Xplor provides participants with the opportunity to accelerate their growth and the potential to establish a long-term partnership with BHP and its global network of partners. Pic: via Getty Images.
Mining
Impact Minerals has nabbed a spot in BHP’s (ASX:BHP) Xplor program to help accelerate exploration at its Broken Hill project in NSW.
The company will receive up to US$500,000 in cash payments from BHP over the next six months and gain access to a network of internal and external experts to help guide development in the technical, business and operational aspects of the company.
“We are thrilled and honoured to be one of first-ever participants of the prestigious BHP Xplor program and to partner with the world’s largest mining company in our exploration,” Impact Minerals (ASX:IPT) MD Dr Mike Jones said.
“This is a testament to Impact’s innovative thinking over the years and we are looking forward to working with them to accelerate exploration at Broken Hill and also upgrading our skills company-wide by gaining access to their global network.”
While BHP does not acquire an equity interest in Impact or any project, Impact commits to certain exclusivity and pre-emption regimes with respect to investments in Impact or its projects, as well as data sharing provisions in relation to the six-month program.
The Xplor funding will be used to identify new target areas for copper and other energy metals around the Broken Hill area where Impact has been quietly adding to its ground position for several years.
Impact believes there is significant untapped exploration potential at Broken Hill for copper mineralisation and has been working with world renowned geologist Professor Tony Crawford on a new model for copper associated with mafic intrusions that are part of the Broken Hill Group rocks.
Over the next six months, the funding will be mostly directed at developing the new, detailed three-dimensional model of the geology of the region based on new insights gained by Impact during its work there over the past 10 years, together with an interpretation of magnetic and gravity data.
This article was developed in collaboration with Impact Minerals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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