Impact Minerals (ASX:IPT) is raising up to $3 million to accelerate the maiden drilling program targeting potential massive nickel sulphides at its Mulga Tank nickel project in Western Australia.
Drilling, which is scheduled to start in November, will test seven coincident electromagnetic conductors and soil geochemistry anomalies with strike lengths of up to 800 metres and at depths of between 100 metres and 350 metres below surface.
These conductors occur close to the base of the Mulga Tank Dunite as interpreted from previous drill holes and magnetic data and therefore are possible zones of massive nickel sulphide mineralisation.
The company has also secured the right to acquire a greater interest in the licence over the conductors, E39/988 as well as E39/1072, by acquiring a third party’s stake of 20% and 25% respectively.
This will increase its stake in E39/988 to 70% and E39/1072 to 75%.
It is raising the funds through a placement of 78,947,368 shares at $0.038 each to sophisticated and professional investors.
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