Impact Minerals Ltd (ASX:IPT) has launched a share purchase plan (SPP) to raise $1 million, and has been strongly supported by the broker community, with Patersons Securities Limited fully-underwriting.
The SPP will offer shares to all eligible shareholders registered at the books closing date of 13 April 2016 at $0.024.
Funds will be used to drive further exploration at its high grade and prospective Commonwealth gold-base metals project near Orange in New South Wales.
A drilling program will cover 3000 metres of reverse circulation and diamond drilling to test targets within the Commonwealth, Silica Hill, Doughnut and Welcome Jack Prospects.
Recently at the project, Impact identified at least three undrilled and open south plunging ore shoots.
This provides Impact with potential to add to Commonwealth’s already established resource of 100,000 ounces of gold equivalent.
The new targets are to be tested as part of an extensive drill program to be undertaken in the June quarter.
This could increase the size of known resource at the Commonwealth deposit and identified several new nearby targets for similar deposits of high grade massive sulphide.
Dr Mike Jones, managing director, commented:
“This is a significant opportunity for existing shareholders to increase their participation in upcoming drill programs at the company’s emerging Commonwealth project, where we will start drilling immediately after the SPP closes, as well as some allocation for our Broken Hill copper-nickel-PGM project.
"Both projects have already delivered both exceptional high grade drill results that require follow up work as well as numerous new drill targets from our ongoing work.”
Key SPP dates
- Announcement of SPP Offer 14 April 2016.
- Despatch of SPP Offer Document 20 April 2016.
- Opening Date for SPP Offer 20 April 2016.
- Closing Date for SPP Offer (5:00 WST) 9 May 2016.
- Allotment and issue of Offer Shares 13 May 2016.
- Despatch of Holding Statements 13 May 2016.
- Quotation of New Shares on ASX 16 May 2016.
Commonwealth Project
This new potential at the Commonwealth project has been identified using data from drill hole assays, two down-hole electromagnetic (EM) surveys and a ground gravity survey.
All three shoots are undrilled at depth and open, in particular below a previous Impact drill intercept of 4 metres at 41.8 g/t gold, 93 g/t silver, 5.5% zinc and 2.3% lead.
Gravity data has directly detected known high grade massive sulphide mineralisation and identifies possible depth extension. Gravity data also has identified three new nearby targets for massive sulphide mineralisation.
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