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Independence Group NL (ASX:IGO), a diversified mining and exploration company confirms the potential of underground mining at Tropicana based on its pre-feasibility study. The requirement of the pre-feasibility study was for the development of an underground mine beneath the Boston Shaker pits at Tropicana. The pre-feasibility study (PFS) proved the technical and financial feasibility of the underground mining. The other joint venture partner of IGO, AngloGold Ashanti Australia Ltd (AGAA) is also proceeding towards the feasibility study of the Boston Shaker pits at Tropicana, and it will complete by the second half of FY2019.
The PFS of the underground mine development proved the technical and financial feasibility of the project with an accuracy within normal PFS level which is +/-25%. The mine has the potential to deliver approximately 1Mtpa of resources which is equivalent to 100,000 ounces per annum with the expected life of mine of 7 years. The total capital investment required in this project is around A$95 million which will be taken care by these two joint venture partners AGAA and IGO in the proportion of 70:30. After the PFS, the next step will be to link the project to the open pit design and schedule. The company has also further planned to capitalize the recent successful commissioning of the second ball mill. Based on the PFS, both the companies have agreed for additional drilling to explain the ore reserves.
The recent highlights from the program highlights are as follows:
At hole BSD166, recent drilling of 16 meters from its earlier exploration of 470 meters led to the discovery of 5.37g/t of gold.
At hole BSD170, recent drilling of 16 meters from its earlier exploration of 489 meters led to the discovery of 4.37g/t of gold.
At hole BSD171, recent drilling of 16 meters from its earlier exploration of 453 meters led to the discovery of 4.68g/t of gold.
At hole BSD172, recent drilling of 16 meters from its earlier exploration of 464 meters led to the discovery of 7.66g/t of gold. Another drilling of 12 meters from the previous 477 meters exploration resulted in 3.76g/t of gold.
At hole BSD173, recent drilling of 16 meters from its earlier exploration of 456 meters led to the discovery of 4.12g/t of gold.
At hole BSD174, recent drilling of 16 meters from its earlier exploration of 454 meters led to the discovery of 4.14g/t of gold.
At hole BSD178, recent drilling of 16 meters from its earlier exploration of 452 meters led to the discovery of 5.87g/t of gold.
The official listing date of IGO on ASX is 17 January 2002. Since then, the performance of the company remains positive for the past five years. However, the last one-year performance of the company is -10.63%.
With the market open on 20 December 2018, the market price of the share is A$3.720 (AEST: 3:41 pm, 20 December 2018) which is 0.230 points below the previous dayâs closing price. The stock has a market capitalization of A$2.33 billion with the PE ratio 43.99x.
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