Impact Minerals Ltd's (ASX:IPT) 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.
The project is located 100 kilometres north of Orange in New South Wales.
Drilling is testing a number of targets identified by Impact at four separate locations: the Commonwealth deposit, Silica Hill, the Walls- Welcome Jack Trend, and Doughnut.
Prospects
Silica Hill:
- Three new drill targets identified from drill assays and breakthrough in understanding of the controls on high grade mineralisation.
- Two targets to be tested as part of ongoing drill program and both close to previous drill intercept of 20 metres at 44 g/t silver.
Walls:
- Follow up drill holes to be completed along trend from the maiden drill hole at the Walls Prospect on the Welcome Jack Trend 1.2 kilometres east of Commonwealth that returned:
- 20 metres at 0.5 g/t gold and 27 g/t silver (1 g/t gold equivalent from 55 metres).
Commonwealth South:
- Further drill holes to test for down hole EM conductor close to recent drill intercept of: 13.6 metres at 2.1 g/t gold, 21 g/t silver, 0.4% zinc and 0.2% lead (2.6 g/t gold equivalent).
Drilling assay timeline
Drilling is still in progress with assay results expected from Commonwealth South and Doughnut.
Impact said that the drill program was significantly delayed by heavy rainfalls over the past six weeks.
Investment by Squadron Resources Pty Limited
The Commonwealth project and also Impact’s Broken Hill platinum-copper-nickel project are part of the investment agreement between Impact and Squadron Resources Pty Ltd.
Squadron is 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 current quarter.
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