Impact Minerals Ltd (ASX:IPT) is in the process of completing a major 3,000 metre drill programme at its 100% owned Commonwealth Project, 95 kilometres north of Orange in New South Wales.
The drilling will target expansion of the high grade gold-silver-copper-lead-zinc inferred resource of 110,000 Equivalent gold ounces.
Reverse circulation and diamond drilling will test four prospects within the project - Commonwealth deposit, Silica Hill, Welcome Jack and Doughnut.
The continuing drill programme will test if all four prospects are linked to the same porphyry system, similar to that of Cadia-Ridgeway.
All completed holes thus far have intersected vein and disseminated sulphide mineralisation with first assays expected in two to three weeks.
Other targets for massive sulphides will be tested in the next two weeks, which will provide for a steady flow of drill results.
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.
Squadron Resources is affiliated with mining magnate, Andrew Forrest.
Impact is well funded with $4 million cash to continue progressing its three core projects, Commonwealth, Broken Hill and Mulga Tank.
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