Impact Minerals’ (ASX:IPT) recently attracted a $7.3 million investment from Andrew Forrest's Squadron Resources after discovering some of the highest grades of platinum ever reported in Australia.
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The company is now carrying out up to 1,500 metres of drilling at its Red Hill prospect in New South Wales where it discovered the 25 to 30 metre thick near-surface layer of copper-nickel-PGM mineralisation.
This is expected to take up to 4 weeks to test 7 targets with assays to follow. Adding interest, Red Hill is just one of three projects the company is carrying out exploration at over the next 12 months.
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 along with nickel and copper associated with an ultramafic intrusion.
Previous drilling defined an Upper and Lower Zone of mineralisation with results including 5.1 metres at 11g/t 7PGM, 1.9% copper and 0.9% nickel and 4.2 metres at 11.8g/t 7PGM, 2.6% copper and 0.5% nickel.
* 7PGM = Platinum-palladium-gold + osmium, iridium, rhodium, ruthenium where assayed.
Mineralisation is open at depth, where it is in part coincident with an Induced Polarisation (IP) chargeability anomaly identified in a ground geophysical survey.
Meanwhile, modelling of magnetic data at the T5 target indicates the Red Hill intrusion may be at least 400 metres thick in this area.
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