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Impact Minerals Adds Interest At Broken Hill With Rare Platinum Group Metals

New assays from the latest drilling at Impact Minerals' (ASX:IPT) Broken Hill project in New South Wales have enhanced the potential of the Red Hill area to supply rare platinum group elements (PGE).

A 1.2-metre intersection at 20 g/t rare PGEs (rhodium, iridium, osmium and ruthenium) has now been returned from the RHD012 drillhole, which sent Impact shares flying last week with high grades across precious, base and PGE metal groups.

Shares in Impact spiked almost 10% this morning and were last trading about 83% higher than at the beginning of the month at A$0.044.

The newest Red Hill assays found 4.6 g/t rhodium, 7.2 g/t iridium, 5.6 g/t osmium and 3.1 g/t ruthenium across a 1.2-metres sample from RHD012.

This was recorded within a thicker zone of 3.5 metres at 1.7 g/t rhodium, 2.6 g/t iridium, 2.0 g/t osmium and 1.1 g/t ruthenium.

The extremely high palladium and high platinum and gold grades reported last week were also confirmed by repeat assays.

The repeats (three in total) have confirmed the previously reported palladium, platinum and gold grades, with gold grades ranging from 10.8 g/t to 14.8 g/t, platinum from 10.3 g/t to 12.5 g/t and palladium from 280 g/t to 300 g/t.

RHD012 has now returned 3.5 metres at 159 g/t (5.3 ounces) 6PGE+gold 2.9% nickel, 2.3% copper and 14.5 g/t silver from 67.3m down hole (50 metres below surface).

This includes 1.2 metres at 335.8 g/t (10.8 ounces) 6PGE+gold, 7.4% nickel, 1.8% copper and 19 g/t silver from 68.5 metres.

Rare rarities

The latest assay results for RHD012's rare PGE content - together with previously reported high grades of rare PGEs throughout Impact's project area - are exceptional even on a global scale.

They indicate a potentially deep source for the parent ultramafic magmas which themselves contain evidence of having absorbed (or "contaminated by") extensive amounts of the surrounding metasedimentary rocks. These two criteria, a deep source and contamination, are important components of models for the formation of major nickel-copper-PGE deposits and this is considered encouraging for further exploration throughout the Broken Hill project area.

In May, drilling at Red Hill delivered 1 metre at 1 g/t rhodium, 1.3 g/t osmium and 1.2 g/t iridium, defining rare PGEs in a wide arc stretching from the northeast to the southeast of the Broken Hill township.

Rare PGE's are known to command premium prices as they are used in many specialist hard-wearing metal alloys, electronics and for catalytic converters.

Analysis

High grades of rare PGEs may be a significant economic credit to any resource defined with the Broken Hill project, given the globally competitive concentrations discovered and the specialist nature of the materials.

The latest assays from RHD012 therefor continue to emphasise the importance of the hole in demonstrating Red Hill's potential for resource development and company upside.

The restart of drilling in the area next week could trigger additional price catalysts for Impact, which has enjoyed a substantial share price bounce in recent trading session as positive Red Hill results accumulate.

This investor support has represented a near five-fold rerating for Impact since April this year.

More blue sky at Broken Hill can be found in plans to acquire a third licence in the area from Golden Cross Resources (ASX:GCR), entitling Impact to 100% of the nickel-copper-PGE rights in its joint venture with Golden Cross.

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