Impact Minerals Ltd Drills High Grade Extensions At Commonwealth

Jun. 30, 2016 7:21 PM ET
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Impact Minerals Ltd (ASX:IPT) has received initial assays from its drill program testing four targets in central west New South Wales - the Commonwealth deposit, Welcome Jack Trend, Silica Hill and Doughnut.

The targets are located within the Commonwealth Project, which hosts a high grade gold-silver-copper-lead-zinc Inferred Resource of 110,000 equivalent gold ounces.

High grade extensions of 7 metres at 17.7 g/t gold equivalent were intersected 30 metres down plunge from the Commonwealth resource.

Furthermore, the maiden drill hole on the Welcome Jack Trend discovered 20 metres at 0.5 g/t gold and 27 g/t silver.

Further assays from completed holes at Silica Hill are expected and targets are yet to be drilled at Commonwealth South and Doughnut.

Drill result details

Assays for three drill holes designed to test for extensions to the Commonwealth resource confirmed further high grade gold, silver and base metal mineralisation down plunge and along trend.

Results include:
- 7 metres at 6.3 g/t gold, 496 g/t silver, 7.2% zinc, 2.9% lead and 0.2% copper from 91 metres including 3 metres at 10.6 g/t gold, 571 g/t silver, 7.8% zinc, 2.1% lead and 0.2% copper; and
- 2.6 metres at 10.3 g/t gold, 55.7 g/t silver, 2.5% zinc and 0.9% lead from 88.1 metres.

The maiden drill hole on the Welcome Jack Trend located 1.2 kilometres from the Commonwealth resource intersected:
- 20 metres at 0.5 g/t gold and 27 g/t silver from 55 metres including 1 metres at 2.9 g/t gold and 144 g/t silver and 1.1% zinc.

The 3,000 metre reverse circulation and diamond drill program is still in progress at the Commonwealth Project.

Analysis

These initial assay results confirm Impact's interpretation that high grade mineralisation at Commonwealth remains open down plunge with further drilling required.

The results demonstrate the potential for a significant increase to the current Inferred Resource at Commonwealth.

The first exploration drill hole on the Welcome Jack Trend returned an encouraging 20 metre thick zone of silver-gold mineralisation.

The maiden drill result is encouraging for the discovery of further high grade gold-silver mineralisation and indicates the potential for near surface open pitable resources.

More assays are expected as the drill program continues in its attempt to identify a multi-million ounce Cadia-Ridgeway style gold deposit within the Commonwealth Project.

The share price as performed well leading into this drilling campaign, trading up 24% over the past month at $0.031 per share.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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