Impact Minerals (ASX:IPT) - Managing Director, Dr Mike Jones
Managing Director, Dr Mike Jones
Source: Impact Minerals
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  • Impact Minerals (IPT) and IGO’s (IGO) subsidiary, IGO Newsearch, have entered a farm-in agreement in relation to Impact’s Broken Hill project in New South Wales
  • IGO Newsearch will earn up to a 75 per cent interest in two of the 11 tenements that make up the nickel-copper-platinum group metals (PGM) project by spending up to $18 million
  • The agreement comprises two stages and upon completion of the first stage, Impact and IGO Newsearch will form a joint venture
  • Impact Minerals Managing Director Dr Mike Jones says this deal allows IPT to focus on its projects in Western Australia
  • Company shares are up 7.14 per cent to trade at 1.5 cents

Impact Minerals (IPT) has announced IGO’s (IGO) subsidiary, IGO Newsearch, has agreed to farm into Impact’s Broken Hill project in New South Wales.

The deal involves two of the 11 tenements that make up the nickel-copper-platinum group metals (PGM) project.

To earn a 51 per cent interest in the project, IGO may spend $6 million over four years which will also lead to it forming a joint venture with Impact.

In the first year, IGO plans to complete ground electromagnetic (EM) geophysical surveys over two under-explored trends.

If the companies choose to proceed to stage two, IGO may spend a further $12 million over an additional four years to increase its interest to 75 per cent.

However, if IGO decides not to move to the second stage, or it doesn’t meet the expenditure requirements, its interest will revert to 49 per cent which will give Impact the majority 51 per cent stake.

“We are extremely pleased to announce this joint venture with IGO, one of Australia’s most outstanding exploration and mining companies,” Impact Minerals’ Managing Director Dr Mike Jones said.

“We had a number of approaches from major companies for a joint venture after our last major drill campaign at Broken Hill but chose IGO because of their technical capacity, in particular their deep penetrating EM systems capability and experience, and also the way they have approached our negotiations.”

Impact said the deal allows it to focus on its Western Australian projects, including the Doonia gold project which it plans to start drilling early next month, and the Arkun project which recently generated some lithium, rare earth and nickel-copper-PGM targets.

Company shares were up 7.14 per cent to trade at 1.5 cents at 12:21 pm AEDT.

IPT by the numbers
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