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IGO LIMITED Capital/Financing Update 2003
65111_rns_2003-10-09_26ecf565-5a2f-46b5-a6d0-7848d60baffd.pdf
Capital/Financing Update
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10 October 2003
Australian Stock Exchange Limited Company Announcements Level 10, 20 Bond Street SYDNEY NSW 2000
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RECORD QUARTERLY NICKEL PRODUCTION AT LONG MINE
The Company is pleased to announce record nickel production from the Long Mine for the September quarter of 1.907t of nickel (Ni) metal contained in 42.722 t of ore mined at an average grade of 4.46 % Ni. This is some 54% over budgeted quarterly production and represents a significant contribution of high grade ore (up to 22% Ni in massive sulphides) mined from the Gibb South shoot, which is performing above expectations.
Underground development to access the high grade shoot at Victor South is on schedule.
The experimental underhand cut and fill technique, being trialled to recover high grade ore pillars in Long Mine, is also proceeding well.
LONG SOUTH DRILLING PROGRESS
Two further exploration drill holes at Long South have been completed. Hole LNSD-017, previously reported as intersecting the flank of the Long South nickel channel was completed to a depth of 1024m in footwall meta-basalt. Initial assays showed no significant nickel in the contact zone with a peridotitic komatiite lava flow which, being in a flanking position, is not the basal olivine peridotite type of flow normally associated with Kambalda-style nickel mineralisation. A geophysical probe inserted into this drill hole found no indication of near-hole conductors. Hole LNSD-018 was abandoned at 660m after 3 attempts at cementing broken ground were unsuccessful.
Due to difficult drilling conditions, the prospective target between the 3m $\omega$ 3% Ni intercept in KD6067B-W7 and the ultramafic-mafic contact in LNSD-017 will now be targeted from underground drilling out from the footwall basalt in the Victor Decline. This drilling is planned to begin this month and may consist of up to 3 inclined holes 600 to 700m in length.
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KELLY ROSS Executive 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