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AMD and IGO Complete Farm-in at Plumridge

Industrial
ASX:IGO      MCAP $5.952B
19 June 2019 23:32 (AEST)

Arrow Minerals has announced its joint venture partner, Independence has increased its interest Plumridge, Nickel Project to 90 per cent.

In early January 2018, Arrow Minerals and Independence Group entered into the Farm-In Agreement. IGO would acquire a 51 per cent interest in Plumridge as well as an 11 per cent equity interest in Arrow Minerals.

IGO, however, had the option to increase its interest in the Plumridge Nickel Project from 51 per cent to 90 per cent by funding a total of $5 million within four years from the 31 January 2018.

IGO, impressively met the expenditure requirement in just 17 months by completing exploration activities at the Plumridge Nickel Project.

IGO completed project-wide aircore drilling programs, SPECTREM airborne electromagnetic (AEM) surveys, and ground moving loop EM (MLEM) surveys over target areas to define bedrock conductors.

Drilling of these four defined bedrock targets has commenced by IGO. The targets are expected to be prospective for Nova-style magmatic sulphide mineralisation and Adromeda-style volcanogenic massive sulphide mineralisation.

Arrow Minerals has a small residual interest of 10 per cent in the Project. The company will maintain its interest by contribution pro-rata to the joint-venture. If it chooses not to contribute, its interest will convert to a 1 per cent net smelter return royalty on all future production from the Plumridge Nickel Project.

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