Impact Minerals has released drill results from Red Hill, part of the Broken Hill Project in New South Wales.
According to the company’s announcement, the drill results have returned multi group metals, gold, copper, nickel and silver.
Drill Hole RHD012 returned 3.5 metres at 5 g/t platinum, 6 g/t gold, 144 g/t (4.6 ounces) palladium, 2.9% nickel, 2.3% copper and 14.5 g/t silver from 67.3 metres down-hole.
Drill Hole RHD008 returned unknown true width of 29 metres at: 2.7g/t platinum, 0.5g/t gold, 5.5g/t palladium, 0.5% nickel, 2.4% copper and 57.8g/t silver.
All mineralised intercepts at Red Hill are within 50 metres to 60 metres from surface and are open at depth and to the south.
Impact also announced that it has signed a binding term sheet for Impact (also via its 100% owned subsidiary Siouville Pty Limited) to form a joint venture for exploration for lead zinc silver-other metals with Silver City. Impact will own 80% of the rights to those metals and will free-carry Silver City’s 20% interest to a Decision to Mine. The consideration payable to Silver City is $50,000 cash.
“This is an outstanding outcome for Impact’s shareholders. The Red Hill Project continues to deliver exceptional drill results and we have also now been able to greatly simplify the previous complex metal rights ownership that we inherited when acquiring this project only two and a half years ago,” said Impact Minerals’ Managing Director Dr Mike Jones.
“Also, considering that this is only the second prospect, together with Platinum Springs, in the entire 35 km trend of the project to have been drilled to any significant degree and that both have delivered very high grade nickel-copper-PGE assays, is testament to the exploration potential of our project. The challenge now is to understand the controls on this mineralisation and look to extend the zone of interest along trend and at depth below 50 metres. We look forward to re-starting drilling as soon as possible.”