IGO (ASX:IGO) share price soars 4% on nickel-copper update

Here’s the latest from IGO’s Fraser Range explorations…
The post IGO (ASX:IGO) share price soars 4% on nickel-copper update appeared first on The Motley Fool Australia. –

The IGO Ltd (ASX: IGO) share price is taking off this morning on news from the company’s 70%-owned Fraser Range joint venture.

IGO has begun a drilling program at the project to further explore 2 recently identified bedrock conductors. IGO’s joint venture partner notes the conductors are compelling nickel-copper targets.  

At the time of writing, the IGO share price is $9.82, 3.59% higher than its previous close.

Let’s take a closer look at today’s news.

IGO begins drilling program

The IGO share price is in the green on the back of an update posted by the company’s Fraser Range joint venture partner, Carawine Resources Ltd (ASX: CWX)

IGO has started drilling at the project’s Red Bull tenement where low-temperature SQUID moving-loop electromagnetic surveys identified 2 targets in June.   

The surveys were looking to interpret a southern continuation of the lithostratigraphic package, known as the Snowys Dam Formation, that hosts the Nova-Bollinger nickel-copper-cobalt deposit.

Modelling by IGO shows the 2 conductors – named RB_C and RB_B – are within low-magnetic bodies. They will likely be mafic intrusions within the Snowys Dam Formation.

RB_C has a high conductance of around 5,500 siemens. Modelling shows it’s a 275-metre-by-275-metre plate dipping northeast from 320 metres below the surface.

Whereas RB_B has moderate conductance of around 2,500 siemens, modelled as a 250-metre-by-350-metre sub-vertical plate dipping east from 330 metres below the surface.

Through its joint venture with Carawine, IGO has access to 5 exploration areas. By funding the financial year 2022 exploration program – expected to cost approximately $1.3 million – IGO can earn another 6% of the Fraser Range joint venture. 

IGO share price snapshot

This year is going well for the IGO share price.

Right now, it’s 46% higher than it was at the start of 2021. It has also gained 125% since this time last year.

The post IGO (ASX:IGO) share price soars 4% on nickel-copper update appeared first on The Motley Fool Australia.

Should you invest $1,000 in IGO right now?

Before you consider IGO, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and IGO wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

IGO (ASX:IGO) share price lifts after exploration update

The Pilbara Minerals (ASX:PLS) share price surges on resource upgrade

Top brokers name 3 ASX shares to sell today

IGO (ASX:IGO) share price lifts amid Western Areas rumours

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!