Impact Minerals (ASX:IPT) has received new assays from ongoing drilling at its emerging gold-silver discovery at the Silica Hill Prospect within the Commonwealth Project in New South Wales.
Results include 98 metres at 0.7 g/t gold and 53 g/t silver from 58 metres downhole and feature grades of up to 6.2 g/t gold and 149 g/t silver.
Exploration data to date shows that the mineralisation at Silica Hill is resolving into several mineralised domains.
At least two east-west structures have been identified, each over at least 400 metres of strike and both open along trend and at depth.
Further assays are expected within three weeks.
Drill result details
A total of 21 drill holes for 3,432 metres have been completed in this phase of drilling and comprising 11 diamond holes for 2,321 metres and 10 reverse circulation holes for 1,111 metres.
Hole 63 returned 98 metres at 0.7 g/t gold and 53 g/t silver (1.5 g/t gold equivalent) from 58 metres down hole including 31 metres at 1.3 g/t and 70 g/t silver (2.2 g/t gold equivalent).
Hole 63 also encountered the higher grade ‘feeder veins’ within this 98 metre intersection such as 0.3 metres at 6.2 g/t gold, 149 g/t silver, 8.4% zinc, 3.9% lead and 0.2% copper (16.5 g/t gold equivalent).
Furthermore, hole 64 returned 84 metres at 0.3 g/t gold and 18 g/t silver and hole 65 returned 62 metres at 0.5 g/t gold and 17 g/t silver, with individual one-metre samples returning up to 75 g/t silver.
Hole 61 also intersected a zone of narrow veins with silver and returned 10 metres at 86 g/t silver.
Next steps
Two more diamond drill holes are planned before the drill rig will be converted to a multi-purpose rig to allow it to also drill by reverse circulation.
This will take about four weeks and occur in October.
Drilling to date at Silica Hill has only tested 10% of the identified target area.
Results to date continue to demonstrate a mineralised system that extends over at least 700 metres of strike and a vertical extent of at least 400 metres.
The drill program is ongoing and will continue to test this very large system which continues to show it has the potential to host a major deposit.