from igo 2007 annual report :igo 51%/Goldsearch Limited 49% (BHP Billiton earning 65%) Geological Setting: Under-explored Proterozoic Musgrave Complex IGO on behalf of joint venture partners Goldsearch and BHP Billiton is managing exploration on the Musgrave JV, which comprises tenements and applications covering approximately 18,000 square kilometres of the South Australian portion of the Musgrave Block. Most of the tenure is held within freehold Aboriginal Lands and is yet to be granted. Meetings held during the year with the Traditional Owners have enabled the granting of two priority tenements and initial reconnaissance mapping and sampling is scheduled for late 2007. The main target is nickel sulphide mineralisation associated with the 1080Ma Giles Complex and associated mafic and ultramafic intrusive rocks, equivalent to those hosting BHP Billiton’s Nebo and Babel sulphide Ni-Cu-PGE discoveries in Western Australia. The Giles Complex is one of the largest mafic intrusive complexes in the world, and due to its remote location has only been subject to cursory exploration in the past. Limited work in the 1970’s has confirmed a nickel sulphide occurrence within the JV tenure. During the year an agreement was reached with BHP Billiton whereby BHP Billiton can earn 65% equity in the project by spending $25 million or by completion of a bankable feasibility study.
ZNO Price at posting:
0.0¢ Sentiment: None Disclosure: Held
