NEW DRILL TARGETS ALONG THE WELCOME JACK TREND, COMMONWEALTH PROJECT, NEW SOUTH WALES
New drill and rock chip assays together with an interpretation of ground gravity data have identified new drill targets along the Welcome Jack Trend, located 1.5 kilometres east of the CommonwealthSilica Hill area at Impact Minerals Limited’s (ASX:IPT) 100%-owned Commonwealth Project, 100 km north of Orange in New South Wales (Figure 1).
These drill targets will be tested as part of an upcoming drill programme that will also follow up exceptional gold and silver results recently returned from the Silica Hill Prospect (see announcement dated 13th February 2018). The drill programme should commence by late June subject to approvals
Figure 1. Geology and location of key prospects in the Commonwealth-Silica Hill-Welcome Jack area.
The new assay results demonstrate high grade gold and silver is associated with barite (barium sulphate) and linear zones of silicification over a strike length of at least 2,000 metres along the Welcome Jack Trend. In the south these zones occur around the margins of a diorite intrusion exposed at surface (Figure 2).
Impact has previously shown that barite is an important pathfinder element for the exploration model proposed for the Commonwealth project but is costly to assay for and not done routinely (see Discussion below and announcement dated 31st May 2017).
Key results include (Figure 2):
FURTHER EVIDENCE OF LARGE MINERALISED SYSTEM AT SILICA HILL
New drill assays and detailed studies on core from the Silica Hill Prospect at Impact Minerals Limited’s (ASX:IPT) 100% owned Commonwealth Project 100 km north of Orange in New South Wales, further demonstrate the large scale and high grade nature of the mineralised system in the area.
Managing Director Dr Mike Jones said “Following the recent discovery of high grade gold and very high grade silver veins at Silica Hill, these new results are a further breakthrough for Impact as it demonstrates the system extends over an area of at least 500 metres by 500 metres in dimension and also to considerable depth. We are also recognising different units within the Silica Hill rhyolite that are an important control on the mineralisation and may also be the upper parts of a deep rooted intrusion that could be mineralised over a significant vertical extent. This augers well for our 2018 drill programme.
Hole CMIPT72 is the eastern most hole drilled thus far at Impact’s emerging high grade gold-silver discovery at Silica Hill (Figure 1). The hole intersected two zones of strong silica-sulphide alteration with anomalous gold and silver values over a combined thickness of more than 200 metres down hole including a high grade gold and silver vein within the upper zone indicating significant potential for more veins nearby, in particular to the south (Figure 1).
The upper zone in Hole 72 returned:
46 metres at 0.04 g/t gold and 5 g/t silver from 200 metres down hole including 0.4 metres at 2.5 g/t gold and 327 g/t silver from 257.2 metres (the narrow vein).
The lower zone returned 67 metres at 0.3 g/t gold and 1 g/t silver from 402 metres down hole
Date: 13 February 2018 Number: 577/130218
HIGH GRADE GOLD AND HIGHEST SILVER GRADES TO DATE INTERSECTED AT SILICA HILL, COMMONWEALTH PROJECT, NSW
Assays from 3 drill holes and previous results from the southern mineralised zone at Silica Hill confirm continuity and increasing grades at depth of high grade gold and silver mineralisation.
Mineralisation extends from surface to a depth of 200 metres and for 200 metres along strike, and is also open at depth and along trend.
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 4,200 g/t (135 ounces or 0.42%) silver from 174.4 metres;
also including 0.8 m at 13.6 g/t gold and 40 g/t silver from 187.7 metres.
21.8 metres at 0.6 g/t gold and 273 g/t silver from 137.9 metres down hole;
including 0.5 metres at 0.5 g/t gold and 1,485 g/t (48 ounces) silver from 143 metres;
and 0.4 m at 1.6 g/t gold and 6,240 g/t (200 ounces or 0.62%) silver from 148.5 metres.
75.3 metres at 0.4 g/t gold and 62 g/t silver from 75 metres down hole;
including 10.8 metres at 1.4 g/t gold and 243 g/t silver from 134 metres
which includes 4.3 metres at 2 g/t gold and 566 g/t silver from 134 metres and including
0.3 metres at 6.9 g/t gold and 1,485 g/t silver from 136 metres
CMIPT078 drilled at the eastern end of the northern mineralised zone returned the thickest intercept of gold and silver to date in this zone and indicates improving grades to the east:
117 metres at 0.3 g/t gold and 11 g/t silver
1. COMMONWEALTH GOLD-SILVER-BASE METAL PROJECT, N.S.W. (IPT 100%)
Drill hole CMIPT072 has intersected disseminated pyrite with silverbearing veins in places 350 metres down dip from previous mineralisation within the Silica Hill rhyolite.
Similar style of mineralisation to that seen close to high grade vein systems closer to surface and is encouraging for the presence of mineralisation over 500 metres down dip.
Signficant intercepts of anomalous gold and silver received from five drill holes now interpreted to be part of the outer lower grade parts of the sytem at Silica Hill.
Assays expected in early February for four drill holes containing visible silver minerals
2. PILBARA GOLD PROJECT
More than 90 kilometers of prospective Fortescue Group conglomerates identified on Impact’s licence applications which cover 1,300 sq km in the East Pilbara region.
Rock chip results of up to 11.2 g/t gold occur at the Glen Herring Prospect 10 km west of Marble Bar in a gold-pyrite conglomerate that extends for 25 kilometres.
A single diamond hole at Shady Camp Well returned 0.9 metres at 0.6 g/t gold that has not been followed up.
Other gold-bearing conglomerates identified on or adjacent to Impact’s licences.
The conglomerates are similar to those that occur in the Witwatersrand Basin of South Africa where the majority of the gold-bearing reefs are only 1 to 2 metres wide and easily missed.
Impact is conducting on-ground reconnaissance exploration to ascertain access conditions and to determine the best sampling approach for gold both in nugget form as well as finely disseminated gold, both of which occur in the East Pilbara.
Mr Eamon Hannon appointed as a Non-Executive Director.
$3.36 million raised via oversubscribed Placements.
Major shareholder increases stake in Impact to 12%.
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