Impact Minerals Picks up Queensland Conglomerate Gold Project, Sells Pilbara

THE BOURSE WHISPERER: Impact Minerals (ASX: IPT) emerged from a self-imposed market suspension to announce the acquisition of an option to purchase 95 per cent of an advanced conglomerate-hosted gold project.

Impact Minerals reached the agreement with Rock Solid Holdings Pty Ltd to by the project, which boasts previous production of about 185,000 ounces of gold from small shafts and related underground workings close to the company’s 100 per cent-owned Clermont epithermal gold project in central Queensland.

Impact also applied for one adjacent 100 per cent-owned exploration licence, taking its total area accumulation to 91 square kilometres.

The entire group is to be known as the Blackridge gold project.

Impact Minerals explained the acquisition of this new project follows its search for conglomerate-hosted gold projects outside of the Pilbara region of Western Australia, utilising the company’s in-house understanding of such deposits.

There has also been some action regarding the company’s Pilbara gold project following an approach by Pacton Gold Incorporated, a company listed on the Toronto Venture Exchange (TSX:V: PAC) that also has an eye on conglomerate-gold exploration in the Pilbara.

Under the terms of a binding Letter of Intent with Pacton Gold, the two entities will formalise a Share Sale Agreement for Pacton to purchase 100 per cent-ownership interest in Impact’s wholly-owned subsidiary Drummond East Pty Limited, which holds seven 100 per cent-owned granted Exploration Licences E45/4971-72-73; E46/1171-72; and E46/1188-89.

The total consideration to be paid by Pacton to Impact for the purchase will be CAD$350,000 and 2.125 million common shares of Pacton (current value $1.7 million).

“These transactions confirm our belief in the potential for the discovery of another major conglomerate-hosted gold deposit in Australia following the extraordinary discovery by Novo Resources Corporation and Artemis Resources Limited in the Pilbara, the magnitude of which is still poorly understood by most,” Impact Minerals managing director Dr Mike Jones said in the company’s announcement to the Australian Securities Exchange.

“In the late 1800’s and early 1900’s the Blackridge area in Queensland produced over 185,000 ounces of gold from Permian conglomerates down to about only 70 metres below surface and we believe, based on the on-going work in the Pilbara by Novo, previous explorers have potentially significantly underestimated the nugget effect.

“This is an excellent acquisition for Impact’s shareholders.

“In addition, we have recently met with the management and backers of Pacton Gold and were impressed with their track records, their business plan for conglomerate-gold exploration in the Pilbara and also their ability to raise significant capital.

“This includes CAD$2 million from Eric Sprott, a major direct and indirect shareholder in Novo Resources, as part of a CAD$5.5 million raising.

“Given the advanced nature of our new Queensland project, it is only appropriate that we focus our conglomerate-gold exploration activities there whilst still retaining significant upside in the Pilbara in the form of a valuable shareholding in Pacton, a potential Discovery Bonus and a royalty.”