Impact Minerals Ltd (ASX:IPT) is looking to a major drill program at the Commonwealth Project in New South Wales after identifying three new priority drill targets for gold using Induced Polarisation (IP) geophysical and soil geochemistry data.
A drill program will test the Welcome Jack, Doughnut, Silica Hill and Commonwealth prospects and is set to commence after closure of the $1 million share purchase plan on 9 May 2016.
A northwest trending IP anomaly of moderate chargeability of at least 1,100 metres long and up to 600 metres wide has been identified on four widely spaced survey lines.
The eastern and central part of the IP anomaly is coincident with a gold and silver-in-soil anomaly about 1,000 metres long by 200 metres wide with values up to 49 ppb gold and 4 g/t silver.
The soil geochemistry anomaly at Welcome Jack is coincident with the eastern edge of the IP anomaly, close to the dormant workings. This is a priority drill target.
Previous drill intercepts at the Commonwealth Project includes 4 metres at 41.8 g/t gold, 93 g/t silver, 5.5% zinc and 2.3% lead.
An increasing number of targets are being identified by Impact at the Commonwealth Project. The new targets identified at Welcome Jack are in addition to other targets recently identified at the Commonwealth and Silica Hill deposits.
Furthermore, an interpretation of ground gravity data, induced polarisation data and soil geochemistry data is still in progress at the Doughnut Prospect and initial indications are that further drill targets will be identified there as well.
Following the completion of the interpretation at Doughnut, all of the targets will be prioritised for drilling. Statutory drilling approvals have already been received for some of them.
A program of up to 3,000 metres of reverse circulation and diamond drilling will test the priority targets within the four prospects.
The new round of drilling could increase the size of resource at the Commonwealth project which already has an established resource of 100,000 ounces of gold equivalent.
Impact is also advancing on the highly prospective platinum-copper-nickel mineralisation at the Broken Hill Project in New South Wales.
Impact’s share purchase plan in May 2016 to raise $1 million has been strongly supported with Patersons Securities fully-underwriting the offer.
Given the quick progress and prospectivity of the Commonwealth deposit, yet under-explored nature of the surrounding area, the potential for discoveries is good.
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