Drilling Underway at Commonwealth
The drill holes are targeted at the down dip and down plunge extension of the southern and northern mineralised zones identified either side of a recently identified porphyry unit within the Silica Hill rhyolite (see Figure 1 in link below and see announcement 28 March 2018).
The southern mineralised structure has good grade and geological continuity over a strike extent of at least 150 metres and recently returned high grade gold and very high grade silver results within the north west trending part of the zone. For example diamond drill hole CMIPT077 (see Figure 1 in link below) returned an intercept of:
22.5 m at 1.7 g/t gold and 276 g/t silver from 166.7 metres down hole;
including 0.3 m at 1.8 g/t gold and 4200 g/t (135 ounces or 0.42%) silver from 174.4 metres;
and also including 0.8 m at 13.6 g/t gold and 40 g/t silver from 187.7 metres.
This structure has not been drilled at depth nor along trend to the east (see Figure 1 in link below and see announcement 13 February 2018).
The northern mineralised zone, whilst of lower grade, also demonstrates very good continuity and recently returned a very thick intercept in RC drill hole CMIPT078 of:
117 metres at 0.3 g/t gold and 11 g/t silver from 74 metres down hole.
This is the thickest zone of mineralisation found in the northern zone to date and also suggests that, similar to the southern zone, that lower grade mineralisation is increasing in thickness and grade at depth and also to the east. This is very encouraging and further drilling is also warranted here (see Figure 1 in link below and see announcement 13 February 2018).
The robust and significant results delivered thus far from Silica Hill continue to demonstrate the potential for bulk mining and 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).
The recently identified porphyry unit within the Silica Hill rhyolite is similar in composition to the porphyry unit at the Commonwealth deposit 150 metres to the west which comprises a gold-silver rich base metal massive sulphide lens and veins and disseminations of gold and silver mineralisation.
This suggests a common link between the two mineralised areas and importantly indicates that this new porphyry unit could be the top of a pipe or sheet like feature that extends to some depth. This is a key feature of the model previously proposed by Impact for the area which suggests the entire system may be underlain and be driven by a porphyry copper-gold similar to Cadia-Ridgeway and North Parkes (see announcement 31 July 2017 and Figure 2 in link below).
Final negotiations for Land Access are in progress at the Clermont-Retro Project located 30 km south of Clermont in central Queensland. Once complete, a drill programme will also commence here and will test a number of targets for vein-hosted gold and silver mineralisation.
It is anticipated that drilling will commence by mid-July.
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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.
Impact Minerals Limited