IGO (ASX:IGO) share price soars 4% on nickel-copper update

Here's the latest from IGO's Fraser Range explorations…

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The IGO Ltd (ASX: IGO) share price is taking off this morning on news from the company's 70%-owned Fraser Range joint venture.

IGO has begun a drilling program at the project to further explore 2 recently identified bedrock conductors. IGO's joint venture partner notes the conductors are compelling nickel-copper targets.  

At the time of writing, the IGO share price is $9.82, 3.59% higher than its previous close.

Let's take a closer look at today's news.

Two cheerful miners shake hands while wearing hi-vis and hard hats celebrating the commencement of a HAstings Technology Metals mine and the impact on its share price

Image source: Getty Images

IGO begins drilling program

The IGO share price is in the green on the back of an update posted by the company's Fraser Range joint venture partner, Carawine Resources Ltd (ASX: CWX). 

IGO has started drilling at the project's Red Bull tenement where low-temperature SQUID moving-loop electromagnetic surveys identified 2 targets in June.   

The surveys were looking to interpret a southern continuation of the lithostratigraphic package, known as the Snowys Dam Formation, that hosts the Nova-Bollinger nickel-copper-cobalt deposit.

Modelling by IGO shows the 2 conductors – named RB_C and RB_B – are within low-magnetic bodies. They will likely be mafic intrusions within the Snowys Dam Formation.

RB_C has a high conductance of around 5,500 siemens. Modelling shows it's a 275-metre-by-275-metre plate dipping northeast from 320 metres below the surface.

Whereas RB_B has moderate conductance of around 2,500 siemens, modelled as a 250-metre-by-350-metre sub-vertical plate dipping east from 330 metres below the surface.

Through its joint venture with Carawine, IGO has access to 5 exploration areas. By funding the financial year 2022 exploration program – expected to cost approximately $1.3 million – IGO can earn another 6% of the Fraser Range joint venture. 

IGO share price snapshot

This year is going well for the IGO share price.

Right now, it's 46% higher than it was at the start of 2021. It has also gained 125% since this time last year.

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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