Impact Minerals Ltd (ASX:IPT) has received strong support from shareholders for its oversubscribed Share Purchase Plan (SPP).
The SPP raised $1.084 million at $0.024, and with the placement adding another $588,000, Impact has raised its cash position by circa $1.6 million.
Funds will be used for major drilling campaign to commence next week at the Commonwealth gold-silver-zinc-lead-copper project, which is located 95 kilometres north of Orange in New South Wales.
Commonwealth already has an established resource of 100,000 ounces of gold equivalent.
Previous drill intercepts at the project include: 4 metres at 41.8 g/t gold, 93 g/t silver, 5.5% zinc and 2.3% lead.
Drilling details
The program will include up to 3,000 metres of reverse circulation and diamond drilling to test a significant number of targets within the Commonwealth, Silica Hill, Doughnut and Welcome Jack Prospects.
In addition, funds will be used for follow up work including drilling at the high grade Broken Hill copper-nickel-PGM project and to provide the company with working capital to support its current operations.
Dr Mike Jones, managing director, commented:
“We are delighted with the response to the SPP and Placement and thank everyone for their support.
"We will be commencing a drill program at the Company’s emerging Commonwealth project early next week following heavy rains in the area.
"Funds will also be allocated to 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.”
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