Impact Minerals has agreed to acquire 100 per cent interest in a tenement covering most of the historic Huonville gold district in New South Wales for a total consideration of AU$150,000.
Impact agreed to acquire EL8024 from an unrelated private company, Sozo Resources, for AU$125,000 in Impact shares and AU$25,000 in cash. Impact will also pay a 1 per cent net smelter royalty to the seller.
The acquisition expands Impact Minerals’ existing ground holding to 1,800 square kilometres, further consolidating its position surrounding the giant Broken Hill lead-zinc-silver deposit, one of the world’s most significant mines containing more than 500 million tonnes of massive sulphide mineralisation.
Impact Minerals Managing Director Mike Jones said the acquisition completes the “final piece of the jigsaw at Broken Hill”, which has been the company’s focus for the past decade.
“Although gold production was limited, the extent of the vein systems and the associated silver-bismuth and copper indicate they could form the upper sections of a much larger system at depth or nearby,” Jones said.
“The area was identified as a potential iron-oxide-copper-gold (IOCG) target in publicly available prospectivity mapping conducted by well-respected consultants Kenex, and we are eager to see the results of our recent magnetotelluric surveys completed nearby to explore what might lie at depth.”
Impact Minerals believes the land package is prospective for large copper and copper-gold deposits based on exploration concepts developed during its participation in the inaugural BHP Xplor program.
Impact has now established a substantial ground position that it considers highly prospective for late-stage gold and copper mineralisation.
Impact is currently reviewing and synthesising all previous work in the Huonville area to integrate it with results from a recently completed ground magnetotelluric survey.
The data will be used to prioritise areas for follow-up work and guide the identification of areas for initial drill testing.
