FURTHER HIGH GRADE MINERALISATION AND SECOND MASSIVE SULPHIDE UNIT CONFIRMED AT COMMONWEALTH
PURCHASE OF MINING LEASE AT THE BLACKRIDGE CONGLOMERATE-HOSTED GOLD PROJECT QUEENSLAND
- Purchase of 100% of ML2386 for $30,000
- Mining Lease occurs entirely within Impact’s existing project area
- 500 metres of prospective unconformity present at surface
- Bulk sampling programmes to commence as soon as practicable
Impact Minerals Limited (ASX:IPT) is pleased to announce that it has agreed to the outright purchase of Mining Lease ML2386 that covers about 500 metres of the gold-bearing unconformity at the Company’s Blackridge conglomerate-hosted gold project located about 30 km north of Clermont in central Queensland (Figure 1).
The Mining Lease, which is fully granted, will be acquired from a local prospector for a cash payment of $30,000 and replacement of environmental bonds of approximately $7,000 and is subject only to Ministerial consent, expected within about six weeks.
Impact Minerals’ Managing Director Dr Mike Jones said “This is an excellent strategic acquisition for Impact given that it is a fully granted Mining Lease covering the gold-bearing unconformity at Blackridge. The granted Lease means that we can commence with little impediment directly to very large bulk samples, a key factor in determining grade in conglomerate-hosted gold deposits as demonstrated by the work of Novo Resources in the Pilbara region of Western Australia”.
“We are in the process of submitting the appropriate Plan of Operations and also designing a test work programme which in the first instance will comprise extensive trenching to expose and map the unconformity throughout the Lease. Samples from these trenches will be processed accordingly to determine the gold content. This will be an important first step in our search for a mineable resource at Blackridge”.
This announcement contains no new Exploration Results. Further details about the project and the JORC Table were given in the ASX release May 29th 2018. The Company confirms that it is not aware of any new information or data that materially affects the information included in the previous market announcement.
The Blackridge Project is an advanced conglomerate-hosted gold project that covers the historic Blackridge and Springs mining camps which produced about 185,000 ounces of gold from 1879 to the early 1900’s from surface down to depths of about 70 metres in small shafts and related underground workings.
Further discoveries were made in the Clermont region including the Springs field in the 1930’s and the total production from conglomerates in the region is estimated by the Survey to be more than 300,000 ounces of gold (ASX Release May 29th 2018).
DRILLING UNDERWAY AT MULGA TANK NICKEL-GOLD PROJECT W.A.
Aircore drill programme underway to test 5 gold targets and 3 nickel targets at Mulga Tank, 200 km north east of Kalgoorlie, Western Australia.
- Drill programme still in progress at Clermont, Queensland.
- Drill programme complete at Commonwealth, New South Wales.
- Definitive Agreement in progress for Broken Hill Joint Venture with Bluebird Battery Metals Inc.
- Sale of Pilbara gold Project to Pacton Gold Inc approved by the TSX:V.
MULGA TANK PROJECT (IPT 100%)
A reconnaissance aircore drill programme is underway at Impact Minerals Limited’s Mulga Tank project located 200 km north east of Kalgoorlie in Western Australia (Figure 1).
The programme will test 5 targets for gold mineralisation and 3 targets for nickel-copper-cobalt mineralisation hosted in Archaean greenstones and as identified in magnetic and gravity data together with anomalous drill results from previous explorers and work completed by Impact.
This work has shown that the style of mineralisation and the nature of the rocks in the greenstone belt are similar to those that host the significant nickel deposits at Perseverance (1 Mt of contained nickel) and Mt Keith (>2 Mt of contained nickel) near Leinster in WA (Figure 1). In addition the project area occurs in the same geological terrain as the recently discovered Gruyere deposit of more than 5 million ounces of gold (Figure 1).
Two of the five gold targets being drilled are conceptual analogues for Gruyere-style gold mineralisation, gold in quartz veins within a layer parallel granite intrusion (Figure 2). The other three gold targets occur over notable deflections in structures and with evidence of anomalous gold from previous explorers.
The three nickel targets have been identified as prospective for komatiite and dunite-hosted nickel sulphide mineralisation (Figure 2). Impact discovered high tenor nickel and copper sulphides at the Mulga Tank Dunite in its maiden drill programme at the project (see announcement 29 January 2014).
The aircore programme is designed to test for gold and nickel dispersion along the unconformity between the basement and younger cover of sand and alluvium as well as testing for primary mineralisation in the fresh bedrock.
COMPLETION OF SALE OF PILBARA GOLD PROJECT TO PACTON GOLD INC
Impact Minerals Limited (ASX:IPT) is pleased to announce that it has now completed the Share Sale Agreement for sale of the Company’s Pilbara gold project to Pacton Gold Incorporated as announced to the ASX on May 29th 2018.
Under the terms of the Share Sale Agreement, Pacton has purchased a 100% ownership interest in Impact’s wholly owned subsidiary Drummond East Pty Limited which holds seven 100% owned granted Exploration Licences in the Pilbara region of Western Australia (E45/4971-72-73; E46/1171-72; and E46/1188-89).
The total consideration to be paid by Pacton to Impact for the purchase will be CAD$350,000 and 2,125,000 common shares of Pacton as follows:
- CAD$25,000 on signing of the Letter of Intent (completed);
- CAD$325,000 and 2,125,000 common shares (current value CAD$1.06 million) in Pacton Gold Inc (subject to a four month escrow period from date of issue);
- CAD$500,000 if an Inferred Resource of 250,000 ounces or greater is discovered on the licences;
- A 2% NSR with Pacton retaining the right to buy back 1% of the royalty for CAD$500,000 at anytime.
This transaction is only subject to the approval of the TSX Venture Exchange which is now in progress.
Impact also will provide on-going technical advice to Pacton’s team and looks forward to working with them as exploration in the Pilbara progresses. Pacton has a strong business plan for its exploration in the Pilbara and is well funded following a recent CAD$5.5 million raising including CAD$2 million from Eric Sprott, a major direct and indirect shareholder in Novo Resources Corporation.
Impact is focusing its exploration for conglomerate-hosted gold at the Blackridge Project located 30 km north of Clermont in central Queensland where Impact has an option to acquire 95% of an advanced project with previous production of about 185,000 ounces of gold from small shafts and related underground workings.
In addition Impact has an adjacent 100% owned application for an Exploration Licence and together the project area covers 23 kilometres of strike and 37 square kilometres of prospective basal conglomerate of Permian age.
Further details on the production and previous exploration at Blackridge were reported to the ASX on May 29th 2018.
Over the past two months Impact has advanced the grant of its Exploration Licence as well as the grant of four Mining Lease applications all of which include Native Title and Land Owner Access agreements. These should progress to completion in the next Quarter.
A review and synthesis of previous exploration data at Blackridge is also on-going. In addition compilation of previous production data and historical maps from the early 1900’s is in progress to more accurately assess the likely positions of the richer portions and palaeochannels of the Blackridge gold field. Once complete, areas will be selected for detailed mapping and bulk sampling.
MULTIPLE INTERSECTIONS OF MASSIVE, SEMI-MASSIVE AND VEIN SULPHIDE INTERSECTED AT COMMONWEALTH
Varying widths of sulphide mineralisation have been intersected in all six diamond drill holes completed thus far in a follow up drill programme at the Main Shaft and Silica Hill Prospects within Impact Minerals Limited’s (ASX:IPT) 100% owned Commonwealth Project 100 km north of Orange in New South Wales. First assays are due by the end of August and offer the potential for a material increase in the Inferred Resource for the project (see Compliance Statement at end of this report for details).
At Main Shaft four diamond drill holes have been completed to test for extensions at depth and along trend from the previously identified gold and silver-rich massive sulphide lens1 .
All four holes intersected varying widths of massive and/or semi-massive sulphide mineralisation comprising between 50% and 70% sulphides dominated by thicker layers of pyrite interlayered with up to 15% fine grained zinc sulphide (sphalerite) and up to 5% lead sulphide (galena). In a few places there are also zones with thick layers of sphalerite with lesser galena and pyrite. These are described in detail below with drill hole locations shown in Figure 4 and other details given in the table at the end of this report.
Hole CMIPT084 was drilled 15 metres north of the massive sulphide lens1 and intersected six metres true width of massive sulphide from 52.1 metres down hole (Figure 1 and 4). Figure 2 shows the pyriterich and sphalerite-rich styles of mineralisation for comparison.
Hole CMIPT082 was drilled 20 metres down dip from previous high grade drill intercepts2 and intersected two metres true width of semi-massive sulphide with a 50 cm thick band of sphaleritedominant massive sulphide from 96.8 metres down hole.
Hole CMIPT083 was drilled 20 metres along trend from Hole 082 and intersected four metres true width of semi-massive sulphide from 96.8 metres down hole. The sulphide unit also contains up to 3% copper sulphide (chalcopyrite) in places.
Importantly, this intercept indicates the massive sulphide mineralisation at Main Shaft is open at depth down plunge to the south (Figure 4).
In addition a 20 metre thick zone of alteration and patchy sulphide mineralisation was intersected from 140 metres down hole including a narrow zone of brecciated massive sphalerite mineralisation with up to 3% chalcopyrite from 140 m down hole (Figure 3). This suggests the potential for a further massive sulphide lens deeper in the volcanic sequence which is untested in many places.