Impact Minerals (ASX:IPT) has acquired a 100% interest in EL8024, a 55-square-kilometre tenement covering the historic Huonville gold district, located 25km southeast of Broken Hill, New South Wales.
The acquisition, from private company Sozo Resources, brings Impact’s contiguous landholding in the region to approximately 1,800km2, nearly surrounding the world-class Broken Hill silver-lead-zinc deposit.
The Huonville area is highly prospective for copper and copper-gold deposits, with legacy rock chip samples returning gold assays of up to 82 g/t, along with silver, bismuth, copper, and minor molybdenum and tungsten, indicative of potential iron-oxide-copper-gold mineralisation.
Previous shallow drilling did not replicate these high gold grades, suggesting near-surface enrichment, while a new review of historical data combined with recently completed magnetotelluric surveys will guide further exploration.
Completion of the acquisition, which includes $25,000 in cash, $125,000 in Impact shares (held in escrow for six months), and a 1% NSR payable to a previous owner, is subject to ministerial approval.
Impact’s Managing Director, Dr Mike Jones, described Huonville as "the final piece of the jigsaw at Broken Hill," highlighting the potential for deeper, late-stage gold and copper systems beneath the historic workings.
At the time of reporting, Impact Minerals' share price was $0.072.