Drilling Underway at Clermont Gold Project, Queensland
- RC Drill programme testing 5 target areas.
- Targets highlighted by exceptional IP survey results that identify a quartz vein system extending for at least 6,000 metres.
- Clarification to the terms of the recently announced Broken Hill Joint Venture
The project lies 30 km south of the town of Clermont and about 50 km south of the recently acquired Blackridge conglomerate-hosted gold project (see Figure 1 in link below and see announcement May 29 2018).
A recently completed gradient array Induced Polarisation (IP) survey has identified multiple coherent northeast trending linear resistivity anomalies that coincide in part with numerous outcrops of gold-bearing quartz veins. The resistivity data suggests that the quartz veins extend over a strike length of at least 6,000 metres (see Figure 2 in link below).
A total of 98 rock chip samples taken from variably gossanous quartz veins over the 6,000 metres of strike returned assays of up to 8.1 g/t gold (see Figure 2 in link below) with 35 samples returning assays of more than 0.1 g/t gold and 10 returning assays greater than 1 g/t gold.
A review of an MMI soil geochemistry survey completed by Impact in 2012 showed that the linear resistivity anomalies are concident with elevated gold, silver and lead in soil values as well as elevated copper to the north and zinc to the east.
The IP data together with the soil and rock chip geochemistry data have been used together with previous drilling data where appropriate to identify five priority areas for drilling.
1. Retro X: This target is a strong, linear 1.6 km long resistivity anomaly that trends north northeast and is coincident with highly elevated gold-silver-copper and lead-in-soil anomalies. Outcrops of gossanous quartz veins occur over the entire strike length and returned rock chip assays of up to 9.7 g/t gold and 63 g/t silver (2 ounces). Previous drilling along the Retro X trend returned drill results of up to 8 m at 16 g/t gold and 143 g/t silver (4.6 ounces).
2. Carramah: This target is a prominent "S-shaped" 1 km long resistivity anomaly that trends north northeast and is located 500 metres west of and subparallel to the Retro X trend. There are no soil samples in this area and it has not been drill tested.
3. Snakegrass: This target comprises a series of strong, subparallel north north east trending resistivity anomalies extending for over 2 km of strike and branching in places. The resistivity anomalies are coincident with elevated gold and silver-in-soil values to the north with a transition to zinc-and lead-in-soil anomalies toward the southern end. The area has not been drill tested.
4. Rosewood: This target is a prominent north east trending linear resistivity anomaly 1.2 km long with coincident elevated gold-silver-copper- and lead-in-soil values. Well defined zones of gossanous quartz veins up to 2 m thick associated with a shear zone occur in places associated with the IP anomaly. Previous rock chip assays along the trend returned up to 5.4 g/t gold and 75 g/t silver (3 ounces). The main anomaly has not been drilled.
5. Retro North: This target is an extension of the Rosewood resistivity anomaly that extends a further 1.6 km to the north northeast. Soil sampling has not been conducted in this area however multiple quartz veins are observed at surface over the entire strike length. Rock chip assays range from 1.4 g/t gold to the south up to 4.5 g/t gold to the north where the veins become thicker and more gossanous. Previous drilling returned up to 2 m at 13.7 g/t gold. In addition, the resistivity data suggests at least 3 other parallel splays occur in an area of poor outcrop to the east over a further 1.4 strike kilometres.
The drill programme will comprise up to 2,000 metres of reverse circulation drilling and is anticipated to be completed by mid-August with first assay results also at about that time.
Other relevant exploration results are summarised in the announcement dated May 15 2018.
CLARIFICATION OF THE TERMS OF THE BROKEN HILL JOINT VENTURE
Impact Minerals recently announced a significant joint venture with BlueBird Battery Metals Inc (TSX:V BATT) for BlueBird to farm in to Impact's Broken Hill Project (see announcement July 11 2018).
The principal terms of the joint venture are:
- A non-refundable payment of CAD$25,000 cash (completed).
- A cash payment of CAD$125,000 and the issue of 5,250,000 shares (Tranche 1) at a deemed price of CAD$0.40 (Tranche 1 price) in BlueBird on the later of the signing of a Definitive Agreement (DA) or the approval of the transaction by the TSX Venture Exchange. The Definitive Agreement is to be completed within 45 days of signing of the LOI.
- On-ground exploration expenditures totaling CAD$2.25 million as follows:
o A minimum of CAD$500,000 within one year of signing the DA (Year 1).
o A further CAD$750,000 by the end of Year 2.
o A further CAD$1.00 million by the end of Year 3.
- The issue of a further $500,000 of shares in Bluebird at a price equivalent to the 30 VWAP at the time of issue of the shares.
o CAD$125,000 in shares prior to the end of Year 1.
o CAD$125,000 in shares prior to the end of Year 2.
o CAD$250,000 in shares prior to the end of Year 3.
In the July 11, 2018 announcement the issue price of the shares issued at the end of Years 1, 2 and 3 was not specified.
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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
Bluebird Battery Metals Inc