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Mining magnate Andrew Forrest has increased his stake in Impact Minerals to almost 15 per cent — making him a substantial shareholder.

Mr Forrest’s investment vehicle Squadron Resources, which first invested in Impact in 2015, now owns 14.81 per cent of the junior gold and base metals explorer.

Impact’s (ASX:IPT) share price jumped 27 per cent to 1.4c on the news before cooling to 1.2c.

The company had $2.7m in cash on hand at the end of the September quarter and is currently exploring a number of projects, including its Blackridge conglomerate gold project in Queensland.

Conglomerate gold refers to nuggets hosted in rock containing rounded grey quartz pebbles and other minerals. The world’s most productive gold region, South Africa’s Witwatersrand Basin, is famous for this geological formation.

In August, Mr Forrest’s Squadron Resources increased its stake in nickel junior Poseidon (ASX:POS) from 14 per cent to about 18 per cent by participating in a $5.8 million placement.

Squadron also holds a stake in uranium explorer Vimy Resources (ASX:VMY).

The Impact Minerals (ASX:IPT) share price over the past year.
The Impact Minerals (ASX:IPT) share price over the past year.