IGO Annual Report 2016

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Annual Report 2016 23
MINERAL RESOURCES & ORE RESERVES
Table 1: Nova Project – 30 June 2016 Mineral Resources (and 2015 comparison)
Mineral Resources - June 2015 Mineral Resources - 30 June 2016
Tonnes Grade Contained Metal Tonnes Grade Contained Metal
Deposit Classification (Mt)
Ni
(%)
Cu
(%)
Co
(%)
Ni
(kt)
Cu
(kt)
Co
(kt) (Mt)
Ni
(%)
Cu
(%)
Co
(%)
Ni
(kt)
Cu
(kt)
Co
(kt)
Nova Measured - - - - - - - - - - - - - -
Indicated 9.1 2.5 1.0 0.08 230 94 7.3 9.1 2.5 1.0 0.08 230 94 7.3
Inferred 1.0 1.4 0.6 0.05 14 6 0.5 1.0 1.4 0.6 0.05 14 6 0.5
Sub-total 10.1 2.4 1.0 0.08 244 100 7.7 10.1 2.4 1.0 0.08 244 100 7.7
Bollinger Measured - - - - - - - - - - - - - -
Indicated 2.4 2.7 1.1 0.11 64 26 2.6 2.4 2.7 1.1 0.11 64 26 2.6
Inferred 1.8 1.0 0.4 0.04 17 8 0.7 1.8 1.0 0.4 0.04 17 8 0.7
Sub-total 4.2 2.0 0.8 0.08 82 34 3.3 4.2 2.0 0.8 0.08 82 34 3.3
Stockpile - - - - - - - - - - - - - -
GRAND TOTAL 14.3 2.3 0.9 0.08 325 134 11.0 14.3 2.3 0.9 0.08 325 134 11.0
Notes:
1. Mineral Resources are reported above a 0.6% nickel equivalent cut-off grade which is calculated as NiEq% = ((Cu % x 0.95) x ($7,655/$16,408))
+ (Ni % x 0.89).
2. As at 30 June 2016 the resource broken stocks was not material to the Mineral Resource with an estimated 11.8kt at 0.88% Ni, 0.55% Cu and
0.03% Co stockpile.
3. There is no change to the Mineral Resources from June 2015 to June 2016, with no drilling completed nor changes to the understanding of
the geological controls.
4. Mineral Resources are inclusive of Ore Reserves.
5. No depletion has occurred during the period.
6. Ore tonnes have been rounded to the nearest hundred thousand tonnes.
7. All figures are rounded to reflect appropriate levels of confidence. Apparent differences may occur due to rounding.
8. JORC Code (2012) Table 1 Parameters are contained within IGO’s 2016 ASX Resources and Reserves Statement as released to the ASX which
can be found at
Table 2: Nova Project – 30 June 2016 Ore Reserves (and 2015 comparison)
Ore Reserves - December 2015 Ore Reserves - 30 June 2016
Tonnes Grade Contained Metal Tonnes Grade Contained Metal
Deposit Classification (Mt)
Ni
(%)
Cu
(%)
Co
(%)
Ni
(kt)
Cu
(kt)
Co
(kt) (Mt)
Ni
(%)
Cu
(%)
Co
(%)
Ni
(kt)
Cu
(kt)
Co
(kt)
Bollinger Proven
Probable 2.7 2.2 0.9 0.09 59 24 2 2.7 2.2 0.9 0.09 59 24 2
Sub-Total 2.7 2.2 0.9 0.09 59 24 2 2.7 2.2 0.9 0.09 59 24 2
Nova Proven
Probable 10.9 2.0 0.8 0.06 216 89 7 10.9 2.0 0.8 0.06 216 89 7
Sub-Total 10.9 2.0 0.8 0.06 216 89 7 10.9 2.0 0.8 0.06 216 89 7
Stockpile - - - - - - - - - - - - - -
GRAND TOTAL 13.6 2.0 0.8 0.07 275 112 9 13.6 2.0 0.8 0.07 275 112 9
Notes:
1. All figures are rounded to reflect appropriate levels of confidence. Apparent differences may occur due to rounding.
2. As at 30 June 2016 the Ore Reserves broken stocks was not material to the Ore Reserve with an estimated 9.3kt at 0.99% Ni, 0.62% Cu and
0.03% Co stockpile.
3. A Net Smelter Return (NSR) cut-off value of $64/t of stope ore has been used in the evaluation of the Ore Reserve, which includes mining
and G&A operating costs. Processing costs are captured as a variable to the NSR block value.
4. There is no change to the December 2015 Ore Reserve as the project is still under construction and no new significant information is available
as of 30 June 2016.
5. Minor Ore reserves are now broken stocks on the ROM pad but as yet have not been reconciled through processing and sampling.
6. Sub-level open-stoping with paste backfill is the primary method of mining to be used at Nova.
7. The Ore Reserve has been estimated as part of the Optimisation Study completed by IGO December 2015.
8. JORC Code (2012) Table 1 Parameters are contained within IGO’s 2016 ASX Resources and Reserves Statement as released to the ASX which
can be found at
All Competent Persons statements for the following tables are incorporated in the JORC Code (2012) Competent
Persons Statement section found on page 28.