to-date are encouraging. The study schedule remains on track for delivery of an updated Mineral Resource and Ore Reserve for Boston Shaker by end of CY18.”

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