Impact Minerals Ltd (ASX:IPT) will fast-track it’s follow-up drill program at its high grade gold-silver discovery at the Silica Hill prospect within the 100% owned Commonwealth Project located 100 kilometres north of Orange, New South Wales.
Drilling will now commence by early December and comprise of 2,000 metres of reverse circulation and diamond drilling.
Significant gold and silver mineralisation has been intersected in four drill holes so far at Silica Hill over an area of 200 metres by 100 metres down to a depth of 100 metres.
Highlights include 74.5 metres at 2.9 g/t gold equivalent.
An estimated 500 metres of drilling will be completed before Christmas.
Silica Hill
The mineralisation comprises disseminated sulphide, veins and semi-massive sulphide veins.
Highlights from the four holes drilled and assayed include:
- 74.5 metres at 1.2 g/t gold and 106 g/t silver or 2.9 g/t gold equivalent from 61 metres;
- 48.6 metres at 0.5 g/t gold and 137 g/t silver or 2.5 g/t gold equivalent from 122 metres;
- 68 metres at 0.5 g/t gold and 43 g/t silver or 1.3 g/t gold equivalent from 99 metres; and
- 39 metres at 0.3 g/t gold and 16 g/t silver from 5 metres.
Grades within these intersections measure up to 3,600 g/t silver and 23 g/t gold.
The mineralisation is open in all directions including up-dip and is terminated by a fault suggesting further mineralisation may have been offset.
The upcoming drill program is designed to test for extensions to this mineralisation as well as further depth extensions to the Commonwealth deposit centred about 200 metres south west of Silica Hill.
Investment by Squadron
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.
Squadron must make a decision to invest a further $1 million into either or both projects, which could provide Impact with valuable funding in the short term.