Impact reaches 51% earn-in at Broken Hill JV
THE DRILL SERGEANT: Impact Minerals (ASX: IPT) has earned a 51 per cent interest in the rights to nickel-copper-PGE mineralisation from Golden Cross Resources (ASX: GCR) at the Broken Hill Joint Venture project in New South Wales.
Impact said it has decided to work towards earning 80 per cent of the metal rights by spending a further $200,000, which has to be completed by 2017.
Impact revealed this expenditure would be met during the forthcoming drill program to be conducted at the Red Hill prospect.
The company was recently awarded a grant of $125,000 under the NSW State Government’s Co-operative Drilling Funding Program.
The Red Hill prospect is a host ultramafic intrusive unit, which outcrops over an area of about 500 square metres with a nickel-rich core and copper-precious metal-rich margins – a feature Impact explained to be common in many major nickel-copper-precious metal sulphide deposits around the world.
Geology and Soil and Rock Chip results from the Red Hill prospect. Source: Company announcement
The centre of the unit is marked by nickel-in-soil values greater than 10,000ppb and up to 16,100ppb nickel (MMI digest) that is 100m wide and 300m long.
“This is a priority area for drilling,” Impact Minerals said in its ASX announcement.
“Both the western and, in particular, the eastern margins of the unit are marked by copper-in-soil results greater than 2,500ppb and up to 16,200ppb copper (MMI digest) that are up to 200m wide and 600m long.
“Within these margins there are a further three priority areas for follow up work that contain greater than 20 ppb platinum+palladium+gold-in-soil results (fire assay) covering several hundred square metres and which contain rock chip samples with high grade nickel, copper and precious metal assays.”
A soil geochemistry survey was completed by Impact at a spacing of 50m by 50m and submitted for analysis by the MMI partial digest (nickel and copper) and fire assay (platinum, palladium, gold and silver).
Follow up detailed mapping at scales of 1:500 and 1:1000 as well as further rock chip sampling have also recently been completed at Red Hill.
The company indicated it is to commence an Induced Polarisation ground geophysical survey by mid-October and the results of all of this work will be integrated to define specific drill targets.
Drilling is scheduled to commence in November 2014 subject to statutory approvals, the documentation for which has been lodged with the relevant government department.
Email: info@impactminerals.com.au
Website: www.impactminerals.com.au