SUMMARY
1. IMPACT MINERALS LTD TO MERGE WITH INVICTUS GOLD LTD
- Merger Implementation Agreement (MIA) signed with Invictus Gold Limited pursuant to which Impact proposes to acquire all of the issued shares in Invictus that it does not already own under a Scheme of Arrangement.
- Under the proposed Share Scheme, Impact will offer five IPT shares for every four IVG shares on issue.
- The merger is expected to be completed in December.
- The merger will offer a simplified corporate structure and a more compelling investment case.
2. MULGA TANK PROJECT, AUSTRALIA (IPT 100% & EARNING 50%)
- A ground electromagnetic (EM) survey identified seven strong, undrilled EM conductors, variably coincident with strong nickel, cobalt, copper and palladium soil geochemistry responses and strike lengths of up to 800 m.
- A review of previous drill core confirmed that much of the nickel sulphide mineralisation discovered at Mulga Tank is primary magmatic sulphide hosted in ultramafic rocks.
- Drilling programs are scheduled to commence in November.
- Impact secured the right to acquire a greater interest in two key licences. The planned acquisition will potentially deliver Impact a 70% interest in one licence and a 75% interest in another (up from 50% currently).
3. BROKEN HILL PROJECT, AUSTRALIA (IMPACT EARNING 80%)
- An EM anomaly was identified adjacent to the dormant Red Hill Mine where high grade copper, nickel and platinum group mineralisation was mined in the early 1900’s.
- Follow up field work is in progress.
4. CORPORATE
- Impact placed 78,947,368 shares at 3.8 cents per share to raise A$3 million to drive exploration at the Company’s highly prospective Mulga Tank and Broken Hill joint ventures.
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