Impact Minerals Ltd (ASX:IPT) will commence a follow-up drill program by early December at the high-grade Silica Hill gold-silver prospect within the Commonwealth project located 100 kilometres north of Orange, New South Wales.
Significant gold and silver mineralisation has been intersected in four drill holes so far at Silica Hill including 74.5 metres at 1.2 g/t gold and 106 g/t silver.
Mineralisation has been intercepted over an area of 200 x 100 metres down to a depth of 100 metres and with an average true thickness of circa 50 metres.
Impact has been notified by Squadron Resources Ltd that it will not exercise an option to earn a 19.9% interest in the Commonwealth and Broken Hill project.
Dr Mike Jones, managing director, commented: “With continued 100% ownership we can move forward with clarity and more options to maximise returns for our shareholders.”
Drill program details
The program will comprise up to 2,000 metres of reverse circulation and diamond drilling, of which about 500 metres is expected to be completed before Christmas.
The drill program is designed to test for extensions to the mineralisation as well as further depth extensions to the Commonwealth deposit centred about 200 metres south west of Silica Hill.
Drilling is estimated to commence within two weeks.
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.
Analysis
With drilling to begin within two weeks at Silica Hill, Impact will be leveraged to further exploration news flow from a prospect known to host gold-silver mineralisation.
The high grade gold and very high grade silver results discovered there to date have recently been verified by experts.
Separate recent visits to Silica Hill by two world-renowned experts in this particular style of mineralisation have independently confirmed Impact’s belief that the discovery has the potential to grow significantly.
With 100% ownership of the Commonwealth Project, Impact will receive the full benefit of any success from this follow-up drill program.