Impact sells the Blackridge gold project to focus on battery metals portfolio

Impact Minerals is selling its Blackridge Gold Project in Queensland to focus on its expanding battery metals portfolio in WA

The company will sell the project to private company Peter Campbell FT Pty Ltd (PCFT) for;

$30,000 cash for the outright sale of ML2386;
$50,000 cash as a non-refundable option fee to purchase Impact’s subsidiary company Blackridge Exploration Pty Ltd within two years for $350,000 and which holds three exploration licences EPM26806, EPM27410 and EPM27571; and
A 1% NSR royalty for all gold produced after the first 5,000 ounces of production.

“The sale of the Blackridge Gold Project continues the rationalisation of our projects in eastern Australia bringing in some cash and also freeing up our time to increase the company’s focus on its expanding portfolio of strategic and battery metals in Western Australia,” Impact Minerals (ASX:IPT) MD Dr Mike Jones said.

“We have a great belief in these new projects and our early work has already identified a significant number of anomalies for follow up work including drilling.”

Renounceable rights issue to fund WA exploration

The company announced on Tuesday a renounceable rights issue to allow all shareholders to participate in what Dr Jones believes “will be a very exciting time over the next two to three years”.

“The offer is open to all shareholders who are on the share registry by close of business on Friday 29th April can participate and come on board for the ride,” he said.

The company is looking to raise up to $6m at an attractively priced $0.011 per share with half of the offer already underwritten. There is also a one for two free attaching option exercisable at 2 cents within the next two years.

Funds will be used mostly to complete early-stage exploration programs across Impact’s newly assembled strategic and battery metals project portfolio in WA.

More Silverstar drilling kicks off this week

A diamond drill program is in progress to test two copper-gold-silver targets at the Hopetoun joint venture project – 30km south of the Ravensthorpe mining centre – where lithium-bearing spodumene was recently recognised for the first time in the area.

Two drill holes have been completed at the Top Knotch prospect and one hole has been completed at Silverstar, with another hole planned at Silverstar this week.

“As part of the renewed focus, a second diamond drill hole will commence later this week at our Silverstar prospect near Hopetoun to follow up a 25-metre-thick shear zone with alteration minerals, weak sulphide mineralisation and a narrow spodumene-bearing pegmatite identified in the first ever drill hole in the area,” Dr Jones said.

“This new hole will test the structure closer to surface and we are looking forward to seeing what it brings.”

Assay results from the first hole are anticipated in June.

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.