Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Arrow Minerals has announced its joint venture partner, Independence Group NL has increased its interest in the Plumridge Nickel Project to 90 per cent
  • Initially, IGO acquired a 51 per cent interest and once it paid $5 million over four years, it could acquire a 90 per cent interest
  • IGO met the expenditure requirement in 17 months by funding exploration activities
  • IGO has commenced drilling four bedrock targets for sulphide mineralisation
  • Arrow Minerals will maintain a 10 per cent interest in the project

Arrow Minerals has announced its joint venture partner, Independence has increased its interest Plumridge, Nickel Project to 90 per cent.

In early January 2018, Arrow Minerals and Independence Group entered into the Farm-In Agreement. IGO would acquire a 51 per cent interest in Plumridge as well as an 11 per cent equity interest in Arrow Minerals.

IGO, however, had the option to increase its interest in the Plumridge Nickel Project from 51 per cent to 90 per cent by funding a total of $5 million within four years from the 31 January 2018.

IGO, impressively met the expenditure requirement in just 17 months by completing exploration activities at the Plumridge Nickel Project.

IGO completed project-wide aircore drilling programs, SPECTREM airborne electromagnetic (AEM) surveys, and ground moving loop EM (MLEM) surveys over target areas to define bedrock conductors.

Drilling of these four defined bedrock targets has commenced by IGO. The targets are expected to be prospective for Nova-style magmatic sulphide mineralisation and Adromeda-style volcanogenic massive sulphide mineralisation.

Arrow Minerals has a small residual interest of 10 per cent in the Project. The company will maintain its interest by contribution pro-rata to the joint-venture. If it chooses not to contribute, its interest will convert to a 1 per cent net smelter return royalty on all future production from the Plumridge Nickel Project.

IGO by the numbers
More From The Market Herald
Amaero International (ASX:3DA) - CEO, Barrie Finnin

" Amaero International (ASX:3DA) to make rocket motor parts for Gilmour Space

Amaero International (3DA) has secured a heads of agreement (HoA) with Gilmour Space Technologies.

" DGL Group (ASX:DGL) to buy Shackell for $8.9m

Specialist chemicals business DGL Group (DGL) has agreed to purchase Shackell Transport for $8.9 million.

" CIM propose $840M 2019 profits with digital shift

CIMIC Group Executive Chairman expects a 2019 performance of $790m  million $840 million.

" Scheme order issues $400M in annual income

Doray Minerals Limited has announced orders made by the Supreme Court of Western Australia on 28 March 2019, which approved a share and