Impact Mineral identifies seven strong large EM conductors at Mulga Tank in WA Thursday, September 12, 2013 by Proactive Investors
Impact Minerals (ASX:IPT) and joint venture partner Golden Cross Resources (ASX:GCR) have revealed electromagnetic survey results from Mulga Tank in Western Australia, showing significant potential for large, massive nickel sulphide deposits.
Seven strong and large ground electromagnetic conductors, variably coincident with strong nickel, cobalt, copper and palladium soil geochemistry, have been identified the new Mulga Tank Ni-Cu-PGE joint venture project area, 200 kilometres northeast of Kalgoorlie.
None of the conductors have been drilled, with Impact planning a significant campaign commencing in October, with funding support from the WA Government underpinning the program in the Minigwal Greenstone belt.
The licences cover 425 square kilometres of the south eastern Yilgarn Craton and Albany-Fraser Mobile Belt, already host to the Nova and Dragon nickel discoveries by Sirius Resources (ASX:SIR) and BHP (ASX:BHP) respectively.
Impact can earn a 50% interest in five of the licences held by Golden Cross and a 40% interest and 37.5% interest in two licences held by GCR and another party, by spending $2.3 million by November 2017.
The newly confirmed cluster of EM conductors have strike lengths of up to 800 metres, commence at depths of 100 to 350 metres, and importantly occur close to the base of the Mulga Tank Dunite.
These characteristics suggest that the conductors are possible zones of massive nickel sulphide mineralisation that have accumulated at, or close to, the base of the dunite, an ultramafic rock.
The large scale targets are of great significance to IPT and GCR, valued at $17 million and $8 million respectively.
Ends.
GCR Price at posting:
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