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.

The post IGO (ASX:IGO) share price lifts after exploration update appeared first on The Motley Fool Australia.

What does IGO do?

IGO is an exploration and mining company with a portfolio of operating and exploration assets across Australia. The company also has an exploration joint venture in Greenland for copper, nickel, and other minerals. 

IGO's major operations are the 100% owned Nova nickel copper cobalt operation and the Tropicana Gold Mine joint venture in which it has a 30% interest. IGO shares have been listed on the ASX since 2002.

What is the deal for?

IGO Newsearch, a wholly owned subsidiary of IGO, has entered into an agreement with Boadicea to secure key ground positions along the Fraser Range, including the tenement immediately along a strike from the Nova Operation. The agreement involves Boadicea granting IGO the exclusive right to explore nine Fraser Range tenements for 5 years.

Under the deal, IGO must pay $5.5 million up front, with a $1.5 million subscription to purchase 2.35 million shares of Boadicea at 24 cents a share. IGO must pay an additional $50 million conditional on the company making a discovery and declaring a JORC Resource during the 5-year period. Finally, IGO will grant Boadicea a 0.75% Net Smelter Return Royalty to be paid on all revenues associated with mineral production from the tenure.

IGO CEO Peter Bradford said:

"As the dominant landholder along the Fraser Range and the operator of the Nova Operation, IGO maintains a strong conviction for the potential of the region to host multiple nickel copper sulphide deposits."

He noted that IGO was keen to explore this area for repetitions of Nova style nickel copper cobalt mineralisation that have been found nearby.

Foolish Takeaway

The IGO share price has been falling sharply since late July. This is in spite of a strong FY2020 report that saw a rebound in its share price. Shareholders will be hoping that this deal can catapult the IGO share price higher, although it must be noted the deal is subject to BOA shareholder approval.

The post IGO share price drops despite exploration deal appeared first on The Motley Fool Australia.