THE BOURSE WHISPERER: Impact Minerals (ASX: IPT) has agreed to the outright purchase of Mining Lease ML2386 in central Queensland.
Impact Minerals explained the mining lease covers about 500 metres of the gold-bearing unconformity at the company’s Blackridge conglomerate-hosted gold project located north of Clermont.
Impact is to acquire the fully-granted mining lease from a local prospector for a cash payment of $30,000 and replacement of environmental bonds of approximately $7,000 and is subject only to Ministerial consent, which the company anticipates within about six weeks.
“This is an excellent strategic acquisition for Impact given that it is a fully granted Mining Lease covering the gold-bearing unconformity at Blackridge,” Impact Minerals managing director Dr Mike Jones said in the company’s announcement to the Australian Securities Exchange.
“The granted Lease means that we can commence with little impediment directly to very large bulk samples, a key factor in determining grade in conglomerate-hosted gold deposits as demonstrated by the work of Novo Resources in the Pilbara region of Western Australia.
“We are in the process of submitting the appropriate Plan of Operations and also designing a test work program, which in the first instance will comprise extensive trenching to expose and map the unconformity throughout the Lease.
“Samples from these trenches will be processed accordingly to determine the gold content. This will be an important first step in our search for a mineable resource at Blackridge.”