Ann: IGO to acquire Silver Knight deposit from Creasy Group, page-5

An early pick up by Nick Evans at The Australian;

And Silver Knight a dark horse regards size of deposit?

cheers

https://www.theaustralian.com.au/bu...ive-coverage/e0543717a5447561099757365db8ba8b
IGO buys nickel project from Creasy

NICK EVANS

IGO will pay $45m to legendary WA prospector Mark Creasy for its Silver Knight nickel discovery as the nickel producer looks to extend the life of its Nova nickel mine in the south of WA.

Discovered in 2015 by the Creasy Group, the size of Silver Knight has been kept under tight wraps since its first public mineralisation report was filed in 2018.
It showed the deposit had an initial JORC resource at 4.2 million tonnes grading 0.8 per cent nickel, 0.6 per cent copper and 0.04 per cent cobalt, including a higher grade 200,000/t grading 3% nickel, 1.9% copper and 0.17% cobalt.

IGO didn't give a current resource estimate when announcing the transaction on Tuesday, saying only it planned a new infill drilling campaign when it took control of the deposit and would update the market when a new mineral resource was finalised.

Nova is approaching the end of its mine life within the next few years, and Silver Knight sits within 35km of the Nova processing plant.

IGO boss Peter Bradford says the company hopes to begin pre-mining work at the deposit by 2023.
The company is due to report its June quarter production report on Wednesday after closing its deal to buy a share of Tianqi Lithium’s WA operations earlier this year.


RETROSPECT:
Back on August 2, 2018 when IGO was still called ‘Independence Group’ Barry Fitzgerald seemed not to be clairvoyant when he wrote of the logic of this deal ..


https://www.resourcesrisingstars.co...-copper-find-could-provide-needed-feed-hungry

AUGUST 2018​

Official figures show Creasy’s WA nickel-copper find could provide needed feed for hungry Independence​

The public mineralisation report for Australia’s newest nickel-copper-cobalt discovery – Mark Creasy’s privately held Silver Knight find in the Fraser Range – has finally surfaced.​

It confirms a sizeable find in its early stages, with obvious implications for Independence Group (IGO), owned 16% by Creasy, which is now a little bit light on mine life 25km down the track at its Nova-Bollinger nickel-copper-cobalt mine after its recent resources restatement.​

The public report on Silver Knight – the grey horse of the same name won the 1971 Melbourne Cup and sired the 1984 winner Black Knight – puts the current JORC resource at 4.2m/t grading 0.8% nickel, 0.6% copper and 0.04% cobalt, including a higher grade 200,000/t grading 3% nickel, 1.9% copper and 0.17% cobalt.​

The discovery will be the subject of a second phase of RC drilling as well as a diamond program which will test conductors below the current resource.​

The overall grade doesn’t match Nova’s but nevertheless the thing looks to be economic, which is why Creasy is applying for a mining lease, the process which has made the discovery public.​

Silver Knight could be a handy life-extender for IGO’s Nova on the basis it is down to 13.1m/t of material and planning an increased mining rate of 1.8mtpa. Looks like there is a deal to be done.​

Confirmation that Silver Knight is good for 33,000t of nickel, 26,000t of copper, and 1,700t of cobalt early in its exploration history doesn’t hurt sentiment in the broader exploration space either. A nice lead up to next week’s Diggers & Dealers…” etc​

Another write up  on Silver Knight, dated March last year  (- starting with more background to Nova -)
is here:
[Is this Mark Creasy Backed ASX Stock the Most Highly Leveraged to a Nickel Discovery?]