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Impact Minerals Ltd wins grant to drill Mulga Tank gold and nickel targets

Mulga Tank has been poorly explored for gold and notably occurs in the same geological terrain as the recently discovered 6.2 million ounce Gruyere gold discovery.

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Impact Minerals Ltd (ASX:IPT) has been awarded $150,000 of government funding to drill test the 100% owned Mulga Tank gold and nickel project located 200 kilometres east of Kalgoorlie.

Three styles of nickel and copper sulphide mineralisation have been identified by previous drilling at Mulga Tank.

The geological setting is similar to BHP Billiton Limited's (ASX:BHP) Perseverance  and Mt Keith nickel deposits.

Mulga Tank has been poorly explored for gold and notably occurs in the same geological terrain as the recently discovered 6.2 million ounce Gruyere gold discovery by Gold Road Resources Ltd (ASX:GOR).

Impact will plan a drill program using previously completed magnetic, radiometric, electrical and soil surveys at Mulga Tank.


Mulga Tank

The maiden drill program at Mulga Tank was conducted in 2013 and found three styles of nickel-copper mineralisation.

Extensive disseminated nickel with assays including 115 metres at 0.3% nickel including 2 metres at 1.3% nickel.

High tenor veins with assays including 0.25 metres at 3.8% nickel, 0.7% copper and 0.7% platinum group elements. 

Finally, high tenor nickel sulphide with assays including 6.7 metres at 0.5% nickel and 0.75 metres at 0.85% nickel, 0.35% copper and 0.28% platinum group elements.


Analysis

Impact's ability to secure this $150,000 government grant leverages it to  exploration success through a funded upcoming drill program at Mulga Tank.

By Impact participating in this scheme they are showing shareholders that they are committed to extracting value by all means possible. 

The share price has been on a steady run over the past month, trading up 23%.

The company recent focus has been on the 100% owned Commonwealth Project where results are pending from a major drill program attempting to identify a multi-million ounce Cadia-Ridgeway style gold deposit.

The company is well funded with $4 million cash on hand.

 

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Quick facts: Impact Minerals Ltd

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ASX:IPT
Market: ASX
Market Cap: $11.9 m
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