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Annual Report 2015 59
MINERAL RESOURCES & ORE RESERVES
Table 1: Nova Project Mineral Resource estimate
Nova Project Mineral Resource – 30 June 2015
Contained Metal
Deposit
Classification Tonnes (Mt)
Ni % Cu % Co %
Nickel
(kt)
Copper
(kt)
Cobalt
(kt)
Nova
Indicated
9.1
2.5
1.0
0.08
230
94
7.3
Inferred
1.0
1.4
0.6
0.05
14
6
0.5
Sub-total
10.1
2.4
1.0
0.08
244
100
7.7
Bollinger
Indicated
2.4
2.7
1.1
0.11
64
26
2.6
Inferred
1.8
1.0
0.4
0.04
17
8
0.7
Sub-total
4.2
2.0
0.8
0.08
82
34
3.3
Indicated
11.5
2.6
1.0
0.09
294
120
9.8
Total
Inferred
2.8
1.1
0.5
0.04
31
14
1.2
GRAND TOTAL
14.3
2.3
0.9
0.08
325
134
11.0
Notes:
1.
Sirius Resources NL owned until IGO acquisition transaction completed on 22 September 2015.
2.
Mineral Resources are reported above a 0.6% NiEq Cut-off grade. NiEq% = ((Cu % x 0.95) x ($7,655/$16,408)) + (Ni % x 0.89).
3.
Resources are inclusive of Reserves.
4.
No depletion has occurred during the period.
5.
Ore tonnes have been rounded to the nearest hundred thousand tonnes.
6.
Contained metal tonnes have been rounded to the nearest thousand tonnes for Ni, Cu and the nearest hundred tonnes for Co.
This may result in slight rounding differences in the total values in the table above.
7.
The Competent Persons statement is incorporated in the JORC Code (2012) Competent Persons Statements section of this report.
8.
JORC Code (2012) Table 1 Parameters are in IGO’s ASX release of 28 October 2015.
Table 2: Nova Project Ore Reserve estimate
Nova Project Ore Reserve – 30 June 2015
Contained Metal
Deposit
Classification
Tonnes
(Mt)
Ni % Cu % Co %
Nickel
(kt)
Copper
(kt)
Cobalt
(kt)
Nova
Probable
10.3
2.1
0.9
0.07
218
90
7.0
Bollinger
Probable
2.8
2.0
0.8
0.08
55
22
2.0
GRAND TOTAL
13.1
2.1
0.9
0.07
273
112
9.0
Notes:
1.
Sirius Resources NL owned until IGO acquisition transaction completed on 22 September 2015.
2.
Ore tonnes have been rounded to the nearest hundred thousand tonnes.
3.
Contained metal tonnes have been rounded to the nearest thousand tonnes for Ni and Cu.
This may result in slight rounding differences in the total values in the table above.
4.
A Net Smelter Return (NSR) cut-off value of $105 per stope ore tonne has been used in the evaluation of the Ore Reserve.
5.
No depletion has occurred during the period.
6.
Revenue factor inputs (US$): Ni $16,408/t, Cu $7,655/t, Co $26,417/t. Exchange rate AU$1.00 : US$0.90.
7.
Metallurgical recoveries – 89% Ni in Ni concentrate with Co; 95% Cu in Cu concentrate with Ag.
8.
Sub-level open-stoping with paste backfill is the primary method of mining to be used at Nova.
9.
The Ore Reserve has been estimated as part of the Definitive Feasibility Study completed by Sirius in July 2014.
The Probable Ore Reserve underpins the Life of Mine (LOM) plan announced in the ASX release by Sirius on 14 July 2014.
10. The Competent Persons statement is incorporated in the JORC Code (2012) Competent Persons Statements section of this report.
11.
JORC Code (2012) Table 1 Parameters are in IGO’s ASX release of 28 October 2015.