Impact Minerals Limited (ASX:IPT) is purchasing a fully granted mining lease entirely within its Blackridge conglomerate-hosted gold project in central Queensland.
The new fully granted lease covers about 500 metres of the gold-bearing unconformity at Blackridge, which is about 30 kilometres north of Clermont.
It is subject only to Ministerial consent and this is expected within about six weeks.
ML2386 is being acquired from a local prospector for a cash payment of $30,000 and replacement of environmental bonds of around $7,000.
Impact Minerals’ managing director Dr Mike Jones said, “This is an excellent strategic acquisition for Impact given that it is a fully granted mining lease covering the gold-bearing unconformity at Blackridge.”
The company intends to proceed relatively quickly to prepare very large bulk samples and an appropriate Plan of Operations is being prepared for submission to the Queensland Mines Department.
Extensive exploration occurred at Blackridge in the late 1980s and early 2000s but little has been completed since that time.
Location and geology of the Blackridge project.
Jones told Proactive Investors, “We’re going to be in a position to be able to get onto the ground almost straight away and commence some very large sampling programs.
“That’s very important for us because we’ve seen from all the activity in the Pilbara - and the work of Novo Resources Corp (CVE:NVO) in particular with the massive discovery up there - that bulk sampling is the key to being able to define resources with these styles of deposits.”
In addition, research is progressing on determining the most effective sampling methods and protocols.
“We are designing a test work program which in the first instance will comprise extensive trenching to expose and map the unconformity throughout the lease,” Jones said.
“Samples from these trenches will be processed accordingly to determine the gold content.
“This will be an important first step in our search for a mineable resource.”
Project covers historical mining camps
Blackridge is an advanced conglomerate-hosted gold project that covers the historical Blackridge and Springs mining camps which produced about 185,000 ounces of gold from 1879 to the early 1900s.
This was from surface down to depths of about 70 metres in small shafts and related underground workings.
Further discoveries were made in the Clermont region including the Springs field in the 1930s and the total production from conglomerates in the region is estimated to be more than 300,000 ounces of gold.
Reviewing exploration data
Impact is undertaking a synthesis and review of previous exploration data.
Initial evaluation suggests that there may be a significant nugget effect in previous exploration drilling results which may have potentially led to an underestimate of the gold present in the sedimentary units.
Impact’s project covers 91 square kilometres and comprises one 100%-owned exploration permit as well as another exploration permit and four mining lease applications for which the company has an option to buy 95% from Rock Solid Holdings Pty Limited.
The location of the new lease (ML2386) in relation to the Blackridge mining centre.
The newly acquired mining lease lies in the centre of the project area.
Progress has been made on the grant of the four applications under option from Rock Solid Holdings as well as the compensation agreement with the landowner while Native Title negotiations are also underway.
Work will start on these leases and the exploration licences as soon as these arrangements are completed.