THE BOURSE WHISPERER: Impact Minerals (ASX: IPT) has received firm commitments to raise just over $2.1 million.
The raising is by way of a placement of 233.4 million share to sophisticated and professional investors at 0.9 cents per share.
Impact Minerals indicated it would be using the funds raised to fund new drilling at the company’s Broken Hill project targeting high-grade palladium and other platinum group metals at Red Hill, and other prospects, at a time of record prices for palladium and rhodium.
In addition, follow-up copper-gold focused work at Impact’s Commonwealth project, near Orange and along trend from the recent Boda discovery of Alkane Resources, including soil geochemistry surveys and ground geophysics, is also now fully funded and will commence as soon as practicable.
“With palladium at a record price of more than US$2,500 per ounce, and rhodium prices literally exploding above US$10,000 an ounce in the past week, Impact is pleased to now have the funds to aggressively return to exploration at our unique Broken Hill project,” Impact Minerals managing director Dr Mike Jones said in the company’s announcement to the Australian Securities Exchange.
“Our previous drilling there has delivered exceptional grades of all six platinum group metals (palladium, platinum, rhodium, ruthenium, osmium and iridium) not to mention gold, nickel and copper as well.
“We are looking forward to getting the drill bit turning at Red Hill as soon as possible where we returned drill grades of 1.2 metres at 254 grams per tonne palladium and 4.6 grams per tonne rhodium – exceptional PGM grades on a world scale.
“The company is also about to commence re-assays of key drill intercepts, for rhodium, which is not routinely assayed for.
“With this new funding, Impact is also now in a position to push forward with follow-up work on our exciting Commonwealth project targets along trend and close to the recent Boda discovery in the copper-gold rich Lachlan Fold Belt, currently one of the hottest exploration footprints in Australia.
“We will have boots on the ground there shortly to complete soil geochemistry surveys and subsequently ground geophysical surveys to define targets for drilling later in the year.”