Impact Minerals (ASX: IPT) (“Impact,” “Impact Minerals,” or “the Company”) has identified high-priority drill targets at the Caligula prospect within its 100%-owned Arkun Project, located 150 km east of Perth. The latest infill soil geochemistry results reveal a strong nickel-palladium-gold-chromium-cobalt anomaly, aligning with key geophysical conductors. These findings significantly enhance the potential for magmatic nickel-copper-platinum group element (PGE) sulphides, similar to Chalice Mining Ltd’s (ASX: CHN) Gonneville deposit.
“Our focus over the past 12 months has been on the Pre-Feasibility Study for the Lake Hope High Purity Alumina project,” said Managing Director Dr Mike Jones. “Meanwhile, we have been developing the Caligula target for a maiden drill program, which will be partially funded by the $180,000 EIS grant we received last year.”
Figure 1: Arkun project’s location in Western Australia
A Strong Geochemical and Geophysical Correlation
The new anomaly is located within the eastern part of the Caligula prospect and coincides with a powerful Mobile Magnetotelluric (MMT) conductor and an airborne electromagnetic (EM) conductor. These are direct drill targets for potential sulphide mineralisation.
Previously, Caligula was recognised as a large copper-dominated soil anomaly covering 5,000 metres north-south and 2,000 metres east-west. The anomaly included silver, tellurium, bismuth, and molybdenum, indicating potential porphyry-style copper mineralisation. The latest results now define a more targeted anomaly on the eastern margin, which exhibits characteristics of a magmatic nickel-copper system.
Drilling Plans Underway for Q2
Impact is set to drill these high-priority targets in Q2, supported by a $180,000 co-funding grant under the WA Government’s Exploration Incentive Scheme (EIS). The funds will assist in drilling the newly identified zone, along with proceeds from the Company’s current renounceable rights issue.
“The strong correlation between elevated palladium, platinum, and gold-in-soil anomalies and key geophysical conductors highlights compelling drill targets,” Dr Jones stated. “We plan to start drilling soon after the closure of the rights issue on March 21st.”
Target Identification and Geological Significance
Impact identified the new target through soil geochemistry, regional magnetic and gravity data, and advanced MMT and EM surveys. MMT, an airborne geophysical technique, measures resistivity and conductivity to depths of approximately 1 km. Impact’s survey was one of the first conducted in Australia.
The data suggest that Caligula sits within an elliptical magnetic “eye” feature coinciding with a gravity high, which indicates denser mafic-ultramafic rocks. These features are characteristic of nickel-copper sulphide-hosting intrusions, such as IGO’s (ASX: IGO) Nova-Bollinger deposit in the Albany-Fraser Orogen.
At a detailed level, a conductive anomaly in the MMT data aligns with a decrease in magnetic intensity within a linear magnetic unit on the eastern side of the Caligula anomaly. This suggests possible sulphide replacement of magnetite, an encouraging sign for nickel-copper-PGE mineralisation. Additionally, an airborne EM anomaly sits within this same zone.
Soil Geochemistry Results Confirm a High-Potential Target
A high-priority 400-metre-long by 200-metre-wide soil anomaly has been defined. This anomaly contains coincident gold, palladium, platinum, nickel, chromium, and cobalt values. The anomaly is located on the western side of the maximum MMT conductivity zone, directly overlapping the airborne EM anomaly.
Key geochemical highlights include:
- Palladium values up to 111 ppb
- Gold values up to 42 ppb
- Nickel values up to 344 ppm
- Chromium values up to 1,102 ppm
- Cobalt values up to 68 ppm
- Platinum values up to 12 ppb.
The anomaly suggests the presence of an ultramafic unit with the potential to host magmatic nickel-copper sulphides. The discrete airborne EM conductor could be a direct indicator of massive sulphide mineralisation at depth.
Planned Drill Program and Future Exploration
Impact is set to drill-test these anomalies with two deep drill holes, targeting both the MMT and EM conductors underlying the strong soil geochemistry results. The drilling program will begin in Q2, partially funded by the EIS grant on a dollar-for-dollar basis.
“Identifying parts of the Caligula prospect as a possible host for high-grade nickel-copper-PGM mineralisation, akin to Nova-Bollinger or Julimar, represents an exciting development,” said Dr Jones.
Additional target generation is ongoing, with further high-priority zones potentially added to the drilling campaign.
About the Soil Geochemistry Survey
Impact collected 311 soil samples on a 50m x 100m grid. Samples were sieved to -2mm and analysed using the AR005/MS method, an aqua regia digestion technique optimised for geochemical exploration.
Figure 4: Geochemical data for important elements at the Caligula Prospect
Call to Action for Shareholders
Dr Jones urged shareholders to participate in the current rights issue, which closes on March 21st. “I encourage all shareholders to take part in the issue to fund the completion of the Lake Hope PFS and this exciting drill program at Arkun,” he said.
With a strong combination of geochemical anomalies and coincident geophysical conductors, Impact Minerals is advancing Caligula as a compelling nickel-copper-PGM exploration target. The upcoming drill program could unlock significant value in this emerging mineral province in southwest Western Australia.
Investor’s Outlook
Impact Minerals (ASX: IPT) is currently trading at $0.006 (as of March 14, 2025), at the lower end of its 52-week range ($0.006 – $0.025). With a market capitalisation of $21.68 million and over 3.09 billion shares on issue, the Company is positioned for potential upside as it advances key exploration projects.
The identification of high-priority nickel-copper-PGM drill targets at the Caligula prospect within the Arkun Project is a significant development. The strong geochemical and geophysical correlation enhances the potential for a discovery similar to major Western Australian nickel-PGM deposits like Nova-Bollinger and Julimar.
Impact’s planned Q2 drill program, backed by a $180,000 WA Government EIS grant, provides a near-term catalyst for re-rating. Additionally, the Company’s renounceable rights issue closing on March 21st offers shareholders an opportunity to participate in its next growth phase.
Investors will be watching closely for:
- The commencement and results of the maiden drill program at Caligula.
- Further exploration updates and additional high-priority targets.
- Progress on the Lake Hope High Purity Alumina project.
With a low share price relative to its potential exploration upside, Impact Minerals presents a speculative opportunity for investors seeking exposure to emerging nickel-copper-PGM discoveries in Western Australia.
