Impact Minerals (ASX:IPT) has acquired 100% of a 55km2 tenement located in the Huonville gold district, contiguous with the company’s Broken Hill Project in New South Wales for a total consideration of $150,000.
The total consideration is split into $125,000 in shares and $250,000 in cash, subject to ministerial approval.
Impact will pay a 1% net smelter royalty to the vendor.
The company now has total ownership of tenements in the Broken Hill area, covering 1,800km2 and more than 100km of prospective strike.
Managing Director Mike Jones says the acquisition of this tenement completes the “final piece of the jigsaw at Broken Hill”, which has been the company’s focus for the past decade.
“Although gold production was limited, the extent of the vein systems and the associated silver-bismuth and copper indicate they could form the upper sections of a much larger system at depth or nearby,” Jones says.
“The area was identified as a potential iron-oxide-copper-gold (IOCG) target in publicly available prospectivity mapping conducted by well-respected consultants Kenex, and we are eager to see the results of our recent magnetotelluric surveys completed nearby to explore what might lie at depth.”
By gaining ownership over the tenement, Impact says it is building on exploration and research programs for the BHP (ASX:BHP) Xplor program.
Impact describes the Broken Hill Mine as “one of the world’s most significant mines” with more than 500 million tonnes of massive sulphide mineralisation.
Impact Minerals is a minerals explorer, focused on driving Australia’s growth in the high purity alumina industry.
Write to Maddison Elliott at Mining.com.au
Images: Impact Minerals
