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BHP Group Limited — Capital/Financing Update 2008
Jan 20, 2008
14787_rns_2008-01-20_c58f17f4-0188-43bd-a689-53f5d578bbb6.pdf
Capital/Financing Update
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ASX ANNOUNCEMENT 21[s t] JANUARY 2008 5 Pages
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INDEPENDENCE GROUP NL COMPANY DETAILS
IGO Acquires the Karlawinda Gold Project
ASX CODE: IGO
ABN: 46 092 786 304
DIRECTORS
Rod Marston – Non-Exec Chairman Chris Bonwick – Managing Director Kelly Ross – Executive Director John Christie – Non-Exec Director Oscar Aamodt – Non-Exec Director
KEY MANAGEMENT
Kelly Ross – Company Secretary Brett Hartmann – Long Mine Manager Tim Kennedy – Exploration Manager David Johnson – Chief Geophysicist
REGISTERED OFFICE
Level 3 PDM House 72 Melville Parade South Perth Western Australia
POSTAL ADDRESS
PO Box 893 South Perth Western Australia, 6951
CONTACT
Christopher Bonwick Managing Director
PH: +61 8 9367 2755 FAX: +61 8 9367 3288 EM: [email protected] WEB: www.igo.com.au
SUMMARY
• HIGHL
Independence Group NL (“IGO”) is pleased to announce it has acquired the Karlawinda Gold Project from BHP Billiton as part of its strategy to explore for multi-million ounce gold deposits in newly defined untested geological terrains.
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IGO has acquired the Karlawinda Gold Project, located near Newman in Western Australia. BHP Billiton retains a 70% clawback right on discoveries over 5 million ounces of gold or 120,000t of nickel metal.
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The project is located close to road and gas pipeline infrastructure and a large service centre.
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Limited drilling at the Frankopan Prospect has defined a very large gold system within Archaean metabasalt under Proterozoic Bangemall Basin cover.
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Limited drill testing has returned gold anomalism within wide zones of strong pervasive potassic alteration and quartz veining including:
o 37m @ 1.9g/t Au o 32m @ 1.0g/t Au o 70m @ 0.4g/t Au o 76m @ 0.4g/t Au
Within the broad low-grade intercepts, higher grade zones include:
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7m @ 4.6g/t Au
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o6m @ 4.5g/t Au
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- Gold mineralisation has been defined over an area of 600m by 400m and is open in all directions.
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I M A G E : L O N G N I C K E L M I N E , W A
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ASX ANNOUNCEMENT
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Details
The Karlawinda Project lies some 65kms southeast of the town of Newman in Western Australia, within the Peak Hill Goldfield ( Figure 1 ). The project comprises 4 tenements (E52/1710, E52/1711, E52/1721 and E52/1820) covering an area of 725km².
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Figure 1: Karlawinda Project Location
Overview
During March 2005 while drill testing the nickel potential of TEM anomalies under Proterozoic Bangemall Basin cover, WMC (now BHP Billiton) observed visible gold in drill-core associated with laminated quartz veins and strong potassic alteration in Archaean mafic rocks immediately below the flat-lying Bangemall basal contact at a vertical depth of 182m ( Figures 2-4 ).
A further nine diamond drill-holes tested an area of approximately 600m by 400m with eight holes returning anomalous gold (the “Frankopan Prospect”).
Geology and Mineralisation Style
A sequence of mineralised foliated and veined garnetiferous meta-andesite/basalt with minor volcaniclastics (amphibolite facies metamorphism) was defined beneath flat-lying gabbro sills, carbonaceous shales and arenites of the Bangemall Basin. The sequence has been inferred as Early Archaean age, lying on the southern margin of the underlying Pilbara Craton. The depth to the Bangemall basal contact is between 150m and 200m.
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ASX ANNOUNCEMENT
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Gold is primarily associated with a biotite-albite-pyrite-Kspar-calcite alteration assemblage known as the Biotite Zone. Marginal to the Biotite Zone, chlorite-calcite-biotite assemblages with trace pyrite grade into chlorite-biotite-garnet. The Biotite Zone is over 70m wide and is pervasive.
The gold mineralised zones are texturally distinctive with a laminated appearance defined by strongly foliated biotite, pyrite and sub-parallel laminated quartz veins. Visible gold is common in both the quartz veins and biotite/pyrite zoning. Narrow foliated felsic porphyry units are associated with the zone of gold mineralisation.
Potential
Wide zones (over 70m in true width) of alteration and gold mineralisation associated with multiple low-angle shear sets in competent mafic host rocks that are open in all directions suggest the 600m x 500m area defined at the Frankopan Prospect is part of a major gold mineralised system.
Although it is at a very early stage, the area tested by drilling to date has been interpreted to be potentially part of a new major gold province in favourable Archaean host rocks under cover.
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Figure 2: Karlawinda Project – Drill-Hole Plan Showing Figures 3 and 4 Cross-Section Locations
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ASX ANNOUNCEMENT
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Figure 3: Karlawinda Project – Cross-Section A-A’ Frankopan Prospect
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Figure 4: Karlawinda Project – Cross-Section B-B’ Frankopan Prospect
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ASX ANNOUNCEMENT
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Table 1: Gold Intercepts
| Hole ID | Easting | Northing | Depth (m) | Azimuth | Dip | Intercept (m) | Width (m) | Au (g/t) |
|---|---|---|---|---|---|---|---|---|
| KBD01 | 207700 | 7365150 | 242.6 | 360 | -90 | 179- 216 | 37 | 1.9 |
| inc 182- 183 | 1 | 14.2 | ||||||
| inc 195- 202 | 7 | 4.6 | ||||||
| KBD02 | 207700 | 7364800 | 252.5 | 360 | -90 | 237-247 | 10 | 0.8 |
| KBD09 | 207600 | 7365035 | 291.5 | 360 | -70 | 196-215 | 19 | 0.5 |
| 226-258 | 32 | 1.0 | ||||||
| inc 231- 237 | 6 | 4.5 | ||||||
| KBD12 | 207400 | 7365170 | 297.5 | 180 | -70 | 256-296 | 40 | 0.5 |
| KBD14 | 207700 | 7365370 | 297.5 | 180 | -70 | 178-189 | 11 | 0.2 |
| 236-269 | 33 | 1.3 | ||||||
| inc 254-258 | 4 | 2.6 | ||||||
| KBD15 | 207500 | 7365370 | 261.5 | 180 | -70 | 184-260 | 76 | 0.4 |
| inc 234-245 | 11 | 1.3 | ||||||
| KBD17 | 207600 | 7364835 | 342.5 | 360 | -70 | 262-332 | 70 | 0.4 |
| inc 289-295 | 6 | 1.7 | ||||||
| KBD18 | 207700 | 7365290 | 351.5 | 360 | -70 | 176-182 | 6 | 0.3 |
IGO has planned an aggressive RC and diamond drilling campaign designed to further delineate known mineralisation and to test for extensions, particularly in interpreted favourable structural positions.
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Christopher Bonwick Managing Director
Note: The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Christopher M Bonwick who is a full-time employee of the Company and is a member of the Australasian Institute of Mining and Metallurgy. Christopher Bonwick has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Christopher Bonwick consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Forward-Looking Statements: This document may include forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning Independence Group NL’s planned exploration program and other statements that are not historical facts. When used in this document, the words such as "could," "plan," "estimate," "expect," "intend," "may," "potential," "should," and similar expressions are forward-looking statements. Although Independence Group NL believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements.
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