Impact Minerals Ltd (ASX:IPT) has identified three priority targets at the 100% owned Doughnut prospect located 95 kilometres north of Orange, New South Wales.
Doughnut is the fourth prospect to be identified within the Commonwealth Project.
The targets lie within the doughnut-shaped soil geochemistry anomaly commonly associated with buried porphyry copper-gold deposits.
Fieldwork has also discovered a number of outcrops of an intermediate porphyry rock containing disseminated copper sulphide.
A program of up to 3,000 metres of reverse circulation and diamond drilling will test the priority targets within four prospects at the Commonwealth Project.
The program will start next week following the closure of the recently announced Share Purchase Plan (SPP) on 9 May, 2016.
Commonwealth Project
The Doughnut prospect lies within the Commonwealth Project, which covers an area of 8 square kilometres.
The Commonwealth project already has an established resource of 100,000 ounces of gold equivalent.
Four prospects have been recently identified by Impact within the Commonwealth Project which are to be tested in the upcoming drill program.
These four prospects are Commonwealth, Silica Hill, Welcome Jack and Doughnut.
The Doughnut prospect was first identified as large elliptical zinc-lead-copper-gold-silver-in-soil anomaly that is 1.2 kilometres by 750 metres in dimension.
The three priority targets within the Doughnut prospect were identified by gravity and induced polarisation (IP) geophysical data.
Other gravity anomalies discovered outside the coverage of soil geochemistry and IP surveys require follow up work.
Analysis
Impact has given itself an array of targets within four different prospects at the Commonwealth Project.
The potential for discoveries is heightened at Commonwealth given the extensive fieldwork, multiple targets and largely under explored area.
Impact is also continuing to advance the highly prospective platinum-copper-nickel mineralisation at the Broken Hill Project in New South Wales.
The Broken Hill and Commonwealth Projects are both part of the investment agreement between Impact and Squadron Resources Pty Ltd, which is associated with Andrew and Nicola Forrest.
Impact was recently selected by the NSW Minerals Council as one of four finalists for the New South Wales Explorer of the Year Award.
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