- Impact Minerals (IPT) acquires the Dinninup project in southwest Western Australia
- The company paid the vendor $20,000 in cash and will issue three million options exercisable at 2.4 cents within three years
- Dinninup covers 485 square kilometres and recent soil geochemistry work highlighted nine high-priority targets prospective for a range of battery and strategic metals
- Impact says the results indicate “untapped potential” in an area where there has only been previous exploration for bauxite
- IPT shares have dropped 6.25 per cent to trade at 1.5 cents
Impact Minerals (IPT) has acquired the Dinninup project which is prospective for a range of battery and strategic metals.
The Dinninup Project is located 60 kilometres east of Talison-Lithium’s world-class Greenbushes lithium-tantalum mine in southwest Western Australia.
The project comprises four exploration licences which cover a combined area of 485 square kilometres.
Impact said Dinninup was brought to its attention by unrelated private group Fiddler’s Creek Mining. Impact paid the vendor $20,000 in cash and will issue three million unlisted options exercisable at 2.4 cents within three years.
As part of the due diligence process, Impact conducted soil geochemistry work to identify areas of interest for follow up.
Positively, this work highlighted nine new high-priority targets with four prospective for rare earth elements, three for nickel-copper-gold and platinum group elements, and two for lithium-caesium-tantalum.
The company said the soil anomalies for all metal groups occur over at least several hundred metres along the limited soil geochemistry traverse.
Managing Director Dr Mike Jones said the Dinninup project adds more “significant value” to its project portfolio in southwest WA.
“Once again, our initial soil geochemistry results indicate untapped potential for a range of battery and strategic metals in this part of the state in an area where there has only been previous exploration for bauxite,” Dr Jones said.
“The strong lithium anomalies are particularly exciting given our proximity to the world-class Greenbushes mine just 60 kilometres to the east and with similar geology.”
The survey work results from Dinninup, as at the company’s Arkun and Jumbo projects, outlined multiple areas for follow-up work.
In May, Impact will begin field checking and sampling to refine target areas for more detailed soil geochemistry and ground geophysics. This will be carried out alongside ongoing ground work at Arkun and Jumbo.
IPT shares fell 6.25 per cent and were trading at 1.5 cents at 1:42 pm AEST.