IGO has boosted its interest in the Fraser Range nickel-copper joint venture (JV) with Carawine Resources in Western Australia to 70 per cent after spending $5 million on exploration.
The JV was formed in 2016 which now holds a 30 per cent interest in the project.
It is comprised of the Red Bull, Bindii, Big Bullocks and Aries tenements in the Fraser Range region of Western Australia.
Under the JV, IGO had the option to earn a 70 per cent interest in the project by spending $5 million in exploration expenditure.
IGO has completed 14,800 metres of air core drilling, surveyed more than 5000 gravity and 900 ground-based moving-loop electromagnetic (EM) stations, and completed more than 1900 line-kilometres of airborne EM surveys since the JV began.
A further $1.3 million in exploration expenditure has been proposed for the next 12 months.
Carawine will not contribute to the exploration budget and will instead focus on the Tropicana North gold project and its other Fraser Range tenements.
“Our focus right now is advancing our majority-owned Tropicana North gold project where we have the best chance of delivering high returns from exploration success, including at our high-grade Hercules gold discovery where we are currently drilling, and our other 100%-owned tenements in the region,” Carawine managing director David Boyd said.
“We can do this, and still maintain exposure to significant upside from our other quality exploration projects through our partnerships with Rio Tinto and Fortescue in the Paterson, Black Canyon in the Oakover, and IGO in the Fraser Range.”
“We will update the market with further details of the Fraser Range JV exploration programs as they progress, and look forward to sharing the results of this work as soon as they become available.”
The Fraser Range hosts IGO’s Nova nickel mine, with the Nova deposit first discovered by Sirius Resources in July 2012.
The greenfield discovery helped kickstart exploration in the Fraser Range.