Assay results have confirmed the presence of high grade and potentially economic rare platinum group metals (PGM) at Impact Minerals’ 87%-owned Broken Hill Joint Venture Project in New South Wales. The stand out assay is 4.2 metres @ 11.8 grams/tonne PGM, 2.6% copper and 0.5% nickel.
The results substantially add to both the mineralized and economic appeal of the Red Hill prospect within the JV area, where robust copper and nickel grades have also been discovered by Impact just 20km east of the world-class Broken Hill silver-lead-zinc mine.
Impact’s managing director Mike Jones said the Red Hill assays revealed the presence of the rare platinum group metals (PGM) osmium, iridium, rhodium and ruthenium, factors which had significantly increased the total grade of PGM in the recently discovered zones of high grade copper-nickel-platinum-palladium-gold mineralization.
Mike Jones said the new assays confirmed that Impact’s discovery at Red Hill contained some of the highest grades of PGM reported in Australia. “These newly discovered PGMs have almost doubled the total grade of PGM’s within the more nickel-rich Upper Zone of mineralization that occurs within the 25 to 30 metre thick near-surface layer of Red Hill’s copper-nickel-PGM mineralization.
“Given that the current spot metal prices in Australian dollars per ounce for these metals are rhodium $1506, iridium $763, osmium $500 and ruthenium $65, in addition to platinum $1528, palladium $1015 and gold at $1581, the rare PGMs at Red Hill may be a significant economic credit to any resource defined at the project.”
Upper Zone results include 9.5 metres @ 4.7 grams/tonne PGM, 1.5% copper and 0.8% nickel; 5.1 metres @ 11 grams/tonne PGM, 1.9% copper and 0.9% nickel; and 5.2 metres @ 7.9 PGM, 1.1% copper and 1.6% nickel.
The stand out assay is from the Lower Zone and was part of a 9.9 metre intersection @ 6.7 grams/tonne PGM, 1.4% copper and 0.3% nickel. Another strong intersection was 13.8 metres @ 6.6 grams/tonne PGM, 1.1% copper and 0.3% nickel.
Osmium and iridium are used in many specialist hard-wearing metal alloys as well as the electronics industry. Rhodium and ruthenium are mostly used together with platinum and palladium, for catalytic converters.
Native gold has also been identified for the first time in the drill core in recently completed petrographic work. This is encouraging for the discovery of further gold at depth where an induced Polarisation (IP) anomaly has been identified.
Impact has now identified six targets for further drilling at Red Hill.
The Red Hill exploration licence is owned by Golden Cross Resources and is the subject of two joint ventures, one between Golden Cross and Impact and one between Golden Cross and Silver City Minerals.
Impact has earned 87% of the rights to nickel, platinum and any other metals, occurring in, emanating from, or which are otherwise associated with, mafic or ultramafic complexes. Should Golden Cross dilute to less than a 5% interest in these rights then it has to transfer its interest to Impact for $1.
Silver City has the rights to base metal, silver and gold mineralization associated with Broken Hill style mineralization.