IGO (ASX:IGO) share price lifts after exploration update

Boadicea Resources updated the market on IGO’s activities at Fraser Range today

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The IGO Ltd (ASX: IGO) share price gained on Thursday despite no price-sensitive news being released by the company.

As of Thursday’s close, the IGO share price is $8.87, 1.95% higher than it was at its previous close.

That’s a better performance than was seen from the broader market on Thursday. The S&P/ASX 200 Index (ASX: XJO) gained 0.54% over the course of the day, while the All Ordinaries Index (ASX: XAO) lifted 0.64%.

The S&P/ASX 200 Resources Index (ASX: XJR) also outperformed the broader market, gaining 1.34% on Thursday.

While IGO itself was quiet today, Boadicea Resources Ltd (ASX: BOA) released a non-price-sensitive update on IGO’s Fraser Range tenements.

Let’s take a look at the latest news from the exploration and mining company.

IGO’s work at the Fraser Range tenements

The IGO share price ended today in the green amid an announcement detailing the company’s Fraser Range activities.

IGO’s subsidiary, IGO Newsearch, previously entered into a joint venture with Boadicea Resources. Under the joint venture, IGO has 5 years of exclusive access and exploration rights for 9 of Boadicea Resources’ Fraser Range tenements in Western Australia.

Today, Boadicea Resources outlined IGO’s progress at the tenements over the 3 months ended 30 September.

According to Boadicea Resources, IGO has found potential nickel and copper accumulation at one target. It has also received positive assay results from the Orion target.

Additionally, Boadicea Resources outlined the work IGO plans to do at the tenements during the fourth quarter of 2021.

IGO is expecting to continue current heritage negotiations over most of the northern targets. It will also recover data from 89 moving loop electromagnetic surveys and conduct multiple air-core drilling programs.

IGO share price snapshot

Today’s gains are just the latest for the IGO share price, which has been performing well this year.

It is currently 32% higher than it was at the start of 2021. It has also gained 103% since this time last year.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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