Independence Group NL (ASX:IGO) has revealed a total contained metal resource of 300,000 tonnes nickel, 109,000 tonnes copper , 9,000 tonnes cobalt and 2.2 million ounces gold from all of its operations.
The company is focused on its Western Australian projects – the 100% owned, world-class Nova nickel-copper-cobalt operation and a 30% interest in the Tropicana Gold Mine joint venture with AngloGold Ashanti (ASX:AGG).
IGO’s total resource as at 30 June 2018 includes an ore reserve (contained metal content) of 216,000 tonnes nickel, 89,000 tonnes copper, 7,000 tonnes cobalt and 1.2 million ounces gold.
IGO managing director and chief executive officer Peter Bradford said: “IGO is in a unique position at the Nova Operation with 96% of the mineral resource (nickel metal) now classified as measured and 92% 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.”
READ: Independence Group achieves 23% quarterly increase in nickel production at Nova
IGO achieved an increase in metal production rate during the June 2018 quarter at Nova, driven by better than nameplate mining and processing rates and higher overall grade.
Nova nickel production for the June 2018 quarter was up 23% quarter on quarter with production for the full year at 3% below the low end of IGO’s guidance.
A SAG mill liner issue which impacted processing plant availability and productivity in the second half of June resulted in an 800 tonnes shortfall in nickel production relative to plan.
Tropicana gold production for the financial year 2018 was better than the midpoint of IGO’s guidance.
Bradford added: “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.”