Impact Minerals Ltd (ASX:IPT) shares have been on the move recently, hitting $0.024 earlier in the month after some promising exploration results from the company's wholly-owned Commonwealth Project
Commonwealth is located 100 kilometres north of Orange in New South Wales, and contains the Silica Hill prospect.
Recent highlights include: 14 metres at 5.1 g/t gold equivalent (4 g/t gold and 61 g/t silver).
The timing of the share price rise attracted investors to participate in the company's shortfall from the recent share purchase plan.
Impact has raised another $2 million from the shortfall, with the offer priced at $0.018. There is an option attached, being three options for every two shares exercisable at $0.04 on or before 15 June 2020.
The company's shares last changed hands at $0.019.
Dr Mike Jones, managing director, commented:
"We are very pleased to have had strong and mostly unsolicited demand for this shortfall because we are now well funded to continue the major drill program at our emerging high grade gold-silver discovery at Silica Hill."
Opportunity knocks at Commonwealth
Impact is currently drilling at the project with 12 holes completed and a further eight holes planned to test extensions to the resource.
Drilling will add to the existing resource base of 100,000 ounces of gold equivalent.
Mineralisation at the project is unique in Australia and similar to major high grade-low tonnage orebodies around the world in particular the 3.5 million ounce Eskay Creek gold-silver mine in Canada.
Investors can look forward to continuous news flow over the next two months as results are delivered.