IIG to acquire 100% of Lionel Diggings

11 September 2007 | 08:26 Code : 15224 Geoscience events
Integrated Investment Group (IIG) has executed an Option and Purchase....

  Integrated Investment Group (IIG) has executed an Option and Purchase Agreement, which enables the company to acquire 100 percent of the Lionel Diggings gold project, near Ravenswood in North Queensland.This agreement gives the IIG potential exposure to an open pittable high-grade gold resource similar to other major epithermal and porphyry/breccia related gold deposits in the Charters Towers region, such as Pajingo, Mt Leyshon and Ravenswood. Lionel Diggings is located 25km east of Ravenswood in the highly mineralised Pajingo-Charters Towers-Ravenswood structural corridors. There has been no modern exploration conducted over the project, which remains undrilled to date. Under the Option and Purchase Agreement, IIG has been granted a three-year option to exclusively explore and, if it elects to, acquire the project. The company said it intends to conduct a multi-phased program, involving geological mapping, geochemical sampling, trenching, ground magnetics and preliminary metallurgy, followed by a 1000m reverse circulation/diamond drilling program. Integrated Investment Group Chairman, Tim Moore said since the company’s capital raising and reinstatement in February this year, it had reviewed a number of resource opportunities. “We consider the Lionel Diggings a superior project and an exciting opportunity for the company to enter the resource sector,” Mr Moore said. “Given the high calibre of developed gold projects in the vicinity of Lionel Diggings, we see the project as having a potentially very positive future for IIG and its shareholders,” he said.

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