Sirius stockpile boosts Independence stocktake

THE BOURSE WHISPERER: Independence Group (ASX: IGO) displayed the value of its takeover of Sirius Resources with an update on the company’s consolidated Mineral Resource and Ore Reserve estimates, as at 30 June 2015.

Independence has estimated its total Measured, Indicated and Inferred Mineral Resources to contain 391 thousand tonnes of nickel, 494 thousand tonnes of copper, 888 thousand tonnes of zinc, 2.5 million ounces of gold and 32.4 million ounces of silver.

The numbers represents an increase of 433 per cent and 36 per cent in both Sirius products nickel and copper contained metal, while its gold metal numbers dropped off with a six per cent decrease compared with the group’s estimates as at June 2014, net of depletion.

Both zinc and silver contained metal remained similar to June 2014.

IGO’s total Proven and Probable Ore Reserves estimate contains 295,000 tonnes of nickel, 320,000 tonnes of copper, 496,000 tonnes of zinc, 1.2 million ounces of gold and 16 million ounces of silver.

Again the big increases are in nickel and cooper with an 887 per cent increase in nickel metal, 48 per cent increase in copper metal, a one per cent increase in zinc metal and 11 per cent decrease in contained gold, compared with the company’s estimate as at June 2014, net of depletion.

“The material change to both the Total Mineral Resource and Total Ore Reserves compared to 30 June 2014, is the addition of the Nova project into the IGO portfolio as at 22 September 2015,” Independence Group explained in its ASX announcement.

The Mineral Resource for the Nova project is:

14.3 million tonnes at 2.3 per cent nickel, 0.9 per cent copper, 0.08 per cent cobalt for contained metal of 325,000 tonnes of nickel, 134,000 tonnes of copper and 11,000 tonnes of cobalt.

The Nova Ore Reserve estimate stands at 13.1 million tonnes at 2.1 per cent nickel, 0.9 per cent copper and 0.07 per cent cobalt for a contained metal of 273,000 tonnes of nickel, 112,000 tonnes of copper and 9,000 tonnes of cobalt.