Impact Minerals (ASX:IPT) has secured funds and is gearing up to drill the highly prospective Commonwealth gold-silver-base metals project in New South Wales.
Impact received applications for $1,073,970 through the Share Purchase Plan (SPP) and shortfall offer.
Dr Mike Jones, managing director, commented:
"We are very pleased with the outcome of the SPP given the difficult market conditions of the past few months and we thank all of our shareholders who participated for their support.
"We can now move on with the drill programme at our Commonwealth project where we have identified a significant number of targets to test for further high grade gold and silver mineralisation."
Drilling program
Funds will be used to fund up to 3,000 metres of reverse circulation and diamond drilling to test targets on the Silica Hill Prospect, for follow up work at the high grade Broken Hill copper-nickel-PGM project and for general working capital.