Exploration and discovery is core to the IGO DNA and is a key platform for our growth in value strategy. We continue to build our exploration team and realigned our exploration strategy with the Company’s new strategic focus on energy storage and transmission metals.
Our primary commodities are nickel, copper and cobalt; however, we remain interested and open to other commodity opportunities, including other battery minerals and metals and gold. During 2018, we have continued to transform our exploration project portfolio with the consolidation of an extensive brownfields ground position in the highly prospective Fraser Range to take advantage of our major infrastructure investment and advancing geological understanding at Nova.
Our discovery portfolio also includes belt-scale greenfield opportunities in the Northern Territory at the expanded Lake Mackay Project and the new100%-owned Raptor Project, and a Frontier Project in Eastern Greenland.
BASE METALS PROJECT (IGO VARIOUS OWNERSHIP LEVELS)
IGO has further consolidated the largest ground position of any company in the prospective Fraser Range, east of Kalgoorlie in Western Australia. IGO currently holds approximately 15,000 square kilometres of tenure (not including Tropicana). The Fraser Range remains underexplored and highly prospective for nickel, copper and cobalt sulphide mineralisation. IGO is in the fortunate position to be able to leverage off the Nova capital infrastructure, as well as an improving understanding of the geology, geochemistry and geophysics of the Nova-Bollinger mineral deposit. Specifically, Nova-Bollinger is a natural laboratory and our in-mine and near-mine geoscience work and research initiatives are helping us to explore for new deposits, both immediately around Nova-Bollinger and more broadly across the Fraser Range.
LAKE MACKAY GOLD/BASE METALS PROJECT (IGO MANAGER AND OPTIONS TO EARN UP TO 70%)
The Lake Mackay Joint Venture with Prodigy Gold (formerly ABM Resources) is located 400 kilometres northwest of Alice Springs. The JV has approximately 7,600 square kilometres of granted exploration licences and a further, approximately, 5,200 square kilometres of licence applications over an unexplored Proterozoic terrane, characterised by polymetallic base and precious metal mineral systems. Exploration is at an early stage and, until recently, has been limited to a single tenement.
Work programs in the 2018 financial year included diamond drilling at the Grapple Prospect, where reverse circulation drilling led to the discovery of coppergold (zinc-lead-silver-cobalt) mineralisation. Further diamond drilling intersected the best mineralisation discovered to-date with encouraging results. Ongoing regional soil sampling continues elsewhere on the project and has delivered encouraging polymetallic geochemical anomalies that require followup in FY19.
In addition, ongoing regional Spectrem airborne EM surveys are delivering anomalies for ground EM follow-up and drilling.
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.)