THE BOURSE WHISPERER: Incomparable prospector Mark Creasy raised funds for his Diggers & Dealers ticket by selling IGO Limited (ASX: IGO) 100 per cent of the Silver Knight nickel-copper-cobalt sulphide deposit.
IGO informed the market it has entered into a binding agreement with entities owned and controlled by Mark Creasy to acquire the Silver Knight nickel-copper-cobalt sulphide deposit, and subsequently form a Joint Venture with Creasy Group (IGO 65%: Creasy Group 35%) over a portfolio of exploration tenements around Silver Knight, for a total cash consideration of $45 million.
Silver Knight was discovered by Creasy Group in 2015 and is located 35km north-east of and within trucking distance of IGO’s Nova Operation.
In 2018, Creasy Group estimated an open pit JORC Mineral Resource Estimate for Silver Knight which was the basis for a Mining Lease application.
IGO has a planned work program to progress infill drilling at Silver Knight once the transaction is finalised, as well as progressing regulatory approvals and a Native Title mining agreement.
IGO will continue the exploration of the new JV tenements around Silver Knight, which it considers to be prospective for the discovery of Nova-style magmatic nickel-copper-cobalt sulphide deposits.
“The Silver Knight discovery not only validated the potential for the Fraser Range to host multiple commercial nickel-copper sulphide deposits but also provides a secondary source of feed for the Nova processing plant,” IGO managing director and CEO Peter Bradford said in the company’s ASX announcement.
“Our aim is to fast track the detailed assessment and permitting of Silver Knight in order to commence first pre-mining activity on the site by 2023.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE