Impact Minerals (ASX: IPT) has kicked-off reverse circulation drilling at the Platinum Springs prospect within its Broken Hill project in New South Wales, with previous drill results returning high-grade platinum group metals, copper and nickel, as well as gold and silver.
The current program will follow up on previous results from 2016 which revealed 2.75m at 3.5 grams per tonne platinum, 7g/t palladium, 0.4g/t gold, 2% copper, 1.9% nickel and 11.6g/t silver from 55m.
This intercept had a 0.6m higher grade interval comprising 11.5g/t platinum, 25.6 palladium, 1.4g/t gold, 7.6% copper, 7.4% nickel and 44.3g/t silver from 57.1m.
According to Impact, these results were close to another drill hole which intersected up to 18.8g/t platinum, 7.5% nickel and 8.1% copper.
The company noted palladium and gold were not assayed in the intercept.
Rock chip sampling was also carried out at Platinum Springs and returned “very high-grade” nickel, copper and platinum group elements.
Advancing Broken Hill
In addition to Platinum Springs, Impact will also drill Plat Central and Plat West prospects.
Combined, these three prospects cover about 1,500m of trend Impact has firmed up to test from former drilling and ground magnetic data.
Previous drilling at Plat West has uncovered 18m at 0.75g/t 3 PGM from 94m; and 1.52m at 1.72% nickel, 1.25% copper, 4.3g/t palladium, 3.05g/t platinum and 1.08g/t gold from 135.6m.
Meanwhile, Impact is also targeting the Little Broken Hill Gabbro with a reverse circulation rig to be mobilised to the site.
First assays from the campaign are anticipated later this month/early next month.
Cashed up to fund exploration
Today’s news follows an equity raising last month where Impact raised $3.245 million to fund its exploration programs.
The company issued 2216.3 million shares at $0.015 each, with the placement boosting the company’s cash balance to $5.5 million before costs.
Impact managing director Dr Mike Jones said the company was “very excited” to be following up on the “very high-grade” results at Broken Hill.
Funds will also be used to progress exploration at the Commonwealth project near Alkane Resources (ASX: ALK) Boda discovery in NSW and the Arkun project in WA.