Impact surges +75pc after high-value platinum group elements ‘rediscovered’ in old drill core
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Special Report: New assay results confirm the platinum group elements (PGE) mineralisation at Impact Minerals’ (ASX:IPT) Red Hill prospect “is exceptional, even on a global scale”.
Impact Minerals had selected seven previous drill holes with high palladium and platinum grades from Red Hill — part of the Broken Hill project in NSW — for “full-suite” PGE analysis by fire assay.
The drill holes, which had previously only been assayed for palladium and platinum, returned high grades of the rare platinum group elements rhodium, iridium, osmium and ruthenium.
There were some stand out results — like 29m at 10.9 grams per tonne (g/t) PGM comprising 0.8g/t rhodium, 0.9g/t iridium, 0.8g/t osmium, 0.8g/t ruthenium, 5.1g/t palladium, 2.5g/t platinum and 0.4g/t gold, 2.3 per cent copper, 0.4 per cent nickel and 58g/t silver from surface.
A total of 12 out of 13 drill holes at Red Hill returned significant PGE results within 100m of surface.
The mineralisation now extends over a strike length of at least 100m and down to a depth of about 60m below surface, the company says. It is ‘open’ along trend to the north and south as well as at depth.
A follow up drill program is now being designed.
These new PGE results confirm that the mineralisation at Red Hill and other prospects in the Broken Hill area such as Platinum Springs and Little Darling Creek, “is exceptional even on a global scale” the company says.
“This is because it is unusual to get such high grades of all the PGE’s together, and in addition it also contains gold.”
The tenor of mineralisation at Red Hill has been significantly upgraded at a time of near record PGE prices, Impact says.
Rhodium, for example, is currently valued at $10,000/oz and iridium at $2,400/oz.
“The rare PGE’s are used in many specialist hard-wearing metal alloys, electronics and for catalytic converters,” the company says.
“Given the recent increase in the demand and price for many of the platinum group elements, palladium and rhodium in particular, the new assays upgrade the overall tenor of mineralisation at the project and may have a material positive effect on the economics of any future development of the project.”