Impact Minerals (ASX:IPT) has tasted exploration success with drill results returning multi group metals, gold, copper, nickel and silver at Red Hill, part of the Broken Hill Project in New South Wales.
Drill Hole RHD012 highlights from a true width of 1.2 metres include: 10.4g/t platinum, 10.9g/t gold, 294g/t (9.5 ounces) palladium, 7.4% nickel, 1.8% copper and 19 g/t silver within a thicker zone of:
- 3.5 metres at 5g/t platinum, 6g/t gold, 144g/t (4.6 ounces) palladium, 2.9% nickel, 2.3% copper and 14.5g/t silver, including 0.5 metres at 5g/t platinum, 6.6 g/t gold, 141g/t (4.6 ounces) palladium 1.3% nickel, 10.4% copper and 82g/t silver.
Drill Hole RHD008 returned unknown true width of 29 metres at: 2.7g/t platinum, 0.5g/t gold, 5.5g/t palladium, 0.5% nickel, 2.4% copper and 57.8g/t silver.
Previous drilling by Impact under the historic mine returned minor massive sulphides from 58 metres with a drill hole of 32 metres at 1% copper, 0.5% nickel, 3.9g/t Pt-Pd-Au and 10.6g/t silver.
Strategically located
The Red Hill prospect is located 20 kilometres from the Broken Hill Lead-Zinc-Silver mine in New South Wales, which has produced for over 100 years.
Red Hill was a previous small copper-platinum mine which operated from 1906 to 1937.
Nickel-copper-PGE rights
Impact has acquired 100% of nickel-copper-PGE rights for $60,000 cash and 1% gross production royalty.
Buy-back of $1.5 million up to Decision to Mine.
The company also acquired 80% of lead-zinc-silver-other metals rights for $50,000 cash and 20% free-carried interest to joint venture partner to Decision to Mine.
Dr Mike Jones, managing director, commented:
"This is an outstanding outcome for Impact’s shareholders.
"The Red Hill Project continues to deliver exceptional drill results and we have also now been able to greatly simplify the previous complex metal rights ownership that we inherited when acquiring this project only two and a half years ago.
“Also, considering that this is only the second prospect, together with Platinum Springs, in the entire 35 kilometre trend of the project to have been drilled to any significant degree and that both have delivered very high grade nickel-copper-PGE assays, is testament to the exploration potential of our project."
Jones also said that the challenge now is to understand the controls on this mineralisation and look to extend the zone of interest along trend and at depth below 50 metres.
"We look forward to re-starting drilling as soon as possible.”
Analysis
Exceptional platinum group metals, gold, copper, nickel and silver results from Red Hill have delivered a near five-fold rerating for Impact since April this year.
But this could be just the beginning.
A well-funded Impact will be re-starting drilling as soon as possible, and will therefore deliver strong near-term news flow.
If results such as today's continue, then Impact may be on the cusp of a world-class discovery.
This potential has already been identified by Andrew Forrest’s Squadron Resources, with the group agreeing to invest up to $7.3 million to fund the company’s aggressive exploration plans.
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