THE BOURSE WHISPERER: Impact Minerals (ASX: IPT) is to acquire Joint Venture rights to the Mulga Tank and Broken Hill nickel-copper-platinum group elements (PGE) projects from Endeavour Minerals.
The acquisition forms part of the previously announced transaction with Impact’s 75 per cent-owned Invictus Gold (ASX: IVG) to acquire the projects and shares of Endeavour.
Completion of the transaction has to occur on or before 20 June 2013.
Impact also announced King Eagle Resources, the joint venture partner (and wholly-owned subsidiary of Golden Cross Resources (ASX: GCR)) has agreed to a three year extension to the term for the initial earn-in period.
King Eagle has confirmed that up to November 2012, Endeavour’s joint venture contribution was $463,000 or about 100 per cent more than first thought by Impact.
“Accordingly, and including expenditure since November 2012, Impact has to spend about a further $2.5 million by 2 November 2017 to earn its 50 per cent share of King Eagle’s interest in the project.,” Impact Minerals said in its ASX announcement.
King Eagle has a 100 per cent interest in five licences and 80 per cent and 75 per cent interest in two other licences.
Impact can earn 51 per cent of the nickel-copper-PGE rights, also from Golden Cross, at the Broken Hill project by spending a further $345,000 by November 2015 and 80 per cent by spending a further $200,000 by November 2017.
“A detailed review and synthesis of previous exploration results is ongoing,” Impact Minerals said.
“These results confirm the presence of near drill-ready targets with the potential for the discovery of significant mineral deposits at both projects and more details on this, together with forward exploration programs, will be released when the review is complete.
“Impact is aiming to drill at least one of the projects late in the next Quarter, statutory permissions and heritage surveys allowing.”