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Annual Report 2015 57
Beachcomber Joint Venture
In the Beachcomber Joint Venture with Anglo Gold Ashanti, IGO had the right to increase its interest from 30% to 70% via
exploration expenditure in a number of tenements previously forming part of the Tropicana JV. IGO has withdrawn from the
Beachcomber Joint Venture and the tenements have since reverted back to the Tropicana JV (IGO: 30%).
Darlot Joint Venture (IGO Manager and Earning 70% – 80%)
IGO is earning a 70% – 80% interest in the Darlot project located approximately 60km north and along-strike from IGO’s Jaguar
Operation, covering similar volcanic stratigraphy to the Jaguar Project. The Darlot Project has strategic value to IGO as any base
metals discoveries are potentially within economically viable trucking distance of its Jaguar processing facility.
Scandinavia Nickel Targets Joint Venture (IGO 51%, can earn up to 75%)
IGO has an exploration alliance with Mawson Resources (TSX: MAW) under which it can earn a 75% interest in a portfolio of
targets in Fennoscandia. The JV partners currently have tenements covering two targets in Sweden, in the Karesuando and
Pessinki areas.
Three Exploration Permits totalling 259km
2
cover the Karesuando project. A series of ultramafic to mafic intrusives are located
proximal to an Archaean-Proterozoic boundary zone, a similar setting to a number of major nickel deposits. A nickel deposit
is located about 10km north of the tenure, over the border in Finland, supporting the prospectivity of the region. Previous
exploration has recorded Ni mineralisation in boulders to 0.98% Ni, multi-element (Ni, Cu, Cr, Co, Ag) geochemical anomalies in
peat sampling and very limited modern exploration within the IGO project tenements. A heli-EM survey covering part of the
project area has been planned for H1 FY2016.
The Pessinki project consists of three Exploration Permits covering 134km
2
. The area has had no documented previous mineral
exploration. The tenements cover part of a major gravity feature, and a coincident multi-element geochemical anomaly in very
broadly spaced regional till sampling by the Swedish Geological Survey (SGU). Outcrop through the area is generally sparse, but
cover depth is likely to be shallow. A small check till sampling has confirmed the original geochemical responses in the areas
tested, and extended the original area of anomalism. The initial target was a large mafic-hosted Ni-Cu sulphide deposit, but
initial geochemical sampling has also suggested there may also be potential for other types of mineralisation. Infill geochemical
and gravity surveys are planned, and have been scheduled to take local stakeholder issues into account. Additional work will be
dependent on results from these exploration programs.
FY2016 Regional Exploration
IGO has budgeted $11 million for greenfields and generative exploration in FY2016. This is in addition to funds committed to
ongoing brownfields and regional exploration on the Tropicana Joint Venture and IGO’s in-mine and regional exploration
programs at Long and Jaguar discussed in previous sections of this Annual Report.
New gold and base metal exploration projects are constantly being evaluated and a budget has been set aside to commence
exploration on one or more of these in the coming 12 months should a suitable opportunity be identified. There will be a
continued strong focus on target generation including ongoing evaluation of the De Beers database as a second stage filter to
our prospectivity mapping program.
Stockman Project, Victoria IGO 100%
The Stockman Project is located in Eastern Victoria, 460km by road north-east of Melbourne. The proposed project is on mining
tenements approximately 19km east-south-east of Benambra in the East Gippsland region. The project encompasses two
copper-zinc-lead-silver-gold VMS deposits, Wilga and Currawong, which were discovered in 1978 and 1979. The larger Currawong
deposit is intact, whilst a core of copper-rich ore from the Wilga deposit was mined and processed on-site between 1992 and
1996.