Impact Minerals sees similarities to major Canadian gold-silver mine
The system is thought to be a gold-rich VMS style deposit.
Company
ASX:IPT
Driven by a commitment to excellence and a vision to harness Australia's mineral wealth, Impact Minerals Limited is establishing itself as a key player in the High Purity Alumina (HPA) industry. Through careful project development, rigorous technical and financial evaluation, the company aims to create lasting value for shareholders while contributing to the sustainable growth of the mining sector.
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The system is thought to be a gold-rich VMS style deposit.
Cobalt prices continue to rise on growing demand and limited supply.
The survey was conducted over the Rockwell to Little Broken Hill Trend.
Given recent results, follow-up drilling will be highly anticipated.
Impact sees cobalt potential at its Broken Hill project.
Results include 126 metres at 0.6 g/t gold and 25 g/t silver from 33 metres depth.
Drilling has yielded grades of up to 3,600 g/t silver and 23 g/t gold.
Impact Minerals (ASX:IPT) has pocketed a refund of $1.07 million from the Australian Tax Office for expenditure on research and development in the 2016 financial year.
Visually significant mineralisation has now been intersected in six drill holes.
The commencement of new drilling leverages Impact to further exploration news flow.
The program will comprise up to 2,000 metres of reverse circulation and diamond drilling.
Highlights include 74.5 metres at 2.9 g/t gold equivalent.
The new licences bring Impact’s total ground holdings in the Lachlan Fold Belt to 1,000 square kilometres.
Assays from the second diamond hole at Silica Hill show exceptional silver grades and indicate that the silver and gold grade is increasing with depth.
This new 70 metre mineralised intersection comes from the third diamond hole to be drilled at Silica Hill and confirms high grade silver with gold mineralisation over an area of 100 metres x 100 metres to a depth of 100 metres.
The style and nature of mineralisation is similar to that encountered within the Commonwealth deposit and further demonstrates that the mineralisation at the two prospects is part of one larger system.
The style and nature of mineralisation is similar to that encountered in the rhyolite unit within the Commonwealth deposit and further demonstrates that the mineralisation at Main Shaft and Silica Hill is part of one larger system.
Impact ongoing reverse circulation and diamond drill program at the wholly-owned Commonwealth Project is to be extended by 1000 metres to follow up encouraging results from the Silica Hill, Walls and Commonwealth Prospects.
High grade extensions of 7 metres at 17.7 g/t gold equivalent were intersected 30 metres down plunge from the Commonwealth resource.
The highly anticipated results from this latest round at Commonwealth project will provide a read on the recent drilling at the project located in central New South Wales.