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Impact Minerals Limited (ASX: IPT) is pleased to announce that IGO Newsearch Pty Ltd, a 100% owned subsidiary of IGO Limited (ASX: IGO) has agreed to farm into Impact's Broken Hill nickel-copper- platinum group metals (PGM) project in New South Wales (Figure 1).
- IGO can spend $18 million over 8 years to earn a 75% interest in EL7390 and EL8234 in two stages:
$6 million to earn a 51% interest and a further $12 million to earn a further 24% interest.
- Minimum expenditure of $500,000 before withdrawal.
- Impact to retain 100% of its other extensive ground holdings in the Broken Hill area with significant potential for copper-silver-zinc-lead mineralisation.
- Impact to increase its focus on its Western Australian assets, in particular the Doonia gold project where drilling will commence by early December and the Arkun Ni-Cu-PGM project.
Impact Minerals' Managing Director Dr Mike Jones said "We are extremely pleased to announce this joint venture with IGO, one of Australia's most outstanding exploration and mining companies. We had a number of approaches from major companies for a joint venture after our last major drill campaign at Broken Hill but chose IGO because of their technical capacity, in particular their deep penetrating EM systems capability and experience, and also the way they have approached ournegotiations".
"We have established that a large amount of deep drilling will be required to further explore the exciting prospects we have generated at the project and it is appropriate that a well-funded partner with excellent credentials is brought in to help fund what could be quite significant expenditures going forward."
The joint venture will also allow us to further increase our focus on our Western Australian projects where we have now secured a drill rig for our Doonia gold project and hope to be up and running by early December. In addition, we are increasingly excited about the lithium, rare earth and nickel-copper- PGM targets we identified recently at our Arkun project which is rapidly becoming a very significant project for Impact in a very under-explored part of Western Australia." Dr Jones said.
Read the full article here.