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Impact Minerals Ltd drills 50 metre mineralised zone with visible silver

Published: 12:00 19 Aug 2016 AEST

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Impact Minerals Ltd (ASX:IPT) has intersected a 50 metre thick zone of sulphide mineralisation at the emerging Silica Hill prospect within the 100% owned Commonwealth project, located in central New South Wales.

This second hole follows the recent first discovery hole which intersected a 68 metre thick zone.

The mineralised zone contains extensive visible silver and is materially more mineralised in zinc, lead and silver than the first hole.

The two recent holes at Silica Hill are diamond drill extensions of 15 metres and 30 metres of previously completed reverse circulation holes.

Assays from the first hole have now been received and assays from the second hole are expected in 10 days.

Dr Mike Jones, managing director, commented:

“This second hole adds a new dimension to the mineralised system that we are uncovering because it confirms that it is made up both of numerous veins of high and very high-grade precious and base metals, as well as fine grained mineralisation in the rock between the veins.

“Should this discovery continue to grow, such mineralisation has the potential to add significant tonnage to the resource already defined at the nearby Commonwealth deposit. 

“We continue to drill.”


First hole assays


The final intercept for Hole CMIPT043, which includes the additional 15 metre extension to the original hole is:

68 metres at 0.5 g/t gold, 43 g/t silver, 0.2% zinc and 0.1% lead or 1.3 g/t gold equivalent from 99 metres.

This included the gold rich lower zone of 18 metres at 1.7 g/t gold, 24 g/t silver, 0.3% zinc and 0.2% lead or 2.3 g/t gold equivalent from 149 metres.

It also included the upper silver rich zone of 37 metres at 71 g/t silver, 0.1 g/t gold, 0.2% zinc and 0.1% lead from 99 metres.


Connection between Main Shaft and Silica Hill

The style and nature of mineralisation is similar to that encountered within the Commonwealth deposit and further demonstrates that the mineralisation at the two prospects is part of one larger system.

It is possible that the mineralisation at Silica Hill and Main Shaft may be linked at depth.

Areas where the two styles of mineralisation may connect will be priority target areas.


Analysis

The results from these first two holes containing massive sulphides at Silica Hill are a strong indicator of the opportunity Impact has to grow the Commonwealth resource.

Assays received from the first discovery hole at Silica Hill confirm the upper silver-rich zone and lower gold-rich zones.

Mineralisation is terminated by a fault in both holes suggesting further mineralisation may
have been offset.

Mineralisation is open in all directions including up-dip.

Impact will continue to be leveraged to exploration upside as it awaits assays and a further diamond drill hole is in progress to test for a possible northern extension of the mineralisation.

The Commonwealth project and also Impact’s Broken Hill platinum-copper-nickel project are part of the investment agreement between Impact and Squadron Resources Pty Ltd.

Squadron is part of the Minderoo Group which represents the philanthropic and business interests of Andrew and Nicola Forrest.

 

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