Ann: AGM Presentation, page-8

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From the 30/1 Ann

"1. Subject to and conditional upon completion of all necessary consents and the execution of certain deeds of assignment as may be required, IGO to spend a minimum of $500,000 on exploration expenditure (Initial Expenditure) over a period of 12 months on the whole and part base metal prospective tenements (Joint Venture Area), and has the right to continue exploring the Joint Venture Area after this point, or withdraw with no interest.
2. If IGO elect to continue and enter into a farm-in and joint venture arrangement (the Joint Venture), IGO may spend a further $6,000,000 on the Joint Venture Area (Earn-in Expenditure) within 5 years etc etc..."

From 5/11 Ann
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Alchemy Resources Limited (ASX: ALY) ("Alchemy" or "the Company") is pleased to announce that Independence Group NL (ASX: IGO) ("Independence") has elected to enter into a farm-in and Joint Venture ("JV") in accordance with the Letter Agreement dated 29 January 2014. ...

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Independence has recently completed approximately $1M of exploration, including initial aircore drilling and ground EM surveys, over base metal targets with results pending (see Quarterly Report dated 30 October 2014). Independence will integrate results from this recent work with existing data sets to identify exploration targets along the prospective Narracoota volcanic sequence. ..."

So, it appears to me that the drilling and other due diligence perhaps was good enough for IGO to commit. I would therefore be surprised if the results were no good.