Impact Minerals: Broken Hill Reborn — Restarting Copper, Ni-Cu-PGE and Ag-Pb-Zn
- Noel Ong
- 18 hours ago
- 7 min read
Announcement
Broken Hill Reborn 5 November 2025 (Click here to view the announcement)
Impact Minerals Limited (ASX: IPT) has resumed exploration at its 100%-owned Broken Hill Project (NSW), citing stronger metal prices, new in-house copper concepts from the BHP Xplor program, and renewed third-party activity in the district (Figure 1). The Company has begun a progressive review of past work and presents context and results from Platinum Springs as the first step.
Figure 1: Location of Broken Hill within the world-class Curnamona province in NSW (source: IPT)
The Business of Impact Minerals Limited (ASX: IPT)
Lake Hope High Purity Alumina (HPA) Project, WA (IPT earning 80%), and Alluminous (IPT 50%), plus the HiPurA® HPA technology platform.
Broken Hill (NSW, 100%) (Figure 2) — a district-scale position (~1,770 km²; >100 km strike) targeting high-grade magmatic Ni-Cu-PGE (Platinum Springs, Red Hill, Rockwell–LBH; basal channels along the ~9 km Moorkai Trend) (Figure 2),
Figure 2: Rock chip sample results from along the Moorkai Trend (ASX Release 21st October 2020) (source: IPT)
Arkun WA
Commonwealth Gold-Silver Project NSW (JV with Kuniko)
Southern Sky JV
Highlights - Milestones & Value Pathways - Copper
Exploration restart at Broken Hill driven by:
sharp price rises (Au, Ag, Pt, Pd, Cu);
widespread high-grade occurrences on IPT tenure, which covers ~1,770 km² and >100 km of strike (Figure 3);
BHP Xplor IP (2023) is now applied to large copper targets.
Three target styles (Ni–Cu–PGE; Ag–Pb–Zn; large copper):
(Figure 3)
large sedimentary/magmatic copper tied to mafic sills & possible structural offsets;
high-grade magmatic Ni-Cu-PGE (Platinum Springs, Red Hill, Rockwell–Little Broken Hill);
Broken Hill–style Ag-Pb-Zn (Dora East).
Figure 3: Regional TMI, licences & prospects (source: IPT)
Historic tenor is real (PSD02): 0.6 m @ 7.6% Cu, 7.4% Ni, 25.6 g/t Pd, 11.5 g/t Pt, 1.4 g/t Au, 44.3 g/t Ag from 57.4 m (massive sulphide) (Figure 4).
Figure 4: Core photo: 60 cm massive sulphide from PSD02 (source: IPT)
Technical step-change (2020): IPT’s proprietary multi-metal ratio (measurable by hand-held XRF) that correlates with PGE grade, enabling real-time vectoring during RC drilling.
Kambalda-style channels confirmed:
(1) Conceptual cross-section through the Kambalda Dome showing multiple ribbon-like basal channels and associated nickel ore shoots—the analogue for Moorkai’s channel model (Figure 5).
Figure 5: Cross-section through the Kambalda Dome highlights multiple ribbon-like basal channels hosting nickel ore shoots, emphasizing their scale and abundance. (source: IPT)
Magnetic image over Platinum Springs outlining Plat West/Central/East and PSD02, with ~1 km distribution of high-grade PGEs and interpreted channels at Plat Central (Ni–Cu–PGE) open in both directions (Figure 6).
Figure 6: Platinum Springs magnetics (Plat West/Central/East + PSD02) (source: IPT)
Plat Central cross-section depicting the interpreted channel geometry, reported intercepts, and positions of the higher-grade zones (Figure 7).
Figure 7: Cross-section at Plat Central on Traverse 6,472,110 mN (source: IPT)
Recent intercept examples (Plat Central/East):
1 m with 3.3% Ni, 1% Cu, 23 g/t Ag, and high 7PGE tenor from 62 m (includes Pd, Pt, Rh, Os, Ir, Ru).
7 m @ 3.8 g/t 7PGE, 0.6% Cu, 0.5% Ni, 9.4 g/t Ag (from 53 m), incl. a 1 m higher-grade internal.
Work program: Detailed ground EM (closer-spaced, better coupling) to refine targets; MT in progress to frame early-2026 drilling.
Leadership commentary
Impact Minerals’ Managing Director, Dr. Mike Jones, commented:
“Although we are making important progress on all aspects of our work in the High Purity Alumina field, both at Lake Hope and with our major investment in Alluminous Pty Ltd, there is still unfinished business for Impact at Broken Hill. Given the recent sharp rises in precious metal and copper prices, and the area's revitalisation following the recent acquisition of the famous Rasp Mine by Broken Hill Mines Limited (ASX:BHM), some of our recently raised funds will be allocated to revamping our exploration efforts there. Our previous work identified numerous high-grade prospects for nickel-copper-PGMs and Broken Hill-style silver-lead-zinc mineralisation, both of which still require follow-up. Additionally, we have developed new theories for large copper deposits based on our participation in the inaugural BHP Xplor program in 2023, which, earlier this year, resulted in us acquiring a substantial new ground-holding in the region. We are currently conducting a ground magneto-telluric survey to help identify drill targets for early 2026, and we are eager to see the results.”,
About Lake Hope HPA Project (WA)
Location: Tier 1 jurisdiction in Western Australia
Ownership: IPT earning 80%, via issuance of 120 million shares
Key PFS outcomes: A$1.165b NPV10, A$259m capex, US$5,860/t opex (with potential <US$4,500/t with by-product credits)
Feedstock advantages: Surface-accessible, simple mining, low reagent use
IP: Two HPA-related metallurgical patents; six granted tenements
Current focus: DFS underway with CRC-P backed pilot plant build; evaluating HiPurA® integration via IPT’s 50% stake in Alluminous
About the Broken Hill Project (NSW)
District-scale position (~1,770 km²; >100 km strike)
Prospects: Platinum Springs, Red Hill, Little Broken Hill
Styles:
Ni-Cu-PGE channels (Moorkai Trend)
Broken Hill–style Ag-Pb-Zn (e.g., Dora East)
Large copper concept tied to mafic sills/structural offsets
Near-term Milestones to Watch
MT (magneto-telluric)/EM (electromagnetic) surveys refinement of channel/copper targets → drill target list finalised
Follow-up drilling at Plat Central/East (channel continuity/tenor)
Dora East next steps (Ag-Pb-Zn optionality)
Any district updates that de-risk infrastructure or services (e.g., nearby operator activity)
How Samso Understands the Investment Memo for Impact Minerals
Thesis: District-scale ground (~1,770 km²; >100 km strike) with multi-commodity levers (copper concept at depth/offset, Ni-Cu-PGE channels, Ag-Pb-Zn). The mix provides several shots on goal as the cycle improves.
Edge/Process: The XRF-driven ratio is a practical vectoring tool to shorten drill-learn cycles and rank channel targets along the Moorkai Trend.
Evidence: Historic PSD02 tenor plus recent Plat Central/East intercepts validate fertility and geometry of the channel model.
Execution: Re-process legacy EM → close-spaced ground EM → drill; run MT for the copper thesis; keep Dora East in the queue. Low-regret cadence with clear 2026 catalysts.
Samso Concluding Comments
This ASX release, for me, is the redirection of Impact Minerals. I think this is a good move, as the market for the HPA and all the other REE hopefuls is no longer in the game. The established REE players will be the only ones that will make the grade for market attention, such as OD6 Metals Limited and possibly Critica Limited.
Interestingly, it was the Broken Hill story that drew me to Impact in the first place; however, at that time, the market was more interested in lithium than REE, and in the case of Impact, the HPA story. I have long learned that the boring brick-and-mortar stories are always the ones left standing when things hit the fan. So here we are, talking about Broken Hill again.
What the company is now talking about is to reprocess legacy EM, run close-spaced ground EM, and use the ongoing ground MT to frame early-2026 drill targets—it's not rocket science but mineral exploration 101 as this is simply "Find where to Drill" talk.
On the Ni-Cu-PGE channel story, the proprietary multi-metal ratio (repeatable on hand-held XRF) appears to be correlating with PGE grades and has already vectored drilling into ribbon-like, Kambalda-style basal channels—with three channels defined at Plat Central/East and remaining open along trend and at depth across the ~9 km Moorkai Trend.
From the market perspective, what will move the needle is grade reproducibility and continuity. Historic PSD02 proves fertility, while recent hits at Plat Central/East include 1 m @ 22.7 g/t 7PGE, 3.3% Ni, 1% Cu, 23 g/t Ag (PSIPT030), and 7 m @ 3.8 g/t 7PGE (PSIPT031). Additional potential is coming from sections and magnetics showing embayments/channels where higher grades sit within or at the base of the channel. If step-outs extend these shoots along strike and down-dip, there will be reasons for the market to get excited.
Scale and district tailwinds help. Impact holds ~1,770 km² and >100 km of strike, and the region is seeing renewed activity as companies move away from the previous rush for lithium projects. Corporate moves such as BHM’s Rasp/Pinnacles acquisition with high-grade drill results, plus a South32 JV to the north, are fueling the rush to jump on the next "Flavour".
If Impact’s MT/EM outcomes align with this momentum, it will create the narrative momentum for the right path for shareholders. Early stage, but this is a good option for shareholders, even if it feels like the only option.
Keep DYOR in mind.
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