Partial synopsis of this PGE stuff on a cold and grey Saturday arvo (for me at least, weather is less than ideal)............
If you're looking for a 'unique' prospect that provides exposure to "7PGM's" (platinum group metals) then imo it is worth looking to IPT perhaps...........(do your homework though and know that general sentiment toward the mgt team here is somewhat 'frosty' most of the time, myself included in that group as well).
- "These new PGE results confirm again that the mineralisation at Red Hill and other prospects in the Broken Hill area such as Platinum Springs and Little Darling Creek, is exceptional even on a global scale".
- "Given the recent increase in the demand and price for many of the platinum group elements, palladium and rhodium in particular, the new assays upgrade the overall tenor of mineralisation at the project and may have a material positive effect on the economics of any future development of the project".
- "Good to extremely high grades of PGM-copper-nickel mineralisation are present at Red Hill over robust widths within 50 m of surface in 10 out of the 11 drill holes completed by Impact. The mineralisation is open along trend and at depth".
(please note only approx numbers are used below and dollar amounts are in AUD where I quote them unless specified otherwise).
Side note:
- Demand for rhodium increased by 10% during 2019 as more stringent vehicle emission regulations are being adopted in most major auto markets. With no supply response the rhodium price increased from USD 2,460 per ounce at the beginning of 2019 to a recent high of USD 13,800 per ounce in March 2020.
- Prices have subsequently fallen due to the market shock caused by the coronavirus pandemic with prices during April ranging from USD 7,200to USD 10,700per ounce (these two dot points are from POD ann).
- Current Rhodium price equates to approx $330 per gram.............palladium is approx $90 per gram...............Iridium is approx $80 per gram. gold is approx $90 per gram and so on. For some perspective about 8.0 gt Rhodium equates to 1oz/pt gold.............
AFAIK IPT have so far devoted a decent amount of work (drilled and sampled etc.) at two different prospects in their Broken Hill tenement package looking for PGM-Ni-Cu style hits..........many of the grades returned are exceptional for various PGM's no doubt, and the Ni/Cu tenor is just as exceptional in places as well in terms of grade.
"Very high grade PGM-copper-nickel assays have now been returned from two prospects at Impact’s Broken Hill Project,
Platinum Springs and
Red Hill.
These are the only two prospects to have been explored in detail and this is encouraging for further exploration throughout the entire project area. For example, high grade rock chip samples have been returned from numerous prospects between the Platinum Springs and Moorkai Prospects, a distance of about 9 km along the Moorkai Intrusive Complex"
Some of the better Platinum Springs historic hits include:
- 0.6 metres at 11.5 g/t platinum, 25.6 g/t palladium, 1.4 g/t gold, 1.3 g/t rhodium, 1.7 g/t iridium, 2.0 g/t osmium and 0.8 g.t ruthenium, 7.6% copper, 7.4% nickel and 44.3 g/t silver from 57.1 metres down hole;
- within a broader intercept of 2.75 metres at 3.5 g/t platinum, 7 g/t palladium, 0.4 g/t gold, 2% copper, 1.9% nickel and 11.6 g/t silver from 55 metres down hole.
Red Hill historic hits include:
- 3.5 metres at 162.4g/t (5.3 ounces) 7PGE comprising: 5.7 g/t rhodium, 2.6 g/t iridium, 2.0 g/t osmium, 1.1 g/t ruthenium, 144 g/t (4.6 ounces) palladium, 5 g/t platinum, 6 g/t gold, 2.9% nickel, 2.3% copper and 14.5 g/t silver from 67.3m down hole.
- This intercept also included a vein of very high grade mineralisation that returned: 1.2 metres at 335.8 g/t (10.8 ounces) 7PGE comprising: 4.6 g/t rhodium, 7.2 g/t iridium, 5.6 g/t osmium, 3.1 g/t ruthenium, 294 g/t (9.5 ounces) palladium, 10.4 g/t platinum, 10.9 g/t gold, 7.4% nickel, 1.8% copper and 19 g/t silver
- 0.65 metres at 54.5 g/t (1.7 ounces) 7GM comprising: 0.9 g/t rhodium, 1.2 g/t iridium, 0.9 g/t osmium, 0.5 ruthenium, 29.7 g/t palladium,19.2 g/t platinum, 2.1 g/t gold, 12.2% copper, 0.5% nickel and 147 g/t silver from 27.7 metres.
Furthermore on Red Hill:
"In two drill holes completed
by previous explorers (Figure 1 and see announcement dated 11 November 2015). The two drill holes returned":
- 2 metres at 10.9 g/t platinum, 23.6g/t palladium, 0.9 g/t gold, 6.1% copper, 4.5% nickel and 35 g/t silver from 45 metres in Hole DD4;
and
- 2.3 metres8.4 g/t platinum, 3.6% copper and 3% nickel from 47.7 metres; including 0.9 metres at 18.8 g/t platinum, 8.1% copper and 7.5% nickel from 48.2 metres in Hole GMS-06 (palladium and gold not assayed).
Recent re assaying of IPT Red Hill historic core has reported:
- 29.0 metres at 10.9 g/t 7PGM comprising: 0.8 g/t rhodium, 0.9 g/t iridium, 0.8 g/t osmium, 0.8 g/t ruthenium, 5.1 g/t palladium, 2.5 g/t platinum and 0.4 g/t gold, 2.3% copper, 0.4% nickel and 58 g/t silver from surface.
So, thus far Red Hill ground has offered up some exceptionally 'rich' hits no doubt.................(only real problem as I see it is the width of much of this 'very high grade' material).................but for the sake of it..............the example at Red Hill of the 1.2m 'very high vein grades' mentioned above runs at about11oz Au eq per ton by my reckoning. Not too shabby at all.
BUT............please note that MET work for this type of mineralisation
is typically very complex............so consider this also if wondering about investing here.
The possibilities are surely there for something 'unique' in Broken Hill in terms of a PGM find imo..............and the general 'region' covered by IPT tenements is host to some very solid 'historic' finds as well, so there is also 'regional level' scope to expand into, to some extent.
zooming in on some of this:
Very solid values for the 120 kg sample from the 'Platinum Springs' Pits...................
- 50gt Pd, 19.6gt Pt and 3gt Rh see also those Pd and Cu grades out of Round Hill shaft and so on................
Re follow up work planned.....................Red Hill is first off the block for more it would appear:
- "future exploration will focus on tracking the dykes back towards the intrusion at depth"
- "A detailed review and synthesis of the previous drilling is underway to help design a follow up drill programme which will be undertaken as soon as practicable following the issue of statutory permissions. A Land Access Agreement has been completed with the land owner and there are no Native Title issues".
The PGM story will play out over the next 12-18 months or so I would imagine. Should IPT get moving and quickly plonk a few new holes in like they say they will, and provided they deliver some serious followup hits, then a well deserved and possibly significant value uplift will result in the shorter term imo.
But like so many here, I'll be waiting until it's 'unequivocal' ie. all there in black and white before popping the cork so to speak. Boda nearology is also on the cards, so this next 12 months might actually provide something significant for us to hang our hats upon, fingers crossed.
Have a good weekend peeps.
(20min delay)