Yarrabubba and Quinns Lake Projects
Yarrabubba Project and Quinns Lake
Yarrabubba and Quinns Lake Projects: Nickel-Copper and Uranium
These two projects comprise adjacent tenement holdings with different ownership structures, and with common exploration potential for deposits of nickel-copper-PGM's and uranium oxide. The projects are 600 kilometres north-north east of Perth in the Archaean Yilgarn Craton of Western Australia, about 70 kilometres from the mining centre of Meekatharra.
The projects are prospective for Sudbury-style World Class nickel-copper-PGM deposits and contain part of the Nowthanna calcrete-hosted uranium oxide deposit.
The Yarrabubba Project comprises the largest tenement holding, in which Impact has a 30% interest (reducing to 20%). This is a contiguous block of seven exploration licences, with a combined area of 1,320 square kilometres: E51/1072, E51/1073, E20/563, E20/564, E20/565, E20/566 and E20/567. These seven exploration licences are in a joint venture called the YB Nickel Joint Venture with CITIC Resources Australia Pty Ltd, part of the international CITIC Group (known formerly as the China International Trust and Investment Corporation) and four prospectors. CITIC is funding exploration and has earned a 40% interest in the project by spending $250,000. The prospectors hold the remaining 30% interest. CITIC have committed to earning a further 20% in the Project by spending $220,000 and when they have done this the Company's share will reduce to 20%.
The Quinns Lake Project, adjacent to and north west of the Yarrabubba Project, comprises the exploration licence E51/1075, with an area of 45 square kilometres (Impact 100%;).
There has been no previous exploration for nickel in these project areas, prior to the formation of the YB Nickel Joint Venture. There is known uranium oxide mineralisation described in more detail under Uranium Projects.
