Perth, Aug 25, 2017 AEST (ABN Newswire) - A significant expansion of the exploration potential over at least several hundred metres along trend and also at depth is being revealed in the on-going drill programme at Impact Minerals Limited's (ASX:IPT) high grade gold-silver discovery at the Silica Hill Prospect, part of the 100% owned Commonwealth Project, 100 km north of Orange in New South Wales.

- Mineralised vein system extended to 250 metres along trend and still open.

- Potential further extension of 300 metres along trend indicated by extensive zones of narrow veins with gold-silver-pathfinder metals characteristic of the upper, less mineralised parts of the system. Priority drill target at depth below these veins.

- Wide copper intersect indicates increasing copper and possible porphyry copper-gold system at depth. Downhole EM survey to define more specific drill targets.

- Mineralised system now extends over 500 metres of trend and 400 metres vertical extent.

Recent diamond drill holes (CMIPT64 to 66) have now extended the mineralised vein system, which comprises a stockwork of quartz-sulphide veins about 40 metres wide, a further 50 metres along trend to the north east and comprising multiple narrow veins containing measurable silver with a hand held XRF instrument (see Figure 1 in the link below). The vein system is now about 250 metres in length and is still open along trend and at depth (see announcements dated 15 August 2017 and 4 August 2017).

Assays from these holes are expected in about three to five weeks. Complete assays for Holes 50 and 51 drilled away from the main mineralised zone at Silica Hill are reported below. Assays from other previous drill holes are expected in about 7 to 10 days.

Potential Expansion of Silica Hill Mineralisation to the north east

Diamond drill hole CMIPT51 was drilled about 300 metres north of and back towards the mineralized zone at Silica Hill (see Figure 2 in the link below). It was previously reported that this hole was abandoned at 270 metres depth because of poor drilling conditions (see announcement 20 July 2017).

Hole 51 intersected a variably developed stockwork of narrow quartz-sulphide veins over the entire 270 metre length of the drill hole with three better developed zones 25 metres, 50 metres and 30 metres thick (see Figure 3 in the link below).

Assays of the drill core demonstrate that most if not all of the veins carry anomalous gold-silver and pathfinder metals that are identical to weakly mineralised veins that lie above and adjacent to the high grade gold-silver veins being drilled to the south (see Figure 2 in the link below).

Accordingly there is signficant potential for these vein systems to expand and become better mineralised at depth and also to join up with the well-mineralised zone currently being drilled. This is very encouraging and a priority drill target has been identified at depth below Hole 51 and will probably be drilled in this current programme (see Figure 3 in the link below).

The veins in Hole 51 are mostly too small to sample in a meaningful manner and the majority of assays are from samples of between 30 cm to 2 m of core which have diluted the veins with unmineralised rock. In the better developed zones of veins, assays vary up to 0.1 g/t gold and 5 g/t silver throughout.

One vein sampled individually returned 0.3 metres at 0.24 g/t gold, 7 g/t silver and 0.1% zinc from 166 metres downhole. A zone of more extensive narrow veins returned 2 metres at 0.1 g/t gold from 108 metres downhole.

Increasing evidence of a copper-gold system at depth.

Diamond drill hole CMIPT50 was drilled to test an Induced Polarisation conductor at depth below the massive sulphide lens at Main Shaft and intersected a broad zone of visible disseminated copper sulphide mineralisation (see Figure 3 in the link below and see announcement 20 July 2017).

Assays have now returned:

49 metres at 0.1% copper from 269 metres down hole including:
0.8 metres at 2.5% copper, 4% zinc, 0.5% lead, 38 g/t silver and 0.2 g/t gold (8 g/t gold equivalent)

This is materially better than the previous best intercept in Hole 6 located 30 metres above Hole 50 which returned:

30 metres at 0.13% copper including:
1 metre at 0.7% copper, 1.1% zinc, 0.4% lead, 31 g/t silver and 0.4 g/t gold (2 g/t gold equivalent) (see announcement 25 May 2017).

These results have identified a copper-dominant zone that is increasing in size and grade at depth (see Figure 3 in the link below). This strongly supports Impact's long held premise that the entire Commonwealth-Silica Hill system is underlain and driven by a porphyry copper-gold system.

The source of the IP conductor has not been found and a down hole EM survey will commence soon. An extension of this conductor may be present at Main Shaft North and this will be drill tested shortly.

Together, the results from drill holes CMIPT50 and 51 and previous work demonstrate a mineralised system that extends over at least 700 metres of strike and a vertical extent of at least 400 metres. The drill programme is on-going and will continue to test this very large system which clearly has the potential to host a major deposit.

About the Commonwealth Project

The Commonwealth Project forms part of Impact's extensive 100% owned land holding of 1,000 sq km in the Lachlan Foldbelt, home to numerous gold and copper mines including the giant Cadia deposit near Orange (40 million ounces of gold and 12 million tonnes of copper).

At Silica Hill significant gold and silver mineralisation has been previously intersected in seven drill holes and covers an area of 200 metres by 100 metres down to a depth of 120 metres below surface and with an average true thickness of at least between 40 metres and 70 metres. The mineralisation is open in all directions including up dip.

Four drill holes out of the seven have also returned gram-times-metre intercepts of more than 100 gram.metres and a fifth hole returned an intercept of greater than 50 gram.metres. These are robust and significant results for potential bulk mining and indicate the potential to significantly increase the resources at the Commonwealth Project, which currently stand at 720,000 tonnes at 2.8 g/t gold, 48 g/t silver, 1.5% zinc and 0.6% lead (see announcement 19 February 2015).

In detail, these thick widths of mineralisation actually comprise numerous narrow veins and vein stockworks of high grade gold and very high grade silver hosted by the Silica Hill rhyolite that contain lower grade disseminated gold and silver.

For example, Hole CMIPT046 returned an intercept of
41 metres at 2 g/t and 176 g/t silver from 61 metres including 30 individual assays of varying widths of between 2 g/t and 24 g/t gold and 12 individual assays with more than 500 g/t silver including
1 metre at 12.2 g/t gold and 680 g/t silver including 0.3 metres at 23 g/t gold and 1,110 g/t silver;
1 metre at 5.3 g/t gold and 924 g/t silver;
1.7 metres at 3.8 g/t gold and 1,176 g/t silver; and
0.7 metres at 1.5 g/t gold and 855 g/t silver.

(see announcements dated 5th December 2016 and 22nd February 2017).

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About Impact Minerals Limited

Impact Minerals Limited (ASX:IPT) is an exploration company listed on the ASX in November 2006. The Company manages extensive tenement holdings (>2,000 km2) within Australia featuring significant potential for high-grade mineral deposits of gold, silver, lead, zinc, copper, nickel and PGM's. The Directors of the Company have extensive experience in mineral exploration and a strong history of exploration success, business development and corporate management. Impact Minerals intends to build wealth for its shareholders through a vigorous campaign of project generation and evaluation with a view towards profitable mining operations. Impact Minerals intends to build wealth for its shareholders through a vigorous campaign of project generation and evaluation with a view towards profitable mining operations.

 


Contact

Dr Michael G Jones
Managing Director
Impact Minerals Limited
T: +61-8-6454-6666
E: info@impactminerals.com.au



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