SYDNEY (Commodity Online): Australia-based uranium and other precious metal miner, Impact Minerals Ltd (ASX:IPT) has recently announced that the Yarrabubba project for nickel mining has identified seven priority targets in Western Australia.

The company in its release mentioned that the Regional soil geochemistry, which was started in September 2008 at the Yarrabubba Joint Venture Project near Meekantharra in Western Australia has defined seven priority targets for nickel mineralization.

Pay low, earn more through Commodity Trading Tips

The Yarrabubba Project covers a large (>50 km) diameter meteorite impact structure that has similar geological features to those at the large Sudbury mining camp in Canada that has produced about 20% of the World’s nickel.

The company stocks fell by 1.82% to AUD 0.270 on 24 Nov, 2009. However, the stock prices have appreciated by 8% since past one month.

At the Company’s uranium projects, exploration was focused on the large ground holding of 27,000 square kilometer of prospecting licenses in Botswana.

In addition one target each for gold, tin and porphyry molybdenum-copper-zinc style mineralization have also been identified; At its gold projects in Queensland all previous exploration interpretations of the surface and bedrock geology of the areas were completed.

None of these 10 areas have been drilled. Selection of areas for drilling to be done in the March Quarter 2010;

The company mentioned that a detailed follow-up mapping and soil sampling is in progress to define specific drill targets. Impact Minerals has a 20% share of the Yarrabubba Project and is in Joint Venture with CITIC Nickel Australia Pty Ltd (60%) and four private investors (20%).