Impact Minerals Limited (ASX: IPT) is pleased to provide an update on its commercial activities as part of an ongoing strategy to maximise the value of its extensive portfolio of tenements in Australia.

Purchase of the Beau Project

Impact has reached agreement with Beau Resources Pty Limited, an unrelated private company, to purchase 100% of ELA70/5424, a tenement application covering 16 square kilometres and located about 15 km north of Impact's Arkun nickel-copper-platinum group element (PGE) project close to Perth in Western Australia.

The Beau project covers a prominent oval magnetic anomaly 3,000 metres by 1,500 metres in dimension that lies under shallow cover (likely to be less than 50 metres) and which has never been explored. The anomaly is of a similar size and geometry to the Gonneville Intrusion, host to the significant PGE-copper-nickel mineralisation discovered recently at Julimar and also the Newleyine intrusion and also proven to host nickel-copper-PGE mineralisation (Mandrake Resources Limited).

The Beau tenement lies completely within exploration licence applications owned by Anglo American Corporation who applied for the ground surrounding Arkun on the same day that Impact announced it had made its applications there.

The Arkun project was staked earlier this year in the centre of the emerging nickel-copper-PGE province of south west Western Australia and following the recent significant PGE discovery at Julimar just 75 km north east of Perth by Chalice Gold NL.

The magnetic anomaly is a well defined target and a priority area for follow up when the application is granted, which is expected by the end of Quarter 1 2021. The Arkun tenements should be granted early in Quarter 1 2021.

Contact:

Tel: (61 8) 6454 6666

Email: info@impactminerals.com.au

(C) 2020 Electronic News Publishing, source ENP Newswire