PERTH (miningweekly.com) – ASX-listed Independence Group (IGO) has struck a A$45-million transaction agreement to acquire the Silver Knight nickel/copper/cobalt sulphide deposit, in Western Australia.
IGO on Tuesday announced that it had entered into a binding agreement with entities owned and controlled by Mark Creasy to acquire the Silver Knight deposit and form a joint venture (JV) with Creasy Group over a portfolio of exploration tenements around Silver Knight.
Silver Knight was discovered by Creasy Group in 2015 and is located 35 km north-east of and within trucking distance of IGO’s Nova operation.
“We are pleased to have concluded this agreement with Creasy Group to acquire Silver Knight and the additional JV tenure. 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,” said IGO MD and CEO Peter Bradford.
“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.”
IGO has a planned work programme to progress infill drilling at Silver Knight once the transaction is finalised, as well as progressing regulatory approvals and a Native Title mining agreement. Updated resource and reserve estimates are expected once this work is completed.
In parallel, IGO will continue the exploration of the new JV tenements around Silver Knight, which remain prospective for the discovery of Nova-style magmatic nickel/copper/cobalt sulphide deposits.
IGO will hold a 65% interest in the JV, with Creasy Group to hold the remaining 35% interest.