LAKE MACKAY GOLD/BASE METALS PROJECT (IGO MANAGER AND OPTIONS TO EARN UP TO 70%)
The Lake Mackay Project is located 400km northwest of Alice Springs in the Northern Territory and covers 12,958km2 over favourable Proterozoic geology. The area includes sparsely explored metasediments intruded by granitic and mafic rocks beneath varying thickness of aeolian sand cover and is considered prospective for gold and base metal mineralisation.
IGO is in a farm in and joint venture agreement with Prodigy Gold NL (ASX: PRX) over 7,148km2 of granted tenements and 4900km2 of tenement applications. IGO is presently in the earn in phase and will earn a 70% interest by spending $6,000,000 during this phase.
IGO is in a separate joint venture with Castile Resources Pty Ltd, a subsidiary of Westgold Resources Limited (WGX), and PRX over 910km2 of granted tenements. IGO is presently in the earn in phase and will earn a 35.7% interest by spending $650,000. This is followed by a sole funding phase where IGO can increase its interest to 53.9% by spending an additional $1,000,000.
The exploration completed on the project to-date includes regional aeromagnetic surveys, geological mapping, soil sampling, moving loop electromagnetic surveying (MLEM) of prospects, reverse circulation (RC) and diamond drilling. This has identified a new mineralised province that presently includes the Bumblebee and Grapple Au-Cu-Ag-Zn-Co sulphide prospects and the Springer and Prowl Au prospects.
Lake Mackay Project - Location Map over Gravity Image
(Background image is provided under a Creative Commons Attribution 4.0 International licence (https:// creativecommons.org/licenses/by/4.0/legalcode) and is attributed to the Northern Territory of Australia (Northern Territory Geological Survey.)