Impact Minerals (ASX:IPT) has released its June 2022 quarterly report.

HIGHLIGHTS

1. Broken Hill, NSW (IPT 100%: IGO earning 75%)

  • Deep-penetrating ground EM survey continues at the Broken Hill Joint venture with IGO.

2. Hopetoun, WA (Impact earning 80%)

  • Diamond drill programme completed at Hopetoun: 25m wide sulphide bearing shear zone intersected at Silverstar.
  • Assays due late July.
  • First pass soil geochemistry surveys completed over other priority targets.
  • Application for a new exploration licence lodged to cover part of the Jerdacuttup Fault and the southern extension of the Ravensthorpe greenstone belt.

3. Arkun-Beau, WA (IPT 100%)

  • Follow-up work including field checking, and rock chip sampling
  • and soil geochemistry survey’s completed.
  • Land Access Negotiations are ongoing
  • Airborne EM survey completed over priority targets.

4. Dinninup, WA (IPT 100%)

  • New project acquired which covers 485 sq km located 60 km east of the world-class Greenbushes lithium-tantalum mine.
  • No previous exploration except for bauxite.
  • Project acquired for $20,000 cash and 3 million options exercisable at 2.4 cents.
  • High-priority targets for nickel-copper-Platinum Group Elements (PGM), lithium-caesium-tantalum (LCT) pegmatites and Rare Earth Elements (REE) identified in a first-pass soil geochemistry survey that tested geophysical targets.
  • Very high success rate of anomaly identification validates
  • Impact’s targeting methodology.

5. Commonwealth, NSW (IPT 100%)

  • Negotiations in progress for a transaction on the project.

6. Blackridge, QLD (IPT 100%)

  • Project sold to an unrelated private company.
  • Terms of the sale are:
    • $30,000 cash for the outright sale of ML2386 (completed);
    • $50,000 cash as a non-refundable option fee to purchase three exploration licences EPM26806, EPM27410 and EPM27571 within two years for $350,000; and
    • A 1% gross royalty for all gold produced after the first 5,000 ounces of production.
7. Corporate
  • 1 (one) for 4 (four) Renounceable Rights Issue at $0.011 per share completed to raise $3.2 million (before costs).
  • With every two new Shares subscribed for, one free attaching Listed Option was issued with an Exercise Price of $0.02 and an Expiry Date of 2 June 2024 (ASX: IPTOB).
  • All Directors took up their full entitlement.

OVERVIEW

During the Quarter Impact continued work on its change in strategic focus from eastern Australia to the emerging mineral province of south west Western Australia following the recent Julimar PGE-Ni-Cu discovery (ASX:CHN) and also home to the world class Greenbushes lithium-tantalum mine (Figure 1).

Impact has assembled a significant number of projects in this highly prospective region, both 100% owned, (Arkun-Beau, Dinninup, Mineral Hill and Martup) and in joint venture (Hopetoun, Jumbo, Narryer and Dalgaranga). In addition, the Company is in a joint venture at the Doonia gold project near Kambalda where drill results are awaited (Figure 1). Drill results are also awaited at Hopetoun.

Current work programmes are aimed at defining drill targets at the flagship Arkun-Beau-Jumbo area and progressing interpretations of data at Doonia and Hopetoun. The other projects are also being progressed via compilations of previous work and preliminary interpretations of the surface and bedrock geology to identify areas of interest for follow up exploration.

Click here for the full ASX Release

This article includes content from Impact Minerals Limited , licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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