logo-loader
viewArrow Minerals Ltd

Arrow Minerals partner Independence Group earns 90% of Fraser Range nickel project

The joint venture partner has spent $5 million on Plumridge exploration in just 17 months.

Joint venture jigsaw puzzle pieces
Drilling is underway on four bedrock targets

Arrow Minerals Ltd’s (ASX:AMD) partner in the Plumridge Nickel Project, Independence Group NL (ASX:IGO) has completed the expenditure requirement to increase its interest in the project to 90%.

Under a farm-in agreement Independence had the right to increase its interest in Plumridge from 51% to 90% through the expenditure of $5 million within four years from January 31, 2018.

This requirement has been met in just 17 months.

READ: Arrow Minerals and Independence Group begin drilling at Plumridge Nickel Project

The Plumridge project consists of eight exploration licences covering 2,500 square kilometres in the northern Fraser Range Province of WA.

It is about 200 kilometres north of IGO’s Nova nickel-copper-cobalt operation and 120 kilometres south of the Tropicana gold operation.

The primary player in the prolific Fraser Range met the expenditure requirement by completing drilling and surveys.

Project-wide aircore drilling programs were carried out on a 3-kilometre by 800-metre spacing.

READ: Arrow Minerals drill results confirm gold potential at Helsinki prospect

IGO’s other work included SPECTREM airborne electromagnetic (AEM) surveys and ground moving loop EM (MLEM) surveys over target areas to define bedrock conductors.

Exploration continues

Independence is forging ahead with exploration at Plumridge and has started drilling four bedrock targets that have been identified using the aircore drilling, AEM and MLEM datasets.

These targets are considered prospective for Nova-style magmatic sulphide mineralisation (nickel-copper) and Andromeda-style volcanogenic massive sulphide mineralisation (copper-zinc).

Arrow retains a residual 10% interest in the project and can maintain this by contributing on a pro-rata basis to the joint venture.

If Arrow elects not to contribute, its interest will convert to a 1% net smelter return royalty on all future production from the project.

Quick facts: Arrow Minerals Ltd

Price: 0.008 AUD

ASX:AMD
Market: ASX
Market Cap: $6.7 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Arrow Minerals Ltd named herein, including the promotion by the Company of Arrow Minerals Ltd in any Content on the Site, the Company receives...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Independence Group chief discusses record production, financial results and...

Independence Group NL (ASX:IGO) managing director and chief executive officer Peter Bradford speaks to Proactive Investors about the company's just-announced half yearly and quarterly results, which include record production from both the Tropicana Gold Mine JV and the wholly-owned Nova...

on 1/2/19

2 min read