Impact scoops magnetic PGE tenement, sheds QLD project
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Special Report: Impact Minerals has struck a deal to pick up a magnetic anomaly just 15km north of its Arkun nickel-copper-platinum group elements (PGE) project near Perth.
The deal spans a tenement application covering 16km2, which is home to a prominent magnetic anomaly spanning 3000m by 1500m in dimension.
The anomaly is believed to lie under shallow cover of less than 50m and has never been explored. The tenement sits completely surrounded by ground held by Anglo American in the region.
Impact Minerals (ASX:IPT) said it was of a similar size and geometry to Chalice Gold’s (ASX:CHN) recent and significant PGE-copper-nickel discovery at Julimar, and Mandrake Resources’ (ASX:MAN) nickel-copper-PGE-hosting Newleyine intrusion – both of which sit nearby.
The tenement application is being acquired from private company Beau Resources Pty Ltd, in exchange for $10,000 up-front, coverage of all costs in the grant of the tenement, and an additional $50,000 on the grant and transfer of licence to Impact.
Beau Resources will also receive a 2% gross proceeds royalty.
The application is expected to be granted by the end of Q1 next year. Applications covering Arkun should also be granted earlier in that quarter.
Arkun was staked earlier in the year in the centre of the emerging nickel-copper-PGE province of south west Western Australia, following a significant PGE discovery at Julimar by Chalice.
At the time, Impact managing director Dr Mike Jones said Anglo’s arrival was a positive endorsement of the importance of the proposed mobile belt.
On the same day it picked up a prospective tenement in WA, Impact announced it would part ways with the Clermont gold project in Queensland.
The project has been sold to Australasian Gold Limited, an unrelated private company with a suite of similar prospective gold assets in Queensland.
In exchange for Clermont, Impact will receive $100,000 in Australasian Gold at a price of 10c each. Australasian gold is expected to list on the ASX in early 2021 at a listing price of 20c per share.
Australasian will cover all costs in the transfer of the Clermont licence.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.