Impact Minerals (ASX:IPT) will acquire the joint venture rights to the Mulga Tank project in Western Australia and Broken Hill nickel-copper-platinum group elements projects from Endeavour Minerals.
It has also extended the terms of the initial earn in period for the Mulga Tank joint venture with King Eagle Resources, a subsidiary of Golden Cross Resources, by three years.
Impact can earn 51% of the mineral rights from Golden Cross by spending a further $345,000 by November 2015 and 80% by spending a further $200,000 by November 2017.
A detailed review and synthesis of previous exploration results is ongoing. These results confirm the presence of near drill-ready targets with the potential for the discovery of significant mineral deposits at both projects.
Impact plans to drill at one of the projects late in the next Quarter, subject to regulatory approvals.
Previous mineralisation intercepts at Broken Hill project in New South Wales include representative 120kilogram sample of gossan returning 19.6 grams per tonne platinum, 50 g/t palladium, 3 g/t rhodium, 3 g/t osmium, 4.4 g/t iridium, 2 g/t ruthenium, 0.57 g/t gold, 0.34% nickel and 0.71% copper.
The Mulga Tank Nickel Gold project has assayed 264 metres at 0.2% nickel and 218 metres at 0.18% nickel.
Impact had a cash position of $2.9 million at the end of last quarter.
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