CLERMONT GOLD PROJECT, QUEENSLAND: IP Geophysical Survey Nearing Completion; COMMONWEALTH PROJECT, NEW SOUTH WALES: Drill Programme to Commence by Late June
Exploration Update - Clermont and Commonwealth Projects
Exploration at Clermont has been reinvigorated following a strategic review of the project last Quarter and reported in the March Quarterly report.
The aim of the IP survey is to identify targets to be drill tested as soon as practicable and shortly after completion of the planned drill programme at Impact's 100% owned Commonwealth gold-silver project in New South Wales. Drilling at Commonwealth is scheduled to start by late June.
The IP survey at Clermont is centred over two key prospects, Retro and Retro-Extended, at the northern end of the Retro Fault System, a 10 km trend of goldsilver and base metal mineralisation. From south to north along the Retro Fault system, a transition may be present from bulk tonnage porphyry-style mineralisation to high grade precious and base metalrich epithermal mineralisation (see Figure 2 in link below).
The purpose of the current IP survey is to assess continuity of the mineralised structure over a strike length of about 5 kilometres from north of Retro to south of Retro Extended (see Figures 2 and 3 in link below).
This prospect is a gold-bearing quartz reef/vein system where previous explorers completed 27 RC holes for 1342 metres. A mineralised vein system was defined over 200 metres of strike and 75 metres depth.
A standout drill assay returned
8 m at 16.1 g/t gold, 143 g/t silver, 5.6% copper and 7.8% lead from 8 metres in RERC1 (see Figure 3 in link below).
Impact (under Invictus Gold Limited, now a wholly owned subsidiary of Impact) completed follow up soil and rock chip geochemistry surveys and 7 RC holes for 974 metres. This work extended the total strike of mineralisation at Retro Extended up to 1,200 metres and to 125 metres below surface.
Importantly Impact established for the first time that the narrower zones of high grade mineralisation occurred within much thicker zones of disseminated sulphide and alteration containing anomalous silver, lead and zinc. This suggests that the host structure is a coherent zone of considerable fluid flow and not isolated discontinuous veins.
For example, RERC030 was drilled to test the down dip extension of mineralisation at a depth of 130 metres below surface (see Figures 3 and 4 in link below) and intersected two mineralised structures comprising silica-chlorite-epidote altered sandstones with extensive quartz veining and up to 10% sulphides (pyrite, chalcopyrite and arsenopyrite). This zone returned:
8 m at 2.3 g/t gold, 6.1 g/t silver, 0.05% copper, 0.1% lead and 0.1% zinc from 135 m including
2 m at 6.3 g/t gold, 9.7 g/t silver, 0.04% copper, 0.3% lead and 0.1% zinc from 141 metres; and
2 m at 0.8 g/t gold, 4.9 g/t silver with minor copper, lead and zinc from 161 metres.
These two zones occur in the centre of a 50 m thick zone (true thickness) of weaker mineralisation and alteration that returned: 90 m at 1.2 g/t silver, 313 ppm zinc and 163 ppm lead (see Figure 4 in link below).
Further drilling should lead to the definition of a JORC compliant Inferred Resource in this area.
Field checking and grab samples from along the Retro Fault System also confirmed the potential for epithermal mineralisation over 10 km of strike as well as porphyry-style mineralisation at the Nanya Prospect at the southern end of the Retro Fault System (see Figure 2 in link below).
For example, grab samples of epithermal quartz veins and rare volcanic breccia at various prospects have returned assays of up to the following:
Retro: 3.5 g/t gold, 57.7 g/t silver, 234 ppm copper and 3.6% lead. Previous drilling at Retro also returned 2 m at 13.7 g/t gold from 34 metres;
Retro South: 5.4 g/t gold, 75 g/t silver and 500 ppm copper;
Retro East: 0.8 g/t gold, 3.3 g/t silver and 0.6% lead.
In addition, 1,000 m south of the main mineralisation at Retro Extended colloform banded quartz veins returned up to 2.6 g/t gold, 61.3 g/t silver, 380 ppm copper, 6.1% lead and 830 ppm zinc.
At the Nanya Prospect located 5 km southwest of Retro Extended, a large east trending sericite-pyrite alteration zone at least 1,500 m by 300 metres in dimension has been mapped on the northern margin of the Retreat Granite. Grab samples by both Impact and previous explorers have returned up to:
370 ppm molybdenum, 26 g/t silver, 175 ppm copper, 2.7% lead and 730 ppm zinc in separate samples in granite; and
98.7 g/t silver, 0.13% molybdenum, 0.16% copper, 4.8% lead and 0.16% zinc in laminated and bladedtextured gossanous quartz veins in sericite altered granite. Gold values were less than 100 ppb.
The geological characteristics of the Nanya Prospect are similar to those at the large Anthony porphyry molybdenum deposit located 100 km to the northwest (Inferred and Indicated Resource of 318 Mt at 390 ppm molybdenum at a 200 ppm cut off).
All of these results indicate there is significant exploration potential along the Retro Fault System for the discovery of a major deposit and that further exploration is warranted as a priority.
COMMONWEALTH DRILL PROGRAMME
Preparations continue for the start of the follow up drill programme at Commonwealth. Negotiations with drill contractors are underway and final statutory permits awaited. It is anticipated the programme will start by the end of June.
To view figures, please visit:
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.
Impact Minerals Limited