IGO negotiating potential Forrestania deal with Medallion
Nickel and lithium miner IGO is negotiating a potential transaction with Medallion Metals to divest of the Cosmic Boy processing facility and infrastructure at the Forrestania nickel project.
After 18 years of commercial nickel production from the Flying Fox and Spotted Quoll mines, Forrestania’s nickel reserves are approaching depletion and will transition into care and maintenance in the 2025 financial year.
Medallion is looking to use Forrestania’s existing infrastructure to process the established mineral resources at the Ravensthorpe gold operation.
“Bringing the established high-grade gold/copper resources at Ravensthorpe together with Forrestania infrastructure has the potential to unlock significant value in a short space of time.
“Additionally, establishing gold processing capability at Forrestania creates an opportunity to commercialise stranded deposits in the region as well as reinvigorate gold exploration across the highly prospective Forrestania greenstone belt,” said Medallion MD Paul Bennett.
IGO and Medallion entered into a nine-month exclusivity period.
IGO will retain lithium and nickel rights at Forrestania. The company’s exploration team is progressing work at the South Ironcap prospect, where spodumene-bearing pegmatites have been discovered.
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