- Impact Minerals (IPT) has withdrawn from a proposed strategic alliance with Wyloo Metals and Castillo Copper (CCZ)
- The alliance was formed to jointly market the silver-lead-zinc rights of each companies holdings in the Broken Hill area
- Instead, Impact has decided to purchase Silver City Minerals’ (SCI) 20 per cent stake in one of its Broken Hill tenements
- This gives the company 100 per cent ownership of all of the mineral rights at its prospects in the historic NSW region
- Additionally, Impact said drilling at Platinum Springs and Red Hill should wrap up at the end of the week, weather permitting
- It’s also revealed its planning to undertake more drilling at the Dora East silver-lead-zinc prospect next to Red Hill
- Finally, it advised assays from recent drilling had been lost in transit, meaning re-sampling was taking place at Red Hill and Little Broken Hill Gabbro
- Shares in Impact Minerals are trading up 8.7 per cent at 2.5 cents each
Exploration company Impact Minerals (IPT) has delivered a wideranging business update, confirming it has withdrawn from a proposed strategic alliance.
Impact had planned to team up with Wyloo Metals (which is owned by Andrew Forrest’s Tattarang business) and Castillo Copper (CCZ) to jointly market the silver-lead-zinc rights of each companies holdings in the Broken Hill area of NSW.
However, Impact has decided to withdraw from the proposed strategic alliance as a “deal that maximised returns to Impact’s shareholders did not materialise during the period of the memorandum of understanding.”
Instead, the explorer has decided to turn its focus to acquiring 100 per cent ownership of all of the mineral right within its tenements in Broken Hill. To do so, it’ll buy the 20 per cent interest Silver City Minerals (SCI) had in the silver-lead-zinc rights to EL7390.
In a statement to shareholders in today’s update, the company said: “Impact now owns 100 per cent of all mineral rights to its entire tenement portfolio at Broken Hill and ends a long and complex history of joint ventures on the tenement inherited by Impact when it first purchased an interest in the project.”
Along with the change in strategy at Broken Hill, Impact has also confirmed drilling at Platinum Springs and Red Hill — which are a part of its wider Broken Hill Project — should wrap up at the end of the week, weather permitting.
The region has been inundated with rain in recent weeks, though reverse circulation (RC) drilling has been able to continue at Platinum Hill relatively uninterrupted.
The company has received the first assays from the reverse circulation (RC) drilling at Red Hill and aircore drilling at Little Broken Hill Gabbro — sadly, however, the results have been lost in transit by the courier company, meaning resampling is now underway.
Finally, Impact revealed in today’s update that more RC drilling will take place at the Dora East silver-lead-zinc prospect, which is adjacent to Red Hill’s nickel-copper-PGE prospect, following up on positive results found in past drilling campaigns.
Shares in Impact Minerals are currently trading for 2.5 cents per share, up 8.7 per cent at 1:36 pm AEST.