22/07/2020 - 22:29

Impact cashes up for PGM hunt in NSW

22/07/2020 - 22:29

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Impact Minerals now has around $5.5m in its war chest after raising $3.24m in a heavily oversubscribed placement to follow up on past drilling that unearthed possibly the best platinum group result ever produced in Australia near Broken Hill in NSW. The project boasts a smorgasbord of mixed metals headlined by platinum, palladium, gold, nickel and copper.

Impact Minerals now has around $5.5m in its war chest after raising $3.24m in a heavily oversubscribed placement to follow up on past drilling that unearthed possibly the best platinum group result ever produced in Australia near Broken Hill in NSW. The project boasts a smorgasbord of mixed metals headlined by platinum, palladium, gold, nickel and copper.

Proceeds of the share placement will largely go towards a drilling campaign that will involve aircore, RC and diamond drilling. The campaign, that is now underway, will see around 8,000m of drilling ploughed into the ground at Impact’s Broken Hill project, located 20kms east of the historic Broken Hill lead-zinc-silver mine.

Impact has three key target areas it will focus on at Broken Hill, the Red Hill, Platinum Springs and Little Broken Hill prospects.

At Red Hill, RC and diamond drilling has been designed to follow up exciting bulk-mineable intercepts and it will test the along trend and down plunge extension of the PGM mineralisation discovered previously.

According to the company, a total of 12 out of 13 previous diamond drill holes at Red Hill returned interesting PGM results within 100m of surface.

Assays of seven of the holes encountered a number of rare platinum group metals including rhodium, osmium, ruthenium and iridium in addition to the better known platinum, palladium, nickel, copper and gold minerals.

One of the notable intersections from the previous work was an impressive 29.0m grading 10.9 grams per tonne PGMs comprising 0.8 g/t rhodium, 0.9 g/t iridium, 0.8 g/t osmium, 0.8 g/t ruthenium, 5.1 g/t palladium and 2.5 g/t platinum, and 0.4 g/t gold, 2.3 per cent copper, 0.4 per cent nickel and 58 g/t silver from surface.

Impact Minerals Managing Director, Dr Mike Jones said: “The drill bit is now turning again at Broken Hill and we are very excited to be following up the very high grade results from our previous drilling at Red Hill and Platinum Springs as well as testing our new concepts for the Little Broken Hill area.”

“In addition, we also have some compelling targets emerging along trend and close to the emerging Boda discovery in the copper-gold rich Lachlan fold belt.”

At Platinum Springs, aircore and RC drilling will follow up a spectacular previous diamond drill intercept of 0.6m going 11.5 g/t platinum, 25.6 g/t palladium, 1.4 g/t gold, 1.3 g/t rhodium, 1.7 g/t iridium, 2.0 g/t osmium and 0.8 g/t ruthenium, and 7.6 per cent copper and 7.4 per cent nickel.

At the Little Broken Hill Gabbro-Rockwell Trend, an extensive program of aircore drilling will test a 4km-long area under shallow cover which has not been previously drill tested.

Results from the current Broken Hill drilling are expected to come in next month.

 

Is your ASX listed company doing something interesting? Contact: matt.birney@businessnews.com.au

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