Impact Minerals (ASX:IPT) has received strong community support for its new drilling program at the Broken Hill joint venture project in New South Wales.
The program will cover 1500 metres at the Red Bore prospect where it discovered some of the highest grades of platinum ever reported in Australia.
Dr Mike G Jones, managing director, commented:
"We have been receiving extensive support from the local community at Broken Hill. They are keen to see a discovery in the area to help support the ongoing relationship with the mining industry.
"The drill program is expected to take up to 4 weeks to test 7 targets with assays to follow as soon as practicable.
"Andrew Forrest is a new cornerstone investor and he was attracted to Impact because of the technical merit of our projects, in particular at Broken Hill and Commonwealth near Orange.
"The Minderoo Group has invested an initial $3 million into the Impact with the potential to increase that to $7.3 million if the results keep coming in.
“The group invested at 2.1 cents per share and our rights issue is currently open, and shareholders can increase their stake at the same price as Mr Forrest.
"The drilling program will be closely watched as Red Hill has already delivered one of Australia's highest ever platinum group metal discoveries.
"We also recently featured in the local news."
Red Hill Targets
At T1, Impact discovered a 25 to 30 metre thick near-surface zone of mineralisation beneath the dormant Red Hill mine that contains high grade PGM’s together with nickel and copper associated with an ultramafic intrusion.
Four significant intercepts have been returned from drill holes RHD001 and RHD006 that define an Upper and Lower Zone of mineralisation:
Upper Zone:
- 9.5 metres at 4.7g/t 3PGM, 1.5% copper and 0.8% nickel including 5.1 metres at 11g/t 7PGM, 1.9% copper and 0.9% nickel (RHD001); and
- 5.2 metres at 7.9g/t 7PGM, 1.1% copper and 1.6% nickel (RHD006).
Lower Zone:
- 9.9 metres at 6.7g/t 3PGM, 1.4% copper and 0.3% nickel including 4.2 metres at 11.8g/t 7PGM, 2.6% copper and 0.5% nickel (RHD001); and
- 13.8 m at 6.6g/t 7PGM, 1.1% copper and 0.3% nickel (RHD006).
*3PGM = Platinum-palladium-gold and 7PGM = 3PGM + osmium, iridium, rhodium, ruthenium where assayed.
Importantly it appears that the mineralised zones dip at a shallow angle to the south, are close to true width and are increasing in width and grade at depth.
Mineralisation is open at depth, where it is in part coincident with an Induced Polarisation (IP) chargeability anomaly identified in a ground geophysical survey.
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