Impact Minerals (ASX: IPT) has an additional $4 million to fund its “aggressive” exploration and drilling plans at Apsley and Broken Hill after a successful placement to professional and sophisticated investors.
Melbourne-based Peak Asset Management was lead manager of the placement which included domestic and overseas funds.
The company issued more than 242.4 million shares at $0.0165 each to raise the $4 million.
It now has $5 million in cash to fund what Impact managing director Dr Mike Jones describes as “aggressive” exploration plans at its key projects in New South Wales and Western Australia.
“The drill bit is still turning at Apsley and we are very excited to be able to be getting back to Broken Hill to follow up the breakthrough drill results for palladium, platinum, nickel and copper which we delivered late last year.”
“In addition, we will also be doing some first pass soil geochemistry at Arkun in the emerging nickel-copper-PGE province of southwest WA as well as defining drill targets at the Doonia gold project, which has strong similarities to the exciting Burns discovery just 20km away,” Dr Jones added.
Advancing key projects
Apsley is key target within Impact’s Commonwealth project in NSW’s Lachlan Fold Belt.
Last week, Impact noted nine reverse circulation holes had been completed as part of a scout program to test a number of IP anomalies.
Assays from these holes are anticipated early next month, with drilling continuing.
Over at Broken Hill, which is also in NSW, Impact is focused on the Little Broken Hill Gabbro target.
Recent assays have returned: 51m at 0.3 grams per tonne gold-palladium-platinum (3PGE) from 140m, including 6m at 0.5% copper, 0.4% nickel and 0.3g/t 3PGE from 154m; and 5m at 0.5% copper, 0.4% nickel and 0.6g/t 3PGE from 161m; and 1m at 0.2% copper and 1.1g/t 3PGE from 186m.
The company expects more significant mineralisation will be discovered at depth. Follow up work at Broken Hill is anticipated to begin imminently.