Fraser Range JV (IGO-BUX)
Buxton and IGO entered into a joint venture agreement for two tenements in the Fraser Range, Widowmaker E28/2201 and Zanthus E28/1959, in 2016 whereby Buxton retained a 10% free carry to decision to mine and IGO manages all exploration (refer to BUX ASX announcement 24 August 2016).
Independence Group has been undertaking systematic greenfields exploration in the Fraser Range targeting Nova style (magmatic Ni-Cu-Co sulphide) discoveries within over ~15,000km2 of regional tenure. Exploration spend has been in the region of ~$20m per annum for several years. The only tenement specifically referred to in several recent IGO announcements and presentations is the Widowmaker JV with Buxton.
Five high priority drill targets have been delineated on the Widowmaker tenement. Of note are the Ecliptic and Solar Prospects along trend from the Creasy Group’s Silver Knight discovery. At Ecliptic aircore drilling has identified Ni-Cu anomalism in ultramafic rocks and a low-temperature SQUID MLTEM survey has defined a large (2-3km) long EM plate at Solar. Deep diamond drilling of the Solar Prospect has commenced with Buxton eagerly awaiting results.
Drill targets at the Widowmaker (E28/2201) BUX-IGO joint venture in the Fraser Range, high priority targets include Ecliptic and Solar Prospects along strike from the Creasy Group Silver Knight Discovery (figure from IGO RIU conference presentation: https://www.asx.com.au/asxpdf/20190221/pdf/442twqw68jgtlq.pdf).