Blackridge tipped for trial mining
PERTH (miningweekly.com) – ASX-listed junior Impact Minerals has inked a tribute mining agreement with a private contractor in Queensland, allowing for the trial mining of up to 1.6-million tonnes of ore at its Blackridge gold project.
Under the tribute agreement with Nimble Resources, Nimble will provide all set-up, mining, processing and rehabilitation costs at the project, with trial mining to run for a period of up to three years.
Mining will start on Impact’s fully granted mining lease, and will progress to other mining lease applications, as and when they are granted.
Impact will receive a sliding net smelter royalty that will vary from a minimum of 2.5% to a maximum of 15%, depending on the average grade mined each month
Impact told shareholders that the trial mining phase, if successful, would be a major step forward in demonstrating the potential for a larger opencut mine at Blackridge.
Work has now started on a plan of operations, which will be submitted to the Queensland Department of Natural Resources, Mines and Energy for approval, with Impact hoping that mining would start before the end of the year.
“This agreement is a very positive step forward for the Blackridge project. We know that the best way to determine grade in coarse gold deposits such as Blackridge is to simply start mining,” said Impact MD Mike Jones.
“This is inherently very high risk and so, this agreement gives Impact a very low risk entry into mining by trial mining of only a modest part of the mineralised area, which extends over at least 1 500 m along trend. In addition, Impact, under the royalty payment provision, will receive at least a modest cash flow from the trial.”
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