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Impact Minerals to raise $1.9M after highest platinum grade discovery

Published: 10:20 20 Aug 2015 AEST

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Impact Minerals (ASX:IPT) is now in a position where it can simultaneously fund and accelerate the pace of exploration at its platinum, gold-silver and base metals projects near Broken Hill, Orange and Kalgoorlie.

A 1 for 6 A$1.9 million rights issue has been launched, and is underwritten to $1.3 million by Patersons, and priced at $0.021.

The rights is priced at the same as the recent investment by Andrew Forrest's privately-owns Squadron Resources

Impact has now received the first tranche of a potential $7.3 million in funding from Squadron Resources.

Tranche 1 includes a $2 million convertible note, with a 3 year term, interest free, and redeemable in shares only.

Tranche 2 will require shareholder approval, and includes a $1 million placement at $0.021, and 26,428,572 unlisted 3 year warrants at $0.0325 (potential $860,000 investment)

There is also the potential of a joint venture, with an option for Squadron to invest a further $1 million into either or both Commonwealth and Broken Hill, to earn a 19.9% interest.

Impact recently made Australia’s highest ever platinum grade discovery at Red Hill.

A follow up drill programme of about 1500 metres to test a number of targets, will commence at the end of the rights issue and will also in part be funded by a co-fund grant of $78,000 for drilling from the NSW Government.


Three potential chances of discovering a major mine

Broken Hill, NSW (IPT: 87%): Drill program in September 2015

- Highest platinum group metal (PGM) grades in Australia.
- Significant discovery of high grade PGM’s, copper and nickel.
- 30 metre thick zone at 6g/t platinum equivalent.
- Potential for multi-million ounce PGM mining camp over a 35 kilometre belt.


Commonwealth, NSW (IPT: 100%): Drill program Q1 2016

- Impact has defined an Inferred Resource of: 722,000 tonnes at 4.7g/t gold equivalent for 110,000 gold equivalent ounces.
- Large strategic ground holding of 315 square kilometres in major copper-gold mining province.
- Potential for giant copper-gold deposits e.g. Cadia >25 million gold ounces, 4 million tonnes of copper.


Mulga Tank, WA (IPT: 100%): Drill program in December 2015

- Large strategic landholding of 420 square kilometres.
- Potential for major nickel discovery (>1.5 million tonnes of nickel metal).
- Discovery of high tenor nickel, copper and platinum over 15 square kilometre area.

 

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