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IGO LIMITED Capital/Financing Update 2003
65111_rns_2003-10-21_8b3ae36e-a534-4ff0-ab07-616707d06b86.pdf
Capital/Financing Update
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22 October 2003
Australian Stock Exchange Limited Company Announcements Level 10, 20 Bond Street SYDNEY NSW 2000
NO. OF PAGES : $(2)$
LONG NICKEL MINE - EXPLORATION DRILLING PROGRAM
Independence Gold NL is pleased to announce that a 25 hole 8,000 metre surface and underground drilling program will commence shortly to test seven nickel sulphide targets as follows:
| Prospect Name | Target Nickel Deposit Size |
Contained Nickel Tonnes |
Nearby Diamond Drill Intercepts |
Distance to existing Drive/Decline (approximate) |
|---|---|---|---|---|
| Victor West (Land) | 300,000t @ 4%Ni | 12,000 | $1.39m$ (a) $3.65\%$ Ni | 250m |
| Victor West (Lake) | 300,000t @ 4%Ni | 12,000 | 1.04m @ $0.8\%$ Ni $1.0m$ (a) $1.93\%$ Ni |
300 m |
| Bermingham | 32,000t @ 4% Ni | 1,300 | $1.9m$ $@$ $2.17%$ Ni Down plunge from stope, grab sample 6.2% Ni |
50m |
| Long West | 300,000t @ 4% Ni | 12,000 | 3.15m @ 3.2% Ni $1.9m$ $@$ $2.17%$ Ni |
100m |
| Long South | 3.5Mt $@$ 4% Ni | 137,000 | $0.76m$ @ 10.1% Ni 3.6m $(a)$ 3.3% Ni (incl 0.36m $@$ 14.6% Ni) |
750m |
| Vortex | 32,000t @ 4% Ni | 1,300 | $2.1m$ (a) $16.8\%$ Ni | 50m |
| Gibb South Extension | 32,000t @ 4% Ni | 1,300 | $7.1m$ @ 12.1% Ni | 75m |
| TOTAL | 4.8Mt @ 4% Ni | 177,000 |
These targets (Figure 1) are all near existing underground infrastructure.
Chind,
CHRISTOPHER BONWICK Managing Director
PO Box 893, South Perth. Western Australia, 6951 Phone: (08) 9367 2755 Facsimile: (08) 9367 3288 Email: [email protected] Website: www.independencegold.com.au
FIGURE 1: LONG NICKEL MINE - LONGITUDINAL PROJECTION SHOWING NICKEL TARGETS AND NEARBY DRILL INTERCEPTS