Impact Minerals (ASX:IPT) has signed a binding term sheet with Playa One to earn an 80% interest in the advanced Lake Hope High Purity Alumina project near Hyden in Western Australia.
Impact Minerals says the project offers the opportunity to be a low-cost entrant into the HPA chemical market, which is a high-margin business forecast to grow strongly over the next decade.
It also says Lake Hope is a dry playa lake containing a globally unique deposit of extremely fine-grained, very pure, high-grade aluminous clays in the top few metres of the lake bed.
Impact Minerals says an Exploration Target for contained HPA alumina in the top 0.5m to 1.5m or so has been calculated from initial drill results of between 2.6 million and 4.7 million tonnes at a grade of between 24.3% and 26.7% for a contained 0.63Mt to 1.25Mt of HPA alumina.