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- Impact Minerals (IPT) has received firm commitments to undertake a $3.25 million placement
- More than 216 million shares will be issued to sophisticated and professional investors at a price of 1.5 cents each
- Impact will use the cash to fund a drilling program that is now underway at its Broken Hill Project in NSW with an initial focus on the Red Hill, Little Broken Hill, and Platinum Springs targets
- The funds will also be used to undertake follow-up drilling at the Commonwealth Project
- Impact Minerals is currently in a trading halt and shares have been trading for 1.9 cents each since July 16
Impact Minerals (IPT) has received firm commitments to undertake a $3.25 million placement.
A total of 216,333,333 shares will be issued to sophisticated and professional investors at a price of 1.5 cents each.
This price represents a 13 per cent discount to the five-day volume weighted average price of 1.9 cents from close on July 17.
Impact will use the money to fund a drilling program that is now underway at its Broken Hill Project in NSW.
The company’s primary focus will be on targeting high-grade nickel-copper-platinum group metals at the Red Hill, Little Broken Hill, and Platinum Springs targets.
The Red Hill
At Red Hill reverse circulation (RC) and diamond drilling will test along strike and down plunge of high-grade nickel-copper-PGE (platinum group element) mineralisation that was identified early May.
This program returned results grading up to 147g/t silver, 29.7g/t palladium, 19.2g/t platinum, 2.1g/t gold, 1.2g/t iridium, 12.2 per cent copper, and 0.5 per cent nickel.
The Platinum Springs
At Platinum Springs, RC and aircore drilling will follow-up from a previous intercept of 0.6 metres at 25.6g/t palladium, 11.5g/t platinum, 2g/t osmium, 1.7g/t iridium, 1.4g/t gold, 1.3g/t rhodium, 0.8g/t ruthenium, 7.6 per cent copper, and 7.4 per cent nickel.
In addition, the Platinum West and Platinum Central prospects will also be drilled.
The Little Broken Hill
At Little Broken Hill, an extensive aircore drilling program will be undertaken on a four kilometre portion of the intrusive complex which has never been previously drill tested.
The funds will also be used to undertake follow-up drilling at the Commonwealth Project which is also in NSW.
“We are pleased to now have the funds to continue to aggressively explore our two key projects in New South Wales as well as work up our new Arkun project in Western Australia,” Managing Director Dr Mike Jones commented.
“The drill bit is now turning again at Broken Hill and we are very excited to be following up the high grade results from our previous drilling at Red Hill and Platinum Springs as well as testing our new concepts for the Little Broken Hill area,” Dr Mike said.
Impact Minerals is currently in a trading halt and shares have been trading for 1.9 cents each since July 16.
