Impact Minerals Ltd (ASX:IPT) now has the drill spinning at the wholly-owned Commonwealth Project, located 95 kilometres north of Orange in New South Wales.
The program will comprise up to 3,000 metres of reverse circulation and diamond drilling to test targets that have been identified by Impact at four prospects: the Commonwealth deposit, Silica Hill, Welcome Jack and Doughnut.
The drilling will also test the concept that all the prospects are part of one very large mineralised system covering at least four square kilometres.
The Big Picture at Commonwealth
Impact said the mineralised system could comprise multiple gold-rich volcanogenic massive sulphide deposits driven by a large porphyry copper-gold system.
One line of evidence for this comes from the IP data collected by Impact across the project area.
IP data commonly identifies disseminated sulphides and Impact has successfully intersected iron, zinc, lead and copper sulphides in all but one of the IP anomalies drilled to date.
The source of the other IP anomaly has yet to be determined.
Investment by Squadron Resources Pty Limited
The Commonwealth gold-silver-zinc-lead project and also Impact’s Broken Hill platinum-copper-nickel project are part of the investment agreement between Impact Minerals and Squadron Resources Pty Ltd, part of the Minderoo Group which represents the philanthropic and business interests of Andrew and Nicola Forrest.
As part of the investment agreement, Squadron at its sole discretion, can invest a further A$1 million into either or both of the projects to earn a 19.9% interest after Impact has spent a combined total of $2.5 million on them.
It is anticipated that Impact will meet the $2.5 million expenditure target in the September quarter 2016.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.