Impact Minerals (ASX:IPT) will be resuming exploration at the Broken Hill Project in New South Wales, in light of a sharp increase in gold, silver, platinum, palladium, and copper prices.
A review of all previous exploration data has been carried out to plan follow-up programs, including drilling. At the Platinum Springs target, all six platinum group metals were discovered via drill intercepts.
Several small ground electromagnetic (EM) surveys were completed over parts of Platinum Springs. The data is being reassessed with an aim to implement other closely spaced ground EM surveys over the known mineralisation with more appropriate coupling for the EM field than used previously.
Impact, which has a market capitalisation of $28.46 million, says follow-up drilling will target the anomalies as well as follow-up drilling on the known channels in 2026.
This work will be done concurrently with other drilling required at other prospects, including at Dora East.
Managing Director Mike Jones says although the company is making progress on the high-purity alumina field at Lake Hope and privately held Alluminous, there is unfinished business at Broken Hill.
“Our previous work identified numerous high-grade prospects for nickel-copper-platinum group metals and Broken Hill-style silver-lead-zinc mineralisation, both of which still require follow-up,” Jones says.
“Additionally, we have developed new theories for large copper deposits based on our participation in the inaugural BHP Xplor program in 2023, which, earlier this year, resulted in us acquiring a substantial new ground holding in the region.”
Exploration at Broken Hill was initially cut back due to covid during 2020-2021. Following this period, IGO (ASX:IGO) formed a joint venture with Impact and conducted a high-powered ground electromagnetic survey.
As a result, one notable anomaly was detected and drilled, which revealed a thick pyrrhotite unit with no significant platinum group metals. IGO withdrew from the joint venture due to the results and low precious metal prices.
The Broken Hill Project, covering 1,770km2, surrounds the Broken Hill deposit which hosts more than 500 million tonnes of massive sulphide mineralisation.
As previously reported, gold prices broke numerous record highs and surpassed JP Morgan’s predictions of US$4,000 ($6,169) per ounce by Q2 2026, before retreating late last month.
Over the past month, gold’s price is 47.91% higher than a year ago, as reported by Trading Economics. The precious metal’s price sat at US$3,937 per ounce at the time of writing.
Meanwhile, silver sat at US$48 per ounce and platinum traded around US$1,550 per ounce at the time of writing.
Write to Aaliyah Rogan at Mining.com.au
Images: Impact Minerals
