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Impact Minerals on the cusp of unveiling Hopetoun WA copper-gold assays

Thu 28 Jul 22, 3:46pm (AEST)
A selection of gold ingots laid in a tessellating pattern
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Key Points

  • Diamond drill assay results from Impact’s copper-gold project in south WA due this month, or early August at latest
  • Largely unexplored polymetal Dinniup project in WA the subject of ongoing land access agreements with local farmers
  • Doonia project, north of Hopetoun in the state’s Kalgoorlie Terrane, is also tipped for assay results at around the same time

After wrapping up diamond drilling on-site in May, Impact Minerals (ASX:IPT) is keenly awaiting the delivery of maiden assay results for its Hopetoun copper-gold project in WA’s south. 

Currently, assay laboratories across WA are backlogged with work orders, and few are the junior explorers who have been able to get around long wait times. 

It is no surprise, then, patient investors (and company management) will be keen to digest the first batch of assay data from Impact at its sole copper-gold project, due late July. 

With two days left in the month, investors may need to hold their breath until early August. But the delivery of assay results from Hopetoun will be a double prize package. 

Earlier this month, Impact confirmed second assay results for its Doonia project, north of Hopetoun in the Kalgoorlie Terrane, are also due for late July (or, at this stage, early August.) 

This will surely come as a relief to investors who learned in May that drilling at Doonia was being hampered by difficult geotechnical conditions, with a scheduled drill testing framework pushed out by undesirable operating conditions. 

The good news: those difficulties have been worked out, and the first batches of mineral grade data from Impact are due to hit the market within the next week, all things in order. 

A look at Impact's projects in southwestern WA (source: Impact Minerals)
A look at Impact's projects in southwestern WA (source: Impact Minerals)

Farming activities delaying expeditious progress at Arkun

Meanwhile, ongoing works at the company’s lucrative Arkun project remain hampered by seasonal agricultural seeding on those pieces of acreage owned by farmers and subject to landholder agreements. 

The upside here is that southern WA gets no wet season, which means there will be no requirement for work to stop for four months as weather conditions become too much. 

While the company has not provided a timeline surrounding agricultural activities on-site, it is likely that more news will come before February 2023. 

Those agricultural concerns were not enough to stop the company completing an electromagnetic survey at Arkun earlier this year, which has let Impact identify a range of priority targets to hit the ground running. 

Also worth noting: EM surveys remain ongoing at the company’s Broken Hill play in NSW, a JV with IGO Limited (ASX:IGO)

Q4 soil sampling to launch at Dinniup; Impact in strong cash position

Impact’s newest acquired polymetal project, Dinniup (also in WA) is to be the subject of soil sampling in the latter part of the year. Dinniup is prospective for: 

  • Platinum group elements (PGE) 

  • Lithium-bearing pegmatites 

  • Rare earth elements (read: both critical minerals and battery metals) 

With the sale of the QLD Blackridge project finalised, and $3.8m cash in bank at the end of the June quarter (up from less than $1.5m last quarter,) it’s likely Impact has what it needs to progress its ongoing surveying and sampling works across its project portfolio. 

Exploration costs through the June quarter only cost the company $0.84m, and other expenditures amounted to $194,000. 

Disclaimer: Market Index helps small-cap ASX listed companies connect with Australian investors through clear and concise articles on key developments. Impact Minerals was a client at the time of publishing. All coverage contains factual information only and should not be interpreted as an opinion or financial advice.

 

Written By

Jonathon Davidson

Finance Writer

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. Email Jon at [email protected].

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