Impact Minerals (ASX: IPT) has closed out November by acquiring its second new project and shedding a backburner gold play in Queensland.
Significantly, the latest buy is to bolster the earlier acquisition of the 850 square kilometre Arkun nickel-copper-platinum group elements (PGE)-gold project between York and Corrigin in Western Australia which lies on a geological belt trending south from Yawawindah and the now famed Julimar discovery by Chalice Gold Mines (ASX: CHN) earlier this year.
Impact has now added the 16sq km Beau project that is just 15km north of Arkun.
It is acquiring Beau for $60,000 cash and a 2% royalty on future production.
It worth recalling what Impact said about Arkun when it picked up that project — that the geological belt on which is sits is generally not recognised in many regional geology maps “and yet is self-evident in the magnetic data”.
Beau, being bought from private vendors, covers a prominent oval magnetic anomaly 3km by 1km lying under shallow cover — the company believes that is less than 50m thick.
Anomaly similar to key intrusion at Julimar
Impact says this anomaly at Beau “is of a similar size and geometry to the Gonneville Intrusion, host to the significant PGE-copper-nickel mineralisation discovered recently at Julimar”.
The company says it is also similar to Newleyline Intrusion near Julimar being explored by Mandrake Resources (ASX: MAN) which has been proven to host nickel-copper-PGE mineralisation.
The Beau tenement is completely surrounded by permits held by Anglo-American, with that company having applied for the ground it now holds on the same day as Impact’s Arkun pegging.
Beau is Impact’s second key purchase for November.
Picks up one gold project, sells another
Earlier in the month, it picked an 80% interest in a drill-ready — but long forgotten — gold project east of Kambalda in the Eastern Goldfields.
The Doonia project has an identified gold-in-soil anomaly that is 2.5km long and up to 1km wide, and which includes “numerous” small prominent magnetic anomalies.
Impact says the target was identified following a review of the eastern goldfields for intrusion-related gold deposits.
This was sparked by the Hemi discovery made by De Grey Mining (ASX: DEG) in the Pilbara where a major gold deposit was hosted by felsic intrusions.
However, now Impact has decided to shed its Clermont gold project in Queensland — but will gain an interest in the new owner.
The project, in central Queensland, is an epithermal project.
It is being sold to the private Australasian Gold, which owns similar gold prospects in Queensland, in return for $100,000 in shares.
Australasian plans to list on the ASX early next year.