- Impact Minerals (IPT) has found the first significant indication of mineralisation at its Broken Hill nickel-copper PGE project in New South Wales
- A total of 15 holes were drilled at the Red Hill prospect in the hope of hitting high-grade palladium and other platinum group metals
- A key intercept has been clocked as a priority target area for IPT, with follow up drilling on the cards
- Impact shares are up a solid 13.3 per cent on the back of the announcement, trading at 1.7 cents
Impact Minerals (IPT) has found the first significant indication of mineralisation at its Broken Hill nickel-copper-platinum group element (PGE) project in NSW.
All up, 15 reverse circulation (RC) holes were drilled for 2408 metres at Red Hill as part of its 2020 drill program. Drilling targeted high-grade palladium and other platinum group metals.
Drilling identified a key intercept of 138 metres at 0.3g/t palladium, platinum and gold including 12 metres at 1.5g/t 3PGE palladium, platinum and gold, 0.3 per cent nickel and 0.2 per cent copper at the southern margin of the Red Hill chonolith intrusion.
A further nine out of 11 other drill holes into the Red Hill intrusion returned anomalous and key findings, in zones between four and 33 metres thick.
The results are significant according to Impact, as they indicate the intrusion hosts thicknesses of disseminated platinum group metals, copper and nickel mineralisation, close to the surface.
As a result, Impact has deemed this open depth intercept as a priority target area for follow up drilling, with a second major drill program now underway.
While a definitive date has not been disclosed, drilling is expected to resume at Broken Hill as soon as practicable as Impact holds discussions with contractors to determine costs and timeframes.
Impact says the implications of the exploration activities are "very clear" and that there is a compelling drill target deeper within the Red Hill chonolith.
Impact shares are up a solid 13.3 per cent on the back of the announcement, trading at 1.7 cents each at 2:15 pm AEDT.