Impact Minerals has completed the Share Sale Agreement for sale of its Pilbara gold project to Pacton Gold Incorporated for A1.45 million.
Under the terms of the Share Sale Agreement, Pacton has purchased a 100 per cent ownership interest in Impact’s wholly owned subsidiary Drummond East, which holds seven 100 per cent owned granted Exploration Licences in the Pilbara region of Western Australia.
Pacton has a strong business plan for its exploration in the Pilbara and is well funded following a recent CAD$5.5 million raising including CAD$2 million from Eric Sprott, a major direct and indirect shareholder in Novo Resources Corporation.
Dr Michael G Jones Managing Director said that Impact was focusing its exploration for conglomerate-hosted gold at the Blackridge Project located 30 kilometres north of Clermont in central Queensland where Impact has an option to acquire 95 per cent of an advanced project with previous production of about 185,000 ounces of gold from small shafts and related underground workings.
“In addition, Impact has an adjacent 100 per cent owned application for an Exploration Licence. Combined, the project area covers 23 kilometres of strike and 37 square kilometres of prospective basal conglomerate of Permian age”, said Mr Jones.
Over the past two months Impact has advanced the grant of its Exploration Licence as well as the grant of four Mining Lease applications all of which include Native Title and Land Owner Access agreements. These should progress to completion in the next Quarter.
A review and synthesis of previous exploration data at Blackridge is also ongoing. Additionally, compilation of previous production data and historical maps from the early 1900s is in progress to more accurately assess the likely positions of the richer portions and palaeochannels of the Blackridge gold field. Once complete, areas will be selected for detailed mapping and bulk sampling.