Impact Minerals Ltd (ASX:IPT) has intersected a 70 metre thick zone of vein and disseminated sulphide mineralisation in its third drill hole at the emerging Silica Hill prospect within the Commonwealth Project, New South Wales.
The intersection started at 33 metres below surface and contained visible silver and a 20 metre visible molybdenum sulphide interval.
Mineralisation is open in all directions including up-dip towards the surface.
The diamond drill rig has now moved to the Welcome Jack prospect, while downhole surveys are completed at Silica Hill.
Assays are expected later this week for the second diamond hole drilled which contained a 50 metre thick mineralised zone.
Dr Mike Jones, managing director, commented:
“Silica Hill continues to grow.
“This third significant drill hole has confirmed and extended the thick zone of silver mineralisation discovered in Holes 043 and 011 and shows that in this area the mineralised zone we have discovered has a true thickness of at least 50 metres.
“Importantly for any future possible mining operation, the mineralisation is coming close to surface which means there is now open pit potential.”
Assays pending
Three diamond holes have been drilled, all intersecting mineralisation at Silica Hill, CMIPT043, CMIPT011 and CMIPT046 (most recent hole).
Assays are still pending for CMIPT011 and CMIPT046 with CMIPT011 assays expected later this week.
The final intercept for Hole CMIPT043 was 68 metres at 0.5 g/t gold, 43 g/t silver, 0.2% zinc and 0.1% lead or 1.3 g/t gold equivalent from 99 metres.
This included the gold rich lower zone of 18 metres at 1.7 g/t gold, 24 g/t silver, 0.3% zinc and 0.2% lead or 2.3 g/t gold equivalent from 149 metres.
It also included the upper silver rich zone of 37 metres at 71 g/t silver, 0.1 g/t gold, 0.2% zinc and 0.1% lead from 99 metres.
Analysis
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.
Assay results along with the planned downhole surveys will provide further evidence of what could be an economic deposit for Impact.
The company will continue to be leveraged to exploration upside as it awaits assays and diamond drilling continues at the Welcome Jack prospect.
The share price climbed higher intra-day on the news, currently trading at $0.032.
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.
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