Impact Revises Terms for the Sale of 75% of the Commonwealth Project

Impact Minerals (ASX: IPT)

Announced that it has finalised revised terms for the sale of up to a 75% interest in the Company’s 100% owned Commonwealth Project to Burrendong Minerals Ltd (Burrendong) , an unrelated public company.  

 

 

.

Impact Minerals

 

 

.

Impact Minerals ASX: IPT
Stage Exploration
Metals Gold, Silver, PGM’s, zinc, copper
Market cap A$39 m @ 0.014 c
Location Queensland, NSW, Western Australia

 

.

 

 

August 16, 2023 CORPORATE RELEASE

Revised Terms for the Sale of 75% Interest in the Commonwealth Project, NSW

.
Impact Minerals Limited (ASX:IPT) is pleased to announce that it has finalised revised terms for the sale of up to a 75% interest in the Company’s 100% owned Commonwealth Project to Burrendong Minerals Ltd (Burrendong) , an unrelated public company.
The revised terms will see Impact retaining a 49% interest in the project following a proposed IPO of Burrendong. In addition, Burrendong recently acquired the right to acquire the Galwadgere coppergold project, located 7 kilometres along trend from the Commonwealth deposit, from Sky Metals Limited (Figure 1 and ASX:SKY Release 14th July 2023).
Galwadgere contains an Inferred Resource of 3.6Mt at 0.82% copper and 0.27g/t gold at a cutoff grade of 0.5% copper (ASX:SKY Release July 7th 2021). This is a significant addition to the resources defined by Impact at Commonwealth and detailed below.
.

Impact Minerals’ Managing Director, Dr Mike Jones, said,

These revised terms, should Burrendong list, will allow Impact to retain a larger percentage of the Commonwealth Project as well as being a shareholder in a company that could have three deposits containing a significant global resource under its belt, Commonwealth, Silica Hill and Galwadgere.
These deposits all occur within the Lachlan fold belt, one of Australia’s most prolifically mineralised areas and host to the similar Woodlawn deposit, a worldclass deposit currently under development. We look forward to supporting Burrendong as they progress towards their IPO”.

The revised terms, which supersede the terms announced by the Company on August

8th 2022, are:

.
1. An extension of the Exclusivity Period to September 30th 2023, to complete a Share Purchase Agreement (SPA) and Joint Venture Agreement (JVA). Burrendong can extend the Exclusivity Period for a further eight weeks for a nonrefundable payment of $25,000.

2. On execution of the SPA, Impact to receive a nonrefundable payment of $75,000.

.
.

=======

.

If you need clarification of any information contained in this note, or have any questions, I will be delighted to assist – Please email andrew@city-investors-circle.com

=======

.

City Investors Circle is based in the financial district in the City of London

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

.

.

Disclosure

At the time of writing the author holds shares in Impact Minerals

..