Three exploration licences combining for 160 square kilometres will increase the existing project by around 10% to 2,000 square kilometres.
Exploration planned including diamond drilling
During the current calendar year, IGO, as manager, is planning to undertake diamond drilling following up last year’s results.
It also plans to conduct infill air core drilling and moving loop electromagnetic (EM) surveys to test geochemical and airborne EM anomalies.
Budget of more than $22 million
Arrow’s managing director Howard Golden said: “Our working relationship with IGO has been very positive to date. IGO has managed a high quality and aggressive exploration programme in the Fraser Range and intends to continue doing so, with a regional exploration budget of more than $22 million.
“This agreement allows that relationship to continue and expand, improving the probability of
exploration success in the Fraser Range with increased exposure to the highly prospective belt hosting the Legend discovery at Mawson.
“At the same time, the agreement will defer Arrow’s earn-in contribution to the JV, thus freeing up resources to focus on other high priority projects such as the Dassa discovery in Burkina Faso.”