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Corporate Spotlight

The Impact team aims to add significant value to its projects by striving for excellence in the discovery, exploration and evaluation of new mineral deposits and is committed to achieving rapid and sustained growth.
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IPT active on five projects over next six months

EXPLORATION UPDATE

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EXPLORATION UPDATE: BROKEN HILL PROJECT, NSW

ASX Announcement 13 December 2018


New rock chip samples confirm high grade gold and copper along trend from the recent discovery of high grade IOCG style mineralisation by Silver City Minerals Ltd.


Area is at southern end of a 40 km long corridor of very high grade gold-PGE-bearing ultramafic alkaline rocks known to be parent magmas to IOCG-style deposits.


Very high grade palladium and other precious metals interpreted as part of a mantle plume event with potential for major deposit. Numerous prospects require follow up work. 


New rock chip data and in-house research at Impact Minerals Limited’s (ASX:IPT) 100% owned Broken Hill Project in New South Wales (Figure 1), indicate that the recent discovery of Iron Oxide-Copper-Gold (IOCG)-style mineralisation at Copper Blow by Silver City Minerals Ltd (ASX:SCI) lies at the south end of, and may be related to, a 40 km trend of gold-copper-palladium-platinum rich alkaline ultramafic rocks, known to be parent magmas to some IOCG-style deposits.


Iron Oxide Copper Gold Mineralisation at Copper Blow 

Silver City Minerals Limited (ASX:SCI) has recently announced the discovery of extensive Iron Oxide Copper-Gold (IOCG) mineralisation at its Copper Blow prospect located along trend to the south west of Impact’s Rockwell-Little Broken Hill prospect area (Figure 1). 


The mineralisation has been compared to that at the large Starra and Ernest Henry mines in the Mt Isa Province of Queensland based on the style of mineralisation and associated cobalt, molybdenum, zinc and rare earth metals (see announcement by Silver City Minerals 28th November 2018). 


Drill results reported by Silver City include 4 metres at 6.1% copper, 4.2 g/t gold, 13 g/t silver and 200 ppm cobalt. Other intercepts (silver and cobalt not assayed) include 11.8 metres at 6.7% copper and 1.9 g/t gold and 3 metres at 4.6% copper often associated with thicker lower grade intercepts which attest to a large mineralised system continuous over several kilometres where drilled; for example, 86 metres at 0.6% copper and 0.14 g/t gold. 


The mineralisation comprises ironstone-hosted copper-gold mineralisation that extends for over four kilometres of trend and is open to the east onto ground held by Impact. A northern and southern mineralised trend have been identified by Silver City, with all drilling focussed on the northern trend. The southern trend is covered by up to 15 metres of recent transported cover and is poorly explored (Figure 2).


Both trends are characterised by strong magnetic signatures and both units, in particular the southern, poorly exposed trend, extend on to Impact’s tenement and abut or end at a large gabbro body called the Little Broken Hill Gabbro (LBHG - Figure 2). 


New rock chip samples and previous work along the Little Broken Hill Gabbro-Rockwell Trend 

New reconnaissance work by Impact suggests that further targets for IOCG-style mineralisation are present along the eastern contact of the Little Broken Hill Gabbro. Ten rock chip samples were taken from variably weathered gabbroic rocks and ironstone of which two returned highly anomalous results of: 6.5 g/t gold, 11.8% copper, 0.15 g/t palladium, 0.01 g/t platinum, 27 g/t silver, 414 ppm cobalt and 1,140 ppm zinc; and 


0.4 g/t gold, 37 ppb palladium, 3 g/t silver, 0.8% copper, 139 ppm cobalt and 230 ppm zinc 

Both of these samples came from close to the southern magnetic unit where it deflects strongly to the north against the LBHG (Figure 2 and see Table below for complete results). 


This magnetic unit has not been explored and indeed may actually occur at depth below the exposed contact of the Little Broken Hill Gabbro. The gabbro is interpreted as a possible feeder zone to the IOCG mineralisation. 


Previous explorers also identified gold, copper and PGE bearing samples in this area. In 1986, Shell reported two anomalous rock chip samples, one from the eastern contact of the Little Broken Hill Gabbro (LBHG) which returned 105 ppb platinum, 115 ppb palladium and 820 ppm copper; and one from the western contact which returned 2.6 g/t gold (Figure 2).


Click here to view the full announcement

BROKEN HILL

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BROKEN HILL UPDATE

ASX Announcement 1 November 2018

Impact Minerals Limited (ASX:IPT) has been advised by junior TSX:V listed company BlueBird Battery Metals Inc (TSX:V BATT) that due to recent market conditions the proposed joint venture over Impact’s Broken Hill project as announced on 11 July 2018 can no longer take place.

This now gives Impact the opportunity to review its plans for the project at a time of record prices for palladium, which have moved from US$500 per ounce to US$1,100 per ounce over the past five years, in light of the very high grades of that metal and other Platinum Group Metals previously discovered by Impact at Broken Hill.

Impact’s drilling campaigns at the Red Hill and Platinum Springs prospects returned some of the highest reported drill grades in Australia for platinum group metals (PGM’s) with a standout intercept in Hole RHDH012 of

1.2 metres (true width) at:
294 g/t (9.5 ounces) palladium, 10.4 g/t platinum, 10.9 g/t gold, 0.5% cobalt
4.6 g/t rhodium, 7.2 g/t iridium, 5.6 g/t osmium and 3.1 g/t ruthenium
7.4% nickel, 1.8% copper and 19 g/t silver.

At Platinum Springs Impact’s drilling returned an intercept in PSD02 of:

0.6 metres (true width) at:
25.6 g/t palladium, 11.5 g/t platinum, 1.4 g/t gold, 0.16% cobalt,
1.3 g/t rhodium, 1.7 g/t iridium, 2.0 g/t osmium and 0.8 g/t ruthenium
7.6% copper, 7.4% nickel and 44.3 g/t silver from 57.1 metres down hole.

At Red Hill Impact also discovered high grade zinc-lead-silver mineralisation including an intercept in RHD018 of: 

5.1 metres at 10% zinc, 0.8% lead, 40.4 g/t silver from 148.4 metres including
1 metre at 26.8% zinc, 2.8% lead, 133 g/t silver (4 ounces) from 148.9 metres; and
1 metre at 21.4% zinc, 0.8% lead and 31.5 g/t silver (1 ounce) from 152.5 metres.

In addition there is significant potential within the project area for cobalt-copper-gold mineralisation. 

Full details of these results can be found in Impacts announcements dated 3 February 2016, 8 December 2015 and 23 October 2015.

Click here to view the full announcement

QUARTERLY

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SEPTEMBER 2018 QUARTERLY REPORT

ASX Announcement 31 October 2018 

1. BLACKRIDGE GOLD PROJECT (IPT 100% and option for 95%) 

  • Approximately 8.5 tonnes of samples collected covering the likely range of ore processing properties. Majority of samples successfully wet processed. 
  • Purchase of 100% of ML2386 for $30,000 and replacement of bonds of $7,000 which covers 500 metres of prospective unconformity at surface. 
  • Further bulk sampling programmes to commence as soon as practicable. 
  • Scientific research confirms gold mineralisation comprises hydrothermal fine gold as well as larger nuggets suggesting conventional resource calculations may be possible. 

2. COMMONWEALTH GOLD-SILVER-BASE METAL PROJECT, N.S.W. (IPT 100%) 

  • Assays from four diamond drill holes at Main Shaft confirm significant extensions to near the surface, high grade massive sulphide unit both along trend and at depth:

Hole 084 returned:

5.7 metres at 3.8 g/t gold, 347 g/t silver, 10.8% zinc and 3.7% lead from 52.1 metres down hole; including 0.7 metres at 15.6 g/t gold, 245 g/t silver, 8.6% zinc and 1.9% lead;
and 0.5 metres at 4.9 g/t gold, 917 g/t silver, 10.2% zinc and 4.6% lead from 56.9 metres.

Hole 082 returned:

4 metres at 3.3 g/t gold 129 g/t silver, 7% zinc and 1.9% lead from 96.4 metres down hole;
including 2.1 metres at 5.1 g/t gold, 239 g/t silver, 12.8% zinc and 3.5% lead.

Hole 083 returned:

2.6 metres at 7.9 g/t gold, 164 g/t silver, 5.3% zinc and 3.1% lead from 96.9 metres down hole.

Hole 085 returned:

1.7 metres at 1.8 g/t gold 72 g/t silver 1.5% zinc 0.5% lead from 49.3 metres down hole in a historically poorly drilled area within 30 metres of surface.

  • In addition Hole 083 intersected a narrow high grade massive sulphide unit about 30 metres below the Main Shaft unit and confirms the discovery of a second massive sulphide unit that is at least 100 metres by 150 metres in dimension and is untested at depth.

The second massive sulphide unit returned: 

1 metre at 3.1 g/t gold, 57 g/t silver, 9.4% zinc and 4.3% lead from 143 metres down hole; including 0.3 metres at 0.8 g/t gold, 150 g/t silver, 30.2% zinc and 13.6% lead.

  • Assays from two diamond holes at Commonwealth South confirm extensions of mineralisation at depth and final assays are still awaited. 
  • Assays from two diamond drill holes at Silica Hill confirm extensions to gold and silver mineralisation for 200 metres to the east. Mineralisation open down plunge.

3. CLERMONT GOLD PROJECT, QUEENSLAND (IPT 100%) 

  • Drill programme completed. Interpretation of results in progress by respected consultant Dr Gregg Morrison. 

4. MULGA TANK PROJECT (IPT 100%) 

  • Reconnaissance drill programme completed. Results under review. 

5. PILBARA GOLD PROJECT 

  • Sale of tenements to Pacton Gold completed. 

6. CORPORATE 

  • Cash at September 30th $2.7 million.

Click here to view the full announcement

SAMPLE RESULTS

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PREVIOUS PRODUCTION DATA AND BULK SAMPLE RESULTS CONFIRM LARGE SCALE POTENTIAL AT THE BLACKRIDGE GOLD PROJECT QUEENSLAND

ASX Announcement 23 October 2018

SUMMARY 

A review of previous gold production data at Impact Minerals Limited’s (ASX:IPT) Blackridge conglomerate-hosted gold project located about 30 km north of Clermont in central Queensland as recorded by the Geological Survey of Queensland from 82 small mine shafts has demonstrated that high grade gold was mined over an area of at least one square kilometre from surface to depths of up to 80 metres

The distribution of the old shafts and mapping by the Geological Survey indicates that the high grade zones occur in linear fault-controlled zones which the original miners called “runs” (Figure 1). Bulk sample results for gold have now identified significant potential for further high grade runs that have not been mined both closer to surface and deeper, further to the west beyond the limited mining depths achieved by the early miners.

In addition gold results from bulk samples taken by previous workers and by Impact also indicate the potential for large volumes of lower grade gold between these high grade runs as well as higher up in the sequence.

Together all of this data demonstrates the large scale potential of the gold bearing units at Blackridge, and further bulk samples are planned for this Quarter. These samples will be mostly taken on granted Mining Lease 2385 which was recently purchased by Impact Minerals and has now been approved by the Minister for Mines in Queensland.

The purchase of a granted Mining Lease will allow very large bulk samples to be taken if warranted to help define a resource.

PREVIOUS GOLD PRODUCTION AT BLACKRIDGE 

Recorded production from the Blackridge area from 1879 to the early 1900’s is reported by the Geological Survey/Department of Mines in Queensland to be at least 185,000 ounces of gold. Virtually all of this gold has come from within Impact’s Blackridge project (Figure 2). Further discoveries were made in the Clermont region including the Miclere and Springs areas up to the 1930’s. The total production from conglomerates in the region is estimated by the Geological Survey to be more than 300,000 ounces of gold.

Click here to view the full announcement

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