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Impact Minerals drills out visible silver extensions at Silica Hill

Shares were up almost 12% to $0.019 in mid-afternoon trading on Tuesday.
Drilling at Commonwealth
The next drilling program at Commonwealth will target the Silica Hill East Prospect

Impact Minerals Limited’s (ASX:IPT) drilling has extended mineralisation at the Silica Hill Gold-Silver Prospect within the Commonwealth Project in New South Wales.

Three diamond drill holes have intersected veins containing visible silver.

The holes indicate that mineralisation extends to at least 500 metres down-dip at Silica Hill.

Two holes have been completed and one is in progress.

READ: Impact Minerals' major shareholder increases stake as drill spins at Silica Hill gold-silver discovery

The two completed holes tested the southern-most of two zones in the south-western part of the Silica Hill rhyolite.

One hole drilled between two previous mineralised holes intersected a 71-metre thick zone from 78 metres.

It intersected numerous veins and included extensive visible silver minerals and lesser zinc and copper sulphides.

The veins are commonly up to 10 centimetres thick with occasional veins up to 40 centimetres.

The other completed hole tested a 30-metre extension of the mineralised zone and intersected a similar 24-metre thick zone from 137 metres.

READ: Impact Minerals receives new assays from Silica Hill

These holes demonstrate good continuity of mineralisation over circa 150 metres from close to surface, supporting any potential open pit development.

The hole in progress is testing for a down dip extension of gold-silver mineralisation discovered in the Silica Hill rhyolite.

It has intersected an 80-metre thick zone of sulphide from 255 metres.

The zone is similar to the outer halo of high-grade mineralisation to the west and suggests the hole is potentially close to similar high-grade mineralisation.

Visible silver minerals in intersection

Visible silver minerals indicate the mineralised system extends for at least 500 metres down dip from surface.

The hole confirms Impact’s view that the mineralised system at Silica Hill is very large.

This is supported by previous exploration results including soil geochemistry, induced polarisation (IP) and drill assay data.

Assay results from the three holes are expected by late January 2018.

Drilling to recommence in mid-January

Two diamond rigs are on site with drilling to stop by 18 December for the holiday period.

Drilling will recommence in mid-January at Silica Hill East Prospect, 1,500 metres east of Silica Hill.

This will test strong IP anomalies and the upper contact of the Silica Hill rhyolite at depth.

Silica Hill program to resume after assays are interpreted

The Silica Hill program is expected to resume after Impact interprets assay results and prioritises areas for follow-up.

The Commonwealth Project comprises 1,000 square kilometres of exploration licences located 100 kilometres north of Orange.

Work by Impact in 2014 outlined a maiden inferred resource of 720,000 tonnes at 2.8 g/t gold and 48 g/t silver centred on historical underground workings at the Commonwealth Main Shaft. 

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