Ex­plor­ers in early gold rush

North West Telegraph - - Telegraph News - Sophia Con­stan­tine

High con­fi­dence in Pil­bara gold has al­lowed ex­plo­ration com­pany Im­pact Min­er­als to flourish.

It comes as the com­pany an­nounced it had re­ceived a firm com­mit­ment to raise $2.5 mil­lion be­fore costs through a place­ment of 125,000,000 shares.

The funds will be di­rected to­wards low-im­pact ground work at Im­pact’s wholly owned Pil­bara gold project, which com­prises 1300sqkm of ground prospec­tive for Wit­wa­ter­srand-style con­glom­er­ate gold.

Im­pact Min­er­als man­ag­ing director Mike Jones said the com­pany’s cash bal­ance had risen to $5.2 mil­lion from sig­nif­i­cant de­mand.

The shares will be sold at 2¢ a share with one free at­tach­ing op­tion, avail­able at 4¢ for ev­ery new share sub­scribed for, be­fore June 2020.

“We are now in a po­si­tion to main­tain mo­men­tum on our projects and, in par­tic­u­lar in the Pil­bara where on­ground re­con­nais­sance work has com­menced and ground ac­cess con­di­tions are be­ing as­sessed, as well as at Com­mon­wealth-Sil­ica Hill where drill rigs are mo­bil­is­ing to site this week,” he said.

“As soon as we recog­nised the sig­nif­i­cance of the break­through that had been made by Novo-Artemis in the search for Wit­wa­ter­srand-style gold in the Pil­bara we were rel­a­tively early movers in the area and were able to se­cure some very prospec­tive ten­e­ments,” he said.

“We will com­plete a min­i­mum of 1500m of drilling be­fore Christ­mas.”

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