Record PGM prices a windfall for Impact
With platinum group metals pricing reaching near record prices, Impact Minerals has re-analysed previous drilling samples from its poly-metallic Red Hill prospect in NSW and come across some remarkable numbers including 29m grading 10.9g/t 7PGM, which is comprised of the six platinum group metals plus gold.
This near 30m zone includes copper grading 2.3%, 0.4% nickel and also a smaller 0.6m interval grading 54.5g/t 7PGM.
Another notable and potentially bulk mineable intercept was 25m grading 5.7g/t 7PGM and 32m grading 5.2g/t 7PGM.
Impact said that of the 13 holes re-analysed, 12 returned significant PGM values, all within just 100m of the surface.
The Red Hill prospect is located within the company’s Broken Hill project in NSW where the PGMs comprise rhodium, iridium, osmium, ruthenium, palladium, and of course, platinum.
Impact’s other standout numbers include 3.5m grading 5.3 ounces 7PGE comprising specifically 5.7g/t rhodium, 2.6g/t iridium, 2g/t osmium, 1.1g/t ruthenium, 144g/t - or 4.6 ounces - palladium, 5g/t platinum, 6g/t gold, 2.9% nickel, 2.3% copper and 14.5g/t silver from 67.3m down hole.
Rhodium is used in the production of nitric acid, which itself is used to make ammonium nitrate for fertilizers, in plastics and in the manufacture of dyes. Iridium is a very hard metal and resistant to high temperatures and is used to strengthen platinum alloys.
Other end-uses for platinum and palladium include as catalysts for the petroleum industry and catalytic converters for the automotive industry.
Iridium and platinum are also used in pacemakers and other medical implants and osmium is used for example in the stain for fingerprints and DNA.
Whilst PGM’s are considered to be somewhat niche markets from a mineral perspective, they are used in quite commonplace items that have regular and sustained markets.
Rhodium and iridium have recently touched AUD$10,000 and AUD$2,444 per ounce respectively and their scarcity makes them a desirable product.
Impact’s Red Hill project is unique and is one of few regions worldwide to contain its particular grouping of PGMs. The specific geological conditions and chemistry that combined together to form these rare ore bodies are only known to have occurred in the earth’s geological history during the break up of the supercontinent, Rodinia, about 800 million years ago.
Impact said its other prospects at the Broken Hill project, Platinum Springs and Little Darling Creek exhibit the same characteristics and may contain these exceptionally high and uncommon PGMs.
Mineralisation at Red Hill has currently been defined to stretch over a strike length of at least 100m and at 60m depth.
Importantly, Impact said that Red Hill is wide open to the north and south as well as at depth.
The company now intends to maintain its desktop work throughly reviewing previous drilling and combine all of the geological ideas to work up a drilling program.
Access to the prospect for drilling has already been negotiated with the land owner and the company said there are no Native Title issues to deal with.
In a well earned nod for its technical accomplishments at Broken Hill, Impact was recently awarded a $75,000 grant from the NSW Government.
The windfall was awarded by the New Frontiers Cooperative Drilling grants programme and Impact appears to have put that money to good use.
The Perth based ASX-listed company has also formed a strategic “Broken Hill Alliance” with fellow ASX-listed companies, Castillo Copper and private group, Squadron Resources, to amalgamate what they hope will be the largest landholding surrounding the world-class Broken Hill zinc-lead-silver mine.
Importantly, Impact retains the rights to explore for all of the lucrative PGMs, nickel, copper and other precious metals across its tenements.
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