Impact Minerals has agreed to acquire 100% of Mining Lease ML2386 that covers around 500m of the gold-bearing unconformity at its Blackridge conglomerate-hosted gold project in central Queensland.
The Mining Lease, which is fully granted, will be acquired from a local prospector for a cash payment of $30,000 and replacement of environmental bonds of approximately $7,000 and is subject only to Ministerial consent, expected within about six weeks.
Impact Minerals managing director Mike Jones said: “This is an excellent strategic acquisition for Impact given that it is a fully granted Mining Lease covering the gold-bearing unconformity at Blackridge.
“The granted Lease means that we can commence with little impediment directly to very large bulk samples, a key factor in determining grade in conglomerate-hosted gold deposits as demonstrated by the work of Novo Resources in the Pilbara region of Western Australia.
“We are in the process of submitting the appropriate Plan of Operations and also designing a test work programme which in the first instance will comprise extensive trenching to expose and map the unconformity throughout the Lease.
“Samples from these trenches will be processed accordingly to determine the gold content. This will be an important first step in our search for a mineable resource at Blackridge”.
Source: Company Press Release