(MENAFN- ProactiveInvestors - Australia) Impact Minerals (ASX: IPT) and 75% owned Invictus Gold (ASX: IVG) have reached agreement to separate the assets to be acquired as part of the planned acquisition of Endeavour Minerals.
Earlier this year, the two companies revealed plans to jointly acquire private company Endeavour Minerals, which wholly owns two gold and base metal projects and the rights to farm-in to two nickel-copper-PGE projects.
Under this new agreement, Impact will acquire the rights to the nickel-copper-PGE joint ventures at Mulga Tank in Western Australia and Broken Hill in New South Wales.
Invictus will acquire the shares in Endeavour and therefore the 100% owned Commonwealth and Rangitira gold and base metal projects, also in New South Wales.
Endeavour has agreed to an extension of the deadline to exercise the option until Wednesday 13 March 2013 to allow the legal documentation to be completed.
Broken Hill Project
Endeavour is earning an 80% interest in the Broken Hill Ni-Cu-PGE Project in New South Wales by spending $550,000 by November 2017.
The project is host to extensive gossans and some drill intercepts 20 kilometres from Broken Hill, with some of the highest grade PGE assays in Australia including rare high grades of osmium, iridium and ruthenium.
A representative 120 kilogram sample of gossan returned grades of 19.6 grams per tonne (g/t) platinum, 50g/t palladium, 3g/t rhodium, 3g/t osmium, 4.4g/t iridium, 2g/t ruthenium, 0.57g/t gold, 0.34% nickel and 0.71% copper.
Meanwhile, drilling has intercepted fresh sulphide at about 45 metres depth, delivering intercepts of 4 metres at 17.9g/t platinum+palladium+gold, 2.3% nickel and 3.2% copper from 43 metres; and 2.1 metres at 8.3g/t platinum+palladium+gold, 3% nickel and 3.5% copper from 45 metres.
The Broken Hill Project has demonstrated potential for the discovery of large deposits of very high grade nickel-copper-precious metal massive sulphides and bulk tonnage PGE mineralisation.
The project comprises extensive strike of mafic-ultramafic sills, dykes and stocks similar to those at Norilsk in Russia and Jinchuan in China.
Mulga Tank Project
Meanwhile, Endeavour can earn a 50% interest in the Mulga Tank Nickel-Gold Project in Western Australia by spending a further $2.8 million by November 2015.
The project is located within a very poorly explored Archaean greenstone belt 200 kilometres east of Kalgoorlie and close to major deposits such as AngloGold Ashanti (ASX: AGG) and Independence Group's (ASX: IGO) 7.9 million ounce Tropicana deposit and Sirius Resources' (ASX: SIR) Nova nickel-copper-cobalt discovery.
There is potential for the discovery of a bulk tonnage nickel deposit in an ultramafic intrusion similar to the Mt Keith deposit in Western Australia and the over 3 billion tonne at 0.27% nickel Dumont deposit in Quebec.
Three widely spaced diamond drill holes within the 4.7 kilometre by 3.2 kilometre sized ultramafic returned best intercepts of 264 metres at 0.2% nickel and 218 metres at 0.18% nickel.
Petrographic work has confirmed the presence of widespread nickel sulphide and nickel-cobalt minerals.
Anomalous drill intercepts from limited bedrock-cover interface drilling suggest potential for higher grade nickel sulphides at depth, including 2 metres at 2% nickel, 0.3% chromium and 445 parts per million copper from 67 metres; and 9 metres at 0.5% nickel and 0.3% chromium from 40 metres.
Impact Minerals held A$2.9 million cash at the end of December 2012.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.