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.
IGO begins drilling program
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.