Impact Minerals (ASX:IPT) has delivered a maiden measured mineral resource estimate for the Lake Hope High Purity Alumina Project in Western Australia, which supports the first 15 years or more of proposed production.
The higher confidence measured resource totals 730,000 tonnes of lake clay at 25.8% alumina for a contained 189,000 tonnes of alumina.
This MRE underpins a maiden probable or proven reserve statement for an initial 15-year mine life at the proposed benchmark production rate of 10,000 tonnes per year of HPA.
Impact, which has a market capitalisation of $33.65 million, says the reserve statement is subject to further mining, metallurgical testwork, and economic studies that are part of an ongoing Prefeasibility Study (PFS), which will be completed in Q1 2025.
The MRE is part of a much larger resource that includes indicated and inferred resources with a “unique” deposit of “high-grade” alumina.
Impact adds that the larger resource underpins a potentially longer mine life of at least 25 years, as outlined in the previously conducted Scoping Study. The company says the study shows Lake Hope has robust economics, with a post-tax net present value of $1.3 billion and one of the lowest operating costs per tonne of HPA globally.
The maiden measured MRE will be included in the PFS for Lake Hope. Final reports from engineering and design studies, mining schedules, and mining cost estimates, alongside reports from other contractors and consultants are awaited.
Impact notes that some of these are expected in mid-December.
The company was recently awarded a $2.87 million grant to commercialise its process for producing HPA from Lake Hope, under the Australian Government’s Cooperative Research Centres Projects program.
The Australian Government has agreed to conduct the project early, with the first monies expected to be received before the end of this month.
The grant will support Impact with the relevant information required to complete a Definitive Feasibility Study.
Impact adds a vital component of the funding will be to construct a pilot plant during 2025, which will provide consistent HPA samples for offtake and qualification trials.
The Lake Hope Project covers several prospective salt lakes between Hyden and Norseman in southern Western Australia. The project comprises six exploration licences and two applications, covering 225km2.
Impact Minerals is focused on establishing itself as a key player in the HPA industry.
Write to Aaliyah Rogan at Mining.com.au
Images: Impact Minerals
