South Boulder Mines (ASX: STB) is allowing Independence Group NL (ASX: IGO) to earn up to a 70% interest in the nickel rights Duketon Nickel Joint Venture through sole funding through to a Bankable Feasibility Study within five years.
Importantly for this non-core asset of South Boulder, Independence Group is looking to build on the maiden JORC Resource of 1.7 million tonnes at 1.7% nickel, 0.4% copper and 1.9 grams per tonne (g/t) platinum and palladium for the Rosie deposit
The new drilling program will comprise both diamond and reverse circulation targeted at resource definition and extensions to the resource, and will cover around 60 holes for 16,000 metres.
Lorry Hughes, managing director of South Boulder, commented: “It is very pleasing to see exploration step up a notch at the DNJV with the most intensive drilling plans to date.
"The mineralisation discovered to date at the DNJV is similar to other magmatic nickel systems that host long life nickel mines. The Rosie JORC Compliant Resource Estimate completed in January provides a robust starting point for resource growth and I’m expecting many new discoveries.”
Targets at Rosie already identified
The new drilling will explore strike extents of the Rosie system for additional resources, including structural target zones to test for thicker high grade zones within the contact domain.
There will also be a focus to test beneath the TBRC034 target where a reconnaissance reverse circulation program in 2008 returned an oxide intercept of 4 metres at 0.44% nickel, 0.19% copper and 1.7g/t platinum plus palladium.
Finally, drilling will test the eastern contact of the Bulge Ultramafic (South of C2) on 100 metre spaced sections to explore for possible repeats of Rosie-style mineralisation between Rosie and the C2 nickel sulphide deposit.