Gold

Impact Minerals sells QLD Blackridge gold project

Wed 27 Apr 22, 10:46am (AEST)
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Key Points

  • News follows announcement from yesterday the company will issue over 500m new shares to raise $6m; Hopetoun drilling project ongoing
  • Total cost for Impact subsidiary Blackridge Exploration Pty Ltd to provide additional $300,000 in revenue before 2025 with 1% royalty retention
  • $80,000 upfront comprised of $30,000 payment for ML2386 licence and $50,000 non-refundable option to purchase subsidiary before 2025

Impact Minerals (ASX:IPT) has today revealed it is selling its Blackridge gold project based in Queensland to an undisclosed private company for an initial upfront payment of $80,000. 

The company is set receive a further $300,000 before 2025 for the sale of its subsidiary attached to the project, Blackridge Exploration, by the same company. So far, the licence has been sold along with a non-refundable deposit on the subsidiary packaged as an option. 

Yesterday, Impact announced it would launch a Renounceable Rights Issue to target a further $6m revenue to fund ongoing exploration portfolio projects which include a pivot to battery metals. That process will see over 500m new shares issued. 

1% Net Smelter Return royalty after first 5,000oz 

Impact Minerals is to retain a 1% NSR royalty on the project which will kick in after the first 5,000 ounces of gold produced by the new owners of Blackridge. 

The decision sees the new owners pick up exploration licences EPM26806, EPM27410, and EPM27571, within permit ML2386. 

The first batch of $80,000 in payments are expected to be delivered to Impact Minerals in May 2022, next month. 

Hopetoun diamond drilling program rolls on

The company has also provided update on its Hopetoun diamond drilling program 30km south of Ravensthorpe mining centre where Impact recently announced the identification of spodumene, a lithium host rock. 

Two holes have been completed at the Top Knotch prospect at Hopetoun and a separate individual hole at the Silverstar prospect. 

The latter drillhole intercepted a 25 metre thick shear zone containing promising geology. The company is now moving ahead with a second drillhole for the Silverstar prospect, with assay results due June 2022. 

 

Impact Minerals' charts compared to the 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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