Explorers in early gold rush
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.”