Impact Minerals (ASX:IPT) has three large and significant precious and base metal exploration projects in Australia that it purchased in 2013 for $1 million.
These are the Commonwealth and Broken Hill Projects in New South Wales and the Mulga Tank Project in Western Australia.
Impact has carefully progressed exploration on all of the projects and encouraging high grade results have been returned from all three.
This work has reinforced Impact’s initial exploration concepts and its belief that properly executed exploration programs can lead to a significant discovery.
A share purchase plan (SPP) is currently in progress to raise funds to continue exploration on all three projects.
The SPP offers shareholders the ability to subscribe for shares priced at $0.018 with 1:2 free attaching options exercisable at $0.04 expiring 15 June 2020.
The exploration priority on completion of the SPP is at the 100% owned high-grade Commonwealth gold-silver-base metals project where a follow-up drill program is planned.
In 2016 Impact made a high grade gold-silver discovery at the Silica Hill Prospect within the Commonwealth project.
Drilling at Silica Hill discovered gold and silver grading up to 3,600 g/t silver and 23 g/t gold over an area of 200 metres by 100 metres down to a depth of 120 metres below surface.
Numerous targets along trend, at depth and in the surrounding area require drill testing.
Follow up work at the Broken Hill Project is to focus on platinum group metals, nickel, copper and cobalt and multiple drill targets for gold and nickel have been identified at the Mulga Tank Project.