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Impact Minerals: Dr Mike Jones and highest platinum grade discovery

Published: 19:00 07 May 2015 AEST

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Impact Minerals (ASX:IPT) recently discovered the highest platinum grades in Australia at its 87%-owned Broken Hill Project in New South Wales.

Follow-up drilling will commence soon.

The project is hosted in ultramafic rocks with high grade platinum over a 40 kilometre belt.

There is widespread rare high grade platinum group metals including platinum, palladium, rhodium, osmium, iridium and ruthenium.

Past drill results include: 2 metres at 52g/t platinum equivalent.

There is also a 30 metre thick zone at 6g/t platinum equivalent, including 5 to 10 metre thick zones at 15g/t platinum equivalent.

The project has potential for more than 1 million ounces of PGE plus copper-nickel, and is located just 20 kilometres east of the world-class Broken Hill silver-lead-zinc mine.


Dr Mike Jones speaks with investors

Dr Mike Jones, managing director, presented at Proactive's Melbourne and Sydney Luncheons this week, discussing the company's three projects which each have the potential for the discovery of a major mine.


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About the platinum discovery


The discovery of the highest platinum grades in Australia was at Red Hill, and included:

- The drill intercepts from the Upper and Lower Zones at Red Hill have been upgraded as follows: (Note 3PGM = Platinum-palladium-gold and 7PGM = 3PGM + osmium, iridium, rhodium, ruthenium where assayed:

- Upper Zone: 9.5 m at 4.7 g/t 3PGM, 1.5% copper and 0.8% nickel including 5.1 m at 11 g/t 7PGM, 1.9% copper and 0.9% nickel (RHD001) and 5.2 m at 7.9 g/t 7PGM, 1.1% copper and 1.6% nickel (RHD006).

- Lower Zone: 9.9 m at 6.7 g/t 3PGM, 1.4% copper and 0.3% nickel including 4.2 m at 11.8 g/t 7PGM, 2.6% copper and 0.5% nickel (RHD001) and 13.8 m at 6.6 g/t 7PGM, 1.1% copper and 0.3% nickel (RHD006).

Impact has now identified six targets for further drilling at Red Hill.

Target T1 contains the newly discovered PGM-copper-nickel mineralisation which is interpreted to dip at a shallow angle to the south, and is close to true width.

In addition, the mineralisation may be increasing in width and grade with depth and is in part coincident with an Induced Polarisation (IP) chargeability anomaly identified in a ground geophysical survey.

IP chargeability anomalies may be associated with disseminated sulphides and magnetite.

Follow up drill holes at T1 will test the mineralisation along trend and at depth.

The other five drill targets consist of a ground (T2) and down hole (T3) electromagnetic anomaly, a rock chip geochemical anomaly (T4), an induced polarisation (IP) anomaly (T5) and an airborne magnetic anomaly (T6).

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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