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Trial Mining Approved In CQ

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Trial mining of up to 1,000,000 loose cubic metres (about 1.6 million tonnes) will be undertaken at Impact Minerals Limited’s (ASX:IPT) Blackridge gold project following an agreement for tribute mining with a private contractor (Figures 1 and 2).

The site is located 25 km north of Clermont in central east Queensland.

Under the tribute agreement, signed with Queensland-based Nimble Resources Pty Ltd, Nimble will provide all set up, mining, processing and rehabilitation costs at the project.

In return Impact has financially de-risked the next significant stage of exploration and development of Blackridge and will also benefit from the receipt of a sliding scale Net Smelter Royalty (NSR) of up to 15% depending on the average monthly grade of gold mined.

The trial mining phase, if successful, would be major step forward in demonstrating the potential for a larger open pit mine at Blackridge and follows the recent recognition of large volumes of free-digging oxide ore with exceptional gold recoveries of more than 95% by wet gravity processing methods in recent bulk sampling programmes (IPT ASX Releases October 23 rd 2018 and September 18 th 2019).

The bulk sampling programmes were done in conjunction with Nimble, who, encouraged by the results, subsequently approached Impact to initiate the trial mining programme.

Nimble has specialist skills and equipment in both wet and in particular dry gravity gold processing technologies. Nimble believes that a large portion of the oxide material at Blackridge may potentially be dry processed and in the first instance will trial a proprietary dry processing technology with a throughput capacity of about 90 cubic metres per hour (about 150 tonnes per hour).

In addition Impact will work with Nimble to determine optimal processing routes for the other two material types in the deposit which are not suitable for dry processing: wet clay-rich
material and less oxidised to fresh bedrock.