Sign up Australia
Proactive Investors - Run By Investors For Investors

Impact Minerals signs C$5.5 million farm-in deal for Broken Hill project

Broken Hill is prospective for a range of metals forming a critical part of the emerging battery revolution.
drill rig at site
Drilling will start at targets already identified

Impact Minerals Limited (ASX:IPT) has signed a binding letter of intent (LOI) to joint venture its Broken Hill project in New South Wales with BlueBird Battery Metals Incorporated (CVE:BATT).

Under the terms of the farm-in, Bluebird has the right to earn a 75% interest in the Broken Hill project by payments of cash and shares and exploration expenditures totalling C$5.525 million.

Targeting the emerging battery revolution

Impact managing director Dr Mike Jones said: “We are very pleased to partner with BlueBird Battery Metals on the Broken Hill Project.

“The management of BlueBird have a strong track record in exploration discovery and resource development and they are committed to exploration success on their Australian portfolio.

“They have chosen to focus on the Broken Hill project because of its prospectivity for a wide range of metals that will form a critical part of the emerging market for batteries and renewable energy sources and we look forward to working with them on their exploration programme.

“This will include early drilling on the targets Impact has already identified.”

READ: Impact Minerals steps up exploration across gold and base metal projects

The consideration for the transaction will include:

• C$150,000 cash;
• 5,250,000 shares in BlueBird (current market value C$2.63 million);
• C$2.25 million expenditure over three years to earn a 75% interest; and
• A further C$500,000 of shares in BlueBird over the 3 year earn-in.

Impact and BlueBird have also reached a unique agreement that protects Impact’s shareholding in the short term from any down side movement in BlueBirds share price.

Jones added: “Our partnership with BlueBird is also a successful outcome of the strategic review of our portfolio completed earlier this year and which has also led to the recently announced sale of our Pilbara gold project and drill programmes at our Commonwealth Project in New South Wales and Clermont Project in Queensland.

“All of this forms part of our overall strategy of generating first class projects and finding partners where appropriate.”

View full IPT profile View Profile

Impact Minerals Ltd Timeline

Related Articles

mine
August 01 2018
Tungsten prices are on the rise and construction is proceeding apace at Barruecopardo
Managing director Alex Molyneux
Fri
The base metals-focused company was joined by new managing director Alex Molyneux on September 1.
1531831317_LesothoBrown_hires.jpg
July 18 2018
Tsodilo Resources is currently evaluating a diamond project situated right in the heart of one of the world's most prolific diamond-producing areas

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use