Impact Minerals (ASX:IPT) has received new drill assays and other data from the Commonwealth-Silica Hill area at the 100%-owned Commonwealth Project located 100 kilometres from Orange in New South Wales.
Assay data from two drill holes at Silica Hill has returned thick widths of up to 126 metres of modest gold and silver mineralisation.
Significantly, this confirms the continuity of the mineralised system for a further 50 metres down dip.
Together with previous drill results significant mineralisation has now been intersected in six drill holes so far at Silica Hill, over an area of 200x100 metres down to a depth of 120 metres.
The mineralisation is open in all directions including up dip.
The new induced polarisation and soil geochemistry data also shows that the area partly drilled by Impact covers only the southern quarter of a much larger target area.
Drill result details
Two diamond drill holes were completed in late 2016 and returned the following assay results:
- Hole CMIPT048: 126 metres at 0.6 g/t gold and 25 g/t silver from 33 metres depth; and
- Hole CMIPT049 returned numerous zones of between 5 g/t and 50 g/t silver in a 70 metre thick zone of mineralisation with best assays of 13 metres at 0.1 g/t gold and 49 g/t silver from 174 metres.
These results follow up the original four holes, which assayed:
- 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.
New induced polarisation and soil data
New induced polarisation geophysical data has identified three significant target areas that have not been drilled in the Silica Hill and Commonwealth area.
All of these areas require follow up work including drilling.
Furthermore, a strong gold- and silver-in-soil anomaly that is up to 1,000 metres by 1,000 metres in dimension has now been defined north of the area drilled at Main Shaft and Silica Hill.
Only about 10% of this area has been drill tested and the strongest and largest part of the anomaly lies to the north and north east of the area drilled.
New environmental approvals will be required in this area.
Analysis
Significant mineralisation has now been intersected in six drill holes so far at Silica Hill, over an area of 200 metres by 100 metres down to a depth of 120 metres below surface.
The mineralisation is open in all directions including up-dip and is terminated by a fault suggesting further mineralisation may have been offset.
A much larger follow up drill program than anticipated is being planned with the aim of commencing as soon as practicable, potentially in April.
The style and nature of mineralisation discovered at Silica Hill is similar to that encountered within the Commonwealth deposit.
This demonstrates that the mineralisation at the two prospects is part of one larger system and may be linked at depth.