Ownership IGO 100%
Location 460km by road north-east of Melbourne, Eastern Victoria.
The proposed project is on mining tenements located approximately 19km east-south-east of Benambra in the East Gippsland region.
Location map including the Mining Tenement MIN5523
The Stockman Project was acquired by IGO in 2011. The Stockman Project encompasses two copper-zinc-lead-silver-gold deposits, Wilga and Currawong, which were discovered in 1978 and 1979. The larger Currawong deposit is intact, whilst a core of copper-rich ore from the Wilga deposit was mined and processed onsite between 1992 and 1996.
The Wilga and Currawong Volcanogenic Massive Sulphide deposits are hosted within the Silurian age sedimentary basin which forms part of the Lachlan Fold Belt. Both deposits are approximately 350m in strike and dip extent, dip shallowly to the north and are located some 100m below the surface. The Currawong deposit comprises five massive sulphide lenses and associated stringer style mineralisation stacked by a series of post-mineralisation faults. Located approximately 4km to the south, the Wilga deposit comprises a single massive sulphide lens with an extensive halo of stringer style mineralisation. The sulphide mineralogy is predominantly pyrite, sphalerite, chalcopyrite and galena.
The Currawong massive sulphide lenses contain copper-rich domains that reflect both primary hydrothermal fluid pathways as well as zones of remobilised copper which are controlled by post mineralisation shears. Resource drilling by IGO has resulted in better definition of structural controls and grade/ metal zonation, as well as some incremental extensions to mineralisation. The structural complexity of the larger landholding is being interpreted with a view to gaining a greater understanding of the potential for additional host stratigraphy under barren cover in the vicinity of the two deposits, as well as regionally.
The scope of the Stockman Project encompasses concurrent development of the two underground deposits to feed a central 1.0Mtpa differential flotation concentrator that could produce approximately 150,000tpa of copper and zinc concentrates over a project life of approximately ten years. The proposed development includes recommissioning the Wilga underground mine and developing a new Currawong underground mine with access decline access via small box cut portals in the hillside.
The copper and zinc concentrates will be loaded into sealed, half height sea containers for transport to port, where the concentrate will be loaded into bulk carriers for export to customer smelters in the southern Asia region.
The existing Tailings Storage Facility will be expanded, whilst water will be sourced primarily from local onsite sources. Other key infrastructure will include a 16MW site gas-fired power station, a 170-person accommodation village for the drive-in drive-out regional workforce, located on private land close to the mine site. An estimated 250 people will be employed onsite once development of the Stockman Project has been completed.
Figure – Graphical representation of proposed Stockman concentrator and administration areas
Following the completion of the 2013 Feasibility Study, an Optimisation Study was completed in late 2014 with key results released on 28 November 2014.
An Environment Effects Statement (EES) was prepared for the project between 2010 and 2014 under the Victorian Environment Effects Act 1978. The EES described all aspects of the Stockman Project and included the results of some 26 separate studies covering the biophysical, social and economic impacts and benefits from the project. The EES also addressed matters raised by the Commonwealth through the Environment Protection and Biodiversity Conservation Act 1999.
In late 2014, IGO received both a positive assessment from the Victorian Government and project approval, subject to conditions, from the Commonwealth. This allows the project to proceed to the licensing phase, which is expected to take approximately 18 months to conclude.
Throughout the development of the EES, IGO has worked with a wide range of local stakeholders, and is committed to ongoing community consultation as the project progresses through further permitting stages during 2015 and beyond.
IGO is committed to advancing the Stockman Project through the licensing phase while also progressing the development of the Nova Project in Western Australia. It is anticipated that IGO would only make a decision on whether to proceed with engineering, procurement and construction of the Stockman Project after completing the development of the Nova Project, and subject to securing the critical licences for the Stockman Project. Any decision whether to develop the Stockman Project will be made by IGO in the context of the markets and IGO’s other operations at the relevant time.
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