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14 Independence Group NL
PROJECT AT PERMITTING STAGE
Stockman Project (IGO 100%)
The results of the Stockman Optimisation Study were released in November 2014 (see IGO’s ASX release dated 28 November
2014 for full details). The Stockman Project’s Environmental Effects Statement permitting approval from the State of Victoria and
the Commonwealth (under the Federal
Environment Protection and Biodiversity Conservation Act 1999
) was received in the first
half of FY2015. Detailed permitting is currently in progress.
EXPLORATION PROJECTS
Tropicana Gold Mine (IGO 30%) – Near Mine Exploration
A 3D seismic program completed during FY2015 identified a number of potential targets down dip and along strike of known
resources. A total of 187 aircore (AC) holes (7,034m), 49 reverse circulation (RC) holes (6,822m) and 44 diamond holes (11,009) was
completed in FY2015 targeting down dip extensions to mineralisation at Tropicana, Havana North and Havana South.
Tropicana Project – Salt Creek Joint Venture
During FY2015, IGO entered into a joint venture (JV) with AngloGold Ashanti Australia Pty Ltd (AngloGold Ashanti) on a series of
tenements on the eastern flank of the Tropicana JV project whereby IGO has the right to increase its interest in these tenements
from 30% to 70% by spending $3 million over four years. The Salt Creek JV tenements cover a significant area of the Salt Creek
Complex, a Proterozoic mafic/ultramafic intrusive package considered to have potential for magmatic nickel-copper sulphide
mineralisation.
Jaguar Regional Exploration
Exploration at Jaguar focused on delineation of the Triumph discovery, 6km north of the Jaguar processing plant. An initial
resource drilling program commenced at Triumph late in FY2015. Diamond drilling was undertaken to test a newly identified
target position at Daimler and test the Charlie Chicks and Possie Well South Prospects. AC drilling programs were completed on
the southern and northern extremities of the project area as well as on the Darlot JV.
Lake Mackay Exploration Alliance (IGO Manager, Has Potential To Earn Up To 70%)
IGO has an exploration alliance with ABM Resources NL (ASX: ABU) under which IGO can earn up to 70% in the Lake Mackay
Project located 400km northwest of Alice Springs. The project comprises 7,200km
2
of exploration licences and 12,130km
2
of
exploration licence applications. During FY2015, first pass and infill surface geochemistry sampling was completed and initial
AC drill testing of anomalies commenced.
Bryah Basin Joint Venture (IGO Manager And Earning 70% – 80%)
IGO has an exploration alliance with Alchemy Resources Limited (ASX: ALY) under which IGO can earn up to a 70% – 80% interest
(non-iron ore) in ALY’s Bryah Basin portfolio of tenements. The project is situated approximately 40km west of and along strike
from the DeGrussa Cu-Au VMS deposit covering the same prospective Narracoota Volcanic host stratigraphy. During FY2015, IGO
delineated a strong multi-element geochemical anomaly and semi-coincident Moving Loop EM (MLEM) conductors potentially
representing VMS-style mineralisation at the Neptune prospect. A program of RC and diamond drilling to test Neptune
commenced late in FY2015.
INVESTMENTS
During the second half of FY2015, IGO acquired approximately 33.8 million shares in ASX listed gold exploration development
company, Gold Road Resources Limited (ASX: GOR), for a total consideration of $13.1 million.
The total value of IGO’s holdings in marketable securities at 30 June 2015 was $15.5 million.