Impact Minerals identifies seven new EM conductors at Mulga Tank
THE DRILL SERGEANT: Impact Minerals (ASX: IPT) has identified seven strong and large ground electromagnetic (EM) conductors, variably coincident with strong nickel, cobalt, copper and palladium soil geochemistry responses.
The EM conductors have been identified at the company’s new Mulga Tank nickel-copper-PGE joint venture project area, located 200 kilometres northeast of Kalgoorlie in Western Australia.
Impact said the newly-confirmed cluster of EM conductors have strike lengths of up to 800 metres, commence at depths of between 100m and 350m below surface, and occur close to the base of the Mulga Tank Dunite as interpreted from previous drill holes and magnetic data.
At this stage none of the conductors have been drilled, however the company said it is commencing a drill campaign in October, with drill funding support from the WA Government.
“This is a substantial reward for our shareholders so soon into this acquisition and with such strong results from such a poorly explored area,” Impact Minerals managing director Dr Mike Jones said in the company’s announcement to the Australian Securities Exchange.
“Impact recognises that we are still in the very early stages of exploration but these are extraordinary outcomes and justify our excitement about the project.
“The EM survey results have greatly surpassed our expectations.
“The fact that all seven conductors are coincident with significant soil geochemistry responses is very significant and all of them are drill targets.
“One of the conductors is close to a previous drill hole that returned 11 metres at 0.37 per cent nickel including one metres at 1.1 per cent nickel, suggesting that a larger body of massive sulphide may be nearby.”
EM late time conductivity image and the outline of the Mulga Tank
Dunite interpreted from airborne magnetic data. The EM conductors are
shown in yellow. Source: Company announcement
Impact said it had statutory approvals process for the drill program well advanced and drilling should commence early in the next Quarter.
The identification of the new EM conductors came from Impact’s recently completed ground EM survey at the Mulga Tank project, in which Impact is earning up to a 50 per cent stake in seven exploration licences and owns 100 per cent of a further six licences.
The Exploration Licences cover 425 square kilometres of the emerging south eastern Yilgarn Craton and Albany-Fraser Mobile Belt, already host to the Nova nickel discovery (ASX: SIR), Dragon nickel discovery (ASX: BHP, ASX: SGQ), the Tropicana gold deposits and mine (ASX: IGO) and the Mulga Rock uranium deposit (ASX: ERA).
Impact can earn a 50 per cent interest in five of the licences held by Golden Cross Resources and a 40 per cent interest and 37.5 per cent interest in two licences held by GCR and another party, by spending a further $2.3 million by November 2017.
The area is prospective for bulk tonnage nickel deposits.