Impact Minerals (ASX:IPT) to raise more than $2.1M to fund exploration at Broken Hill

• Perth-based explorer Impact Minerals (IPT) has received firm commitments to raise just over $2.1 million to fund exploration at its Broken Hill Project
• More than 233 million shares will be issued to sophisticated and professional investors at a price of $0.009 cents per share
• Funds raised will be used to fund new drilling at the Broken Hill Project in New South Wales, targeting high-grade platinum group metals such as platinum, palladium and rhodium
• Exploration comes at a time for record prices of the platinum group metals
• After being reinstated back to the official quotation, Impact’s share price has jumped 20 per cent today with shares currently trading for 1.2 cents apiece

Perth-based explorer Impact Minerals (IPT) has received firm commitments to raise $2,100,505 to fund drilling at the Broken Hill Project.

A total of 233,389,497 shares will be issued to sophisticated and professional investors at a price of $0.009 cents per share.

This is a 10 per cent discount to the closing price of 1 cent per share on February 14, 2020.

Funds raised from the placement will be used to fund new drilling at the Broken Hill Project in New South Wales, targeting high-grade palladium and other platinum group metals.

This comes at a time of record prices for palladium and rhodium.

In addition to this, Impact will also undertake follow-up copper-gold focused work at the Commonwealth Project which includes soil geochemistry surveys and ground geophysics.

“Impact is pleased to now have the funds to aggressively return to exploration at our unique Broken Hill Project. Our previous drilling there has delivered exceptional grades of all six platinum group metals (palladium, platinum, rhodium, ruthenium, osmium and iridium) not to mention gold, nickel and copper as well,” Managing Director Dr Mike Jones commented.

“With this new funding, Impact is also now in a position to push forward with follow-up work on our exciting Commonwealth project targets along trend and close to the recent Boda discovery in the copper-gold rich Lachlan Fold Belt,” he added.

The Broken Hill Project is located 20 kilometres east of the world-class Broken Hill mine in NSW and consists of one exploration licence covering 200 square kilometres.

At the Red Hill prospect exceptional grades have been returned with highlights of 1.2 metres at 245g/t palladium, 10.4g/t platinum, 10.9g/t gold, 7.4 per cent nickel, 1.8 per cent copper, 19g/t silver and 0.5 per cent cobalt.

A total of 12 out of the 13 holes from Red Hill returned robust widths and grades of similar mineralisation within 70 metres from the surface.

Mineralisation remains open along the trend and at depth and follow-up drilling to test for extensions is being planned.

After being reinstated back to the official quotation, Impact’s share price has jumped 20 per cent today with shares trading for 1.2 cents apiece at 1:08 pm AEDT.