Mulga Tank IPT


Joint Venturer Impact Minerals (ASX:IPT) has announced that its EM survey results from the Mulga Tank JV, with supporting geochemistry, show significant potential for large, massive nickel sulphide deposits. The opening paragraphs of the IPT announcement are reproduced below for the benefit of GCR shareholders:

Impact Minerals (ASX:IPT) is pleased to announce that seven (7) strong and large ground electromagnetic (EM) conductors, variably coincident with strong nickel, cobalt, copper and palladium soil geochemistry responses, have been identified at its new Mulga Tank Ni-Cu-PGE joint venture project area, 200 km northeast of Kalgoorlie in Western Australia.

None of the conductors have been drilled, with Impact planning a significant drill campaign commencing in October, with drill funding support from the WA Government underpinning the joint government-private resource sector focus on the area – known as the Minigwal Greenstone belt.

These results arise from Impact’s recently completed ground EM survey at the project in which Impact is earning up to a 50% stake in seven exploration licences and owns 100% of a further 6 licences.

The Exploration Licences cover 425 km² of the emerging south eastern Yilgarn Craton and Albany-Fraser Mobile Belt, already host to the Nova nickel discovery (Sirius), Dragon nickel discovery (BHP Billiton/St George Mining), the Tropicana gold deposits and mine (Anglo American/Independence Group) and the significant Mulga Rock uranium deposit (ERA).

Impact can earn a 50% interest in five of the licences held by Golden Cross Resources Limited and a 40% interest and 37.5% interest in two licences held by GCR and another party, by spending a further $2.3 million by November 2017. The area is prospective for bulk tonnage nickel deposits.

The newly confirmed cluster of EM conductors have strike lengths of up to 800 m, commence at depths of between 100 m and 350 m below surface, and importantly, occur close to the base of the Mulga Tank Dunite as interpreted from previous drill holes and magnetic data.

These characteristics suggest that the conductors are possible zones of massive nickel sulphide mineralisation that have accumulated at, or close to, the base of the dunite (an ultramafic rock).

For further information please visit the ASX or IPT websites to review the full announcement.
Golden Cross Resources is encouraged by these results and supports IPT’s plans to drill these targets in the next quarter.

Kim Stanton-Cook
Managing Director
Golden Cross Resources Ltd.

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