Gold

Impact Minerals investigating anomalies at Hopetoun; EM survey data inbound

Wed 25 May 22, 11:14am (AEST)
Exploring - Core Drilling for Exploration
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Key Points

  • Impact Minerals has reported the completion of diamond drilling at certain targets within its Hopetoun project boundaries
  • Further follow up drilling to be conducted at Hopetoun Project’s Silverstar target
  • Company’s Renounceable Rights Issue concludes this Friday

Smallcap miner Impact Minerals (ASX:IPT) shares are up 10% in the first hour of trade as the company announces its completion of a diamond drill programme at the company's JV WA Hopetoun project targeting copper-gold-silver prospects. 

Four diamond drill holes, two each at the Top Knotch and Silverstar prospects, were recently completed. 

Both prospects are fully permitted for drill testing. 

At Silverstar specifically, a second drill hole was recently completed intersecting a shear zone hosting one narrow zone (identified so far) of deformed quartz veins some 25cm thick discovered 190m downhole containing up to 5% molybdenite together with anomalous bismuth values measured with a handheld XRF instrument to reflect values of 250 parts per million. 

Impact Minerals notes "these estimates are based on visual observations only and that chemical assays will be required." Assay results are expected in July; a number of companies are reporting delays at laboratories across the country. 

However, Impact Minerals is confident in the commercial viability of Silverstar, and follow up drilling is scheduled for the near future. 

Further compliance documentation is being prepared for other projects at the company's Hopetoun acreage. 

(Source: Impact Minerals) A map locating Impact's various WA projects
(Source: Impact Minerals) A map locating Impact's various WA projects

Minimal previous exploration at Hopetoun

The area, Impact states, has received little exploration which it believes is due to a common geological consensus that the area poses undesirable geology for exploration. 

However, the company's airborne magnetic data tells a different story, which Impact's geology boffins interpret as extensions of the Ravensthorpe greenstone belt to the north which is the site of numerous mines and lithium deposits. 

Relatively nearby nickel sulphide and copper-gold plays also target the same Ravensthorpe geology. 

EM completed at Arkun-Beau 

Meanwhile, another project in Impact's portfolio, the Arkun-Beau Ni-Cu-PGM Project, has recently seen airborne EM surveys concluded last week with 7 priority areas at Arkun-Beau subject to the scanner. 

Six of these areas were targeted based on existing geophysical data and returned strong geochemical responses, according to Impact. Final EM data for Arkun-Beau is expected by the end of next month. 

Impact continues to proceed with a number of Land Access Agreements with 21 separate owners at Arkun, though Impact notes access is currently hampered in a number of areas due ot ongoing agricultural works. Follow up geochemical surveys are underway on four areas within the Arkun-Beau project boundaries. 

RRI concludes 27th May; Doonia drilling difficulties 

Further, the company's recently announced Renounceable Rights Issue concludes later this week on Friday 27th of May, 2022. 

Impact is progressing negotiations to develop its NSW Broken Hill and Commonwealth projects; and the separate WA Doonia gold project near Kambalda has been hit with a setback as difficult drilling conditions mean drill testing remains to be completed. 

Impact's three-month chart reflects the relationship between the smallcap's price and the materials index (XMJ)
Impact's three-month chart reflects the relationship between the smallcap's price and the materials index (XMJ)

 

Written By

Jonathon Davidson

Journalist

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication.

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