ASX ANNOUNCEMENT | Date: 6 February 2015 Number: 391/060215 |
Impact Minerals Limited (ASX:IPT) is pleased to announce that it has agreed to purchase seven exploration licences in the Mulga Tank Project that are in joint venture with Golden Cross Resources Limited (ASX:GCR) for $275,000 in cash.
Impact now owns 100% of all 13 licences within the project area that covers 425 sq km of the highly prospective Minigwal greenstone belt, 200 km east of Kalgoorlie in the emerging mineral province of the south east Yilgarn Block, Western Australia (Figures 1 and 2).
A deposit of $25,000 has already been paid to GCR with the balance of $250,000 due on settlement which is expected to occur by early March.
Impact Minerals' Managing Director, Dr Mike Jones, said:
"Moving to 100% of the Mulga Tank Project has been a long term goal for Impact since we purchased the joint venture rights two years ago and is an important step in unlocking value in the project for our shareholders. Importantly we have relieved ourselves of an onerous earn-in requirement that was inherited from the previous owners of those rights.
"We have a strong belief in the potential of this project to deliver a significant discovery for the company based on the results of our first drill programme which identified nickel sulphides over a 15 sq km area centred on the Mulga Tank Dunite" he said. "We are now in a position to move forward with our exploration programme, which will include follow up drilling within the dunite following the recent award of a $150,000 grant under the WA State Government's Exploration Incentive Scheme".
Impact has discovered three styles of nickel sulphide mineralisation within the dunite and surrounding rocks (see announcement dated 29th January 2014):
The style of mineralisation and the nature of the ultramafic host are similar to those that host the significant nickel deposits found at the Perseverance (45 Mt at 2% nickel), Rocky's Reward (9.6 Mt at 2.4% Ni) and Mt Keith (>2 Mt of contained nickel) mines near Leinster in Western Australia (Figure 1 and Figure 3).
These results come from one 15 sq km area within a very large greenstone belt that extends for 20 km along strike and which has not been explored for nickel (Figure 2). The area is also highly prospective for gold deposits.
A detailed programme and budget for the next phase of work is now being prepared.
Dr Michael G Jones
Managing Director
The review of exploration activities and results contained in this report is based on information compiled by Dr Mike Jones, a Member of the Australian Institute of Geoscientists. He is a director of the company and works for Impact Minerals Limited. He has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). Mike Jones has consented to the inclusion in the report of the matters based on his information in the form and context in which it appears.
For more information, please visit http://doc.irasia.com/listco/au/impactminerals/press/p150206.pdf.
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