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Impact Minerals Ltd Expects First Commonwealth Drill Results This Week

Impact Minerals Ltd (ASX:IPT) is preparing to release the results from the latest drill program with first assay results from the Commonwealth Project, located north of Orange due later this week.

The project has a high grade gold-silver-copper-lead-zinc Inferred Resource of 110,000 eqAu ounces.

Commonwealth, along with Impact's Broken Hill platinum-copper-nickel project, are part of the investment agreement between Impact and Andrew Forrest's Squadron Resources Pty Ltd.

Interestingly, as results are awaited, the share price has been on the move climbing 33%.

Drilling program

Five diamond drill holes have now been completed, three at Commonwealth South and two at Silica Hill with one in progress.

In addition five reverse circulation drill holes have been completed, three at Welcome Jack, one at Main Shaft and one at Commonwealth South in addition to several pre-collars for further diamond drill holes.

Commonwealth has multi-million ounce gold potential, and is located in the Cadia-Ridgeway region which hosts >25 million gold ounces gold and 4 million tonnes of copper.

Drilling details

Impact said that the reverse circulation hole at Main Shaft intersected 6 metres of massive sulphide and has confirmed a down-plunge extension of the high grade part of the Commonwealth deposit.

All other completed holes have intersected vein and disseminated sulphide mineralisation over widths varying from a few metres up to ten metres and which is visually similar to the precious and base metal mineralisation seen in many previous holes at Commonwealth.

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