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Mineral Resources and Ore Reserves Annual update & Update on Exploration activities for the FY18: Independence Group NL (ASX:IGO) stock rose 0.62% on July 26, 2018 after the company provided the annual update of their Mineral Resources and Ore Reserves & update on Exploration activities for the FY18. IGO’s Nova Operation shows that 96% of the Mineral Resource is now classified as Measured and 92% of the Ore Reserve is classified as Proved. These are the highest confidence JORC Code categories of the project, and reflect a significant step in de-risking future production from Nova. IGO’s total Mineral Resources as at 30th June 2018, from all operations, includes combined estimated metal contents of 300kt Ni, 109kt Cu, 9kt Co, and 2.2Moz Au. IGO’s total Ore Reserves as at 30 June 2018 contained estimated metal contents of 216kt Ni, 89kt Cu, 7kt Co and 1.2Moz Au. The company has completed substantially all of the life-of-mine grade control drilling over the Nova and Bollinger deposits. Now, underground drilling at Nova is focusing on exploration drilling targeting additional orebodies at Nova. Further, at Tropicana, the company has completed Boston Shaker drilling and prefeasibility work is progressing as per schedule. The results to-date are encouraging and the study schedule is on track for delivery of an updated Mineral Resource and Ore Reserve for Boston Shaker by end of CY18. Meanwhile, IGO is managing the exploration activities on the Lake Mackay Joint Venture and has shown encouraging results. The follow-up rock chip samples from Grimlock Prospect has confirmed high Manganese (Mn)-Nickel (Ni)-Cobalt (Co) in outcrops with results up to 2.5% Co, 1.1% Ni, 46.4% Mn. IGO has commenced spectrem airborne EM survey with two blocks completed and the target generation in progress. On the other hand, IGO stock has fallen 8.38% in three months as on July 25, 2018.
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