Impact Minerals Ltd Annual Report 2023 27 Directors’ Report continued A reconnaissance drill programme will be organised as soon as practicable, subject to access and the harvest period. A large Rare Earth Element (“REE”) soil geochemistry anomaly about ten kilometres long, up to 2,000 meters wide, and comprising Light and Heavy REE was identified in the northeast of the Arkun Project (ASX:IPT 1st June 2023). The anomaly, called the Horseshoe Prospect, occurs in the contact zone of an intrusion adjacent to a major regional fault, a prime location for REE. Further surveys are in progress to follow up on numerous other REE (and other metal) anomalies identified in reconnaissance roadside soil geochemistry surveys. Broken Hill Project In a significant validation of Impact’s expertise, the company was selected as one of the inaugural participants in the BHP Xplor programme, principally to fund exploration at the Broken Hill Project. BHP Xplor, an accelerator program introduced by BHP in August 2022, is designed to help provide participants with the opportunity to accelerate their growth and the potential to establish a long-term partnership with BHP and its global network of partners. Impact received US$500,000 and gained access to a network of internal and external BHP experts to help guide development in the company’s technical, business and operational aspects. The BHP Xplor funding was used to identify new target areas for copper and other energy metals around the Broken Hill area, where Impact has been quietly adding to its ground position for several years. Impact believes that there is significant untapped exploration potential at Broken Hill for copper mineralisation and has been working with world-renowned geologist Prof. Tony Crawford on a new model for copper associated with mafic intrusions that are part of the Broken Hill Group rocks. This is a different exploration model to that being pursued as part of the IGO Limited (ASX:IGO) joint venture partnership on EL7390 and EL8234, which were excluded from the program. IGO subsequently withdrew from the joint venture following poor drill assays. As part of the Xplor programme, Impact completed the first-ever Sub Audio Magnetics (“SAM”) and magnetotelluric (MT) ground geophysical surveys in the Broken Hill area, with data still being processed and interpreted. In addition, about 600 rock chip samples were collected during the Xplor programme and have been submitted for whole rock and trace element geochemistry. Funding by the Xplor programme ended on June 30th 2023, and all confidentiality restrictions have been lifted. Commonwealth Project In 2022 Impact agreed to sell 75% of the Commonwealth Project to unlisted company Burrendong Resources Pty Ltd. In August 2023 the term sheet was amended creating a change to the overall valuation of the Project The sale is subject to Burrendong listing on the ASX by mid-2024. Limited work was done on Impact’s other projects. FINANCIAL As at 30 June 2023, the Group had net assets of $17,417,108 (2022: $18,557,017) including cash and cash equivalents of $4,688,824 (2022: $3,816,089).
RkJQdWJsaXNoZXIy MjE2NDg3