IGO deals with Creasy in Fraser Range

INDEPENDENCE Group will pay Mark Creasy A$21 million for interest in ground adjacent to the Nova nickel-copper mine in Western Australia’s Fraser Range.

IGO deals with Creasy in Fraser Range IGO deals with Creasy in Fraser Range IGO deals with Creasy in Fraser Range IGO deals with Creasy in Fraser Range IGO deals with Creasy in Fraser Range

Exploration at Nova

The group of tenements cover 1100sq.km of ground contiguous with the Nova mining lease to the west and southwest of the mine.

The ground, which will be known as the Southern Hills tenements, has only been partially assessed with regional soil sampling, isolated aircore drilling and electromagnetics.

IGO will pay $21 million for a 70% stake in the ground, comprising $5.3 million in cash and the rest in shares.

Creasy is already IGO's largest shareholder with around 16% of the company.

IGO will manage and fund all exploration expenditure through to a feasibility study after which time Creasy can choose to fund or dilute his interest.

The maximum interest IGO can earn is 95%.

IGO holds 15,800sq.km of ground over a 426km strike length in th...