Impact Minerals Limited (ASX:IPT) is pleased to announce that it has agreed terms for a joint venture over its highly prospective Commonwealth gold-silver-copper project in the copper-gold Lachlan province in New South Wales and home to world class deposits such as Cadia-Ridgeway with Kuniko Limited (ASX:KNI) (Figure 1).
Impact Minerals’ Managing Director, Dr Mike Jones, said, “This joint venture with Kuniko achieves two key objectives for Impact. First, it sees the company retaining a 30% free carried interest to a Decision to Mine in a project that has significant upside and is the only project in Australia similar to the world-class Eskay creek mine in the famed Golden Triangle of British Columbia. Secondly, it frees up time and money for the company to continue to increase its focus on the development of the Lake Hope High Purity Alumina (HPA) project here in Western Australia as well as its investment in Alluminous Pty Ltd, owner of the HiPurA technology platform for the production of HPA.
We look forward to working with Kuniko as they move towards a drill programme to test extensions of the high-grade massive sulphide bodies at Commonwealth itself and the high-grade silver-gold veins at Silica Hill. In addition there is a tantalising IP anomaly below Commonwealth in an area of increasing copper values in drilling and which is a target for a large porphyry copper system similar to the nearby Boda-Kaiser discovery”
The material key terms are:
1. Following a due diligence period of two weeks, Kuniko to issue 3,125,000 shares to Impact, with 50% escrowed for 6 months and 50% escrowed for 12 months.
2. Kuniko to spend $1.5 million within two years to earn a 51% interest in the project, and a further $1.5 million within another two years to earn a 70% interest.
3. Kuniko to free-carry Impact’s 30% interest up to a Decision to Mine.
4. At a Decision to Mine Impact to elect to either contribute or dilute to 10% which will then convert to a 2% Net Smelter Royalty.
To read the announcement, please click here
About us:
About Impact Minerals
Driven by a commitment to excellence and a vision to harness Australia's mineral wealth, Impact Minerals Limited is establishing itself as a key player in the HPA industry. Through careful project selection, rigorous evaluation, and profitability focus, the company aims to create lasting value for shareholders while contributing to the sustainable growth of the mining sector.
Contact details:
Dr Michael Jones
Managing Director
Phone: +61 (8) 6454 6666
Email: [email protected]
Website: impactminerals.com.au
