IGO strikes A$18m farm-in with Impact

9th November 2021

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia


Font size: - +

PERTH ( – Junior Impact Minerals has inked a farm-in agreement with a subsidiary of metals miner Independence Group (IGO) over its Broken Hill nickel/copper/platinum group metals (PGMs) project, in New South Wales.

Under the terms of the agreement, IGO could earn an initial 51% in the project area by spending A$6-million on exploration over a four-year period, which would establish an unincorporated joint venture (JV) between the two companies.

IGO could spend a further A$12-million over the subsequent four years, to earn a 75% interest in the project.

Following the Stage 2 earn-in, the two companies could elect to contribute pro-rata or dilute their shareholding, which if diluted to less than 10%, will convert into a 1% net smelter royalty over the project area.

If IGO decides not to proceed with the Stage 2 earn-in, the company’s interest in the project will revert to 49%, giving Impact the majority interest.

Impact Minerals MD Dr Mike Jones said the company was pleased to partner with IGO.

“We had a number of approaches from major companies for a JV after our last major drill campaign at Broken Hill but chose IGO because of their technical capacity, in particular their deep penetrating electro-magnetic systems capability and experience, and also the way they have approached our negotiations.

“We have established that a large amount of deep drilling will be required to further explore the exciting prospects we have generated at the project and it is appropriate that a well-funded partner with excellent credentials is brought in to help fund what could be quite significant expenditures going forward.”

Jones said that the JV will allow Impact to further increase its focus on its Western Australian projects where the company has secured a drill rig for the Doonia gold project and hopes to be up and running by early December.

“In addition, we are increasingly excited about the lithium, rare earth and nickel/copper/PGM targets we identified recently at our Arkun project which is rapidly becoming a very significant project for Impact in a very under-explored part of Western Australia,” Jones said.

Edited by Creamer Media Reporter


Latest Multimedia

Photo of Martin Creamer
On-The-Air (22/09/2023)
Updated 1 hour 14 minutes ago By: Martin Creamer

Latest News


Sandvik Rock Processing Solutions
Sandvik Rock Processing Solutions

Sandvik Rock Processing Solutions is a leading supplier of equipment, tools, parts, service and solutions for processing rock and minerals in the...

Sandvik Mining and Rock Solutions
Sandvik Mining and Rock Solutions

Sandvik Rock Processing products and services provide you maximum value in terms of performance, quality, safety, flexibility and not least total...


Latest Multimedia

sponsored by

Magazine cover image
Magazine round up | 22 September 2023
22nd September 2023
Resources Watch image
Resources Watch
21st September 2023

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?







sq:0.18 0.215s - 109pq - 2rq
Subscribe Now