Musgrave Minerals Limited
Commodity: Gold, Nickel And Other Base Metals In The Musgrave Region.
IGO holds 1.2 million fully paid Musgrave Minerals Limited shares (30.6%). Musgrave Minerals Limited (MM) was formed during 2010 by various companies with tenement interests in the Musgrave region of Australia.
The Musgrave Joint Venture comprises tenements and applications covering approximately 18,000km2 of the South Australian portion of the Musgrave block. Most of the project area is held under Aboriginal Freehold tenure and as a result has only been subject to cursory exploration in the past.
The principal target is Ni-Cu-PGE mineralisation associated with the feeder conduits and dykes forming part of the extensive mafic-ultramafic Giles Complex. Further to the west, Giles Complex intrusives host BHP Billiton's Nebo and Babel nickel sulphide discoveries. Other target types include Broken Hill type Zn-Ag-Pb, mineralisation, iron oxide copper gold mineralisation (Olympic Dam and Ernest Henry) and Mt Isa style epigenetic copper mineralisation.
The Joint Venture partners have reached an agreement with Mithril Resources Ltd (MTH) to vend the parties' respective exploration interests in the Musgrave into MM. The combined tenure will result in MM controlling some 50,000km2 of exploration licences and applications in this poorly explored and highly prospective region.
Under the terms of the Heads of Agreement, each company will transfer their respective exploration interests in the Musgrave region and provide initial seed capital to MM.
IGO and GSE have been issued 30.6% and 29.4% respectively of the issued capital in MM. MTH, which has the largest exploration interest in the Musgrave Province through a number of joint ventures and wholly owned tenements, is entitled to 40%.
Each company is represented on the MM Board of Directors. The transfer of exploration interests is subject to the consent of respective joint venture parties, the Government of South Australia and the Anangu Pitjantjatjara Yankunytjatjara.
MM will conduct an initial public offering of shares and will seek admission to the official list of the Australian Securities Exchange (ASX) and quotation of its shares prior to 30 April 2011.
The focus of MM is to advance current base metal and precious metal targets on granted tenure to a drill ready or near drill ready status.
Field activities by MM commenced in late June 2010 and comprised mapping and sampling on EL3939, 3941 and 3942. The main objectives were to assess the outcropping Giles intrusions for mineral potential and to trial several regional geochemical sampling methods over known mineralisation. Several outcrop areas identified on aerial photo and satellite imagery that had not been visited by PIRSA or previous explorers were mapped and sampled. Over 500 rock chip, soil and auger samples were taken over a number of targets, primarily for orientation purposes. Assay results are pending.
Highlights include the identification of "blebby" sulphides (pyrrhotite-pyrite-chalcopyrite- pentlandite) within a ~20m wide olivine bearing gabbroic dyke on EL3942. The dyke has a 2-3m wide contaminated margin in places and is over 7km long. Significantly these results provide further support that the Giles rocks in the area are contaminated and are fertile for the formation nickel sulphide deposits.
It is intended that investors will be sought to enable the listing of Musgrave Minerals Limited on ASX before the end of the 2010/11 financial year. IGO will advise its shareholders when the prospectus is issued by Musgrave Minerals Limited to enable IGO shareholders to participate in this investment opportunity.
Brumby Resources Limited
Commodity: Iron Ore
IGO holds 6.9 million fully paid Brumby Resources Limited shares (4.8%). Brumby Resources Limited (BMY) is exploring for iron ore, particularly in the Goldsworthy region of Western Australia |
