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Impact Minerals shares rise as drilling reveals further breakthrough at Silica Hill

The company's shares are trading up 18.75% intra-day, at $0.019
concept of rising share price on graph
The Silica Hill prospect is within the Commonwealth Project near Orange

Impact Minerals Limited (ASX:IPT) has received further high-grade drilling results including up to 4,200 g/t silver at its emerging Silica Hill discovery in New South Wales.

The results include:

- 22.5 metres at 1.7 g/t gold and 276 g/t silver from 166.7 metres, including 0.3 metre at 1.8 g/t gold and 4,200 g/t; and
- 21.8 metres at 0.6 g/t gold and 273 g/t silver from 137.9 metres, including 0.5 metres at 0.5 g/t gold and 1,485 g/t (48 ounces) silver from 143 metres.

These results, together with previously reported results confirm the continuity of gold and silver mineralisation in the southern zone from surface to about 200 metres and over a strike length of 150 metres.

Highest assays returned so far at the project

Dr Mike Jones, managing director, said: “These results are an exciting further breakthrough for us at Silica Hill as they indicate the mineralised system is getting better at depth and to the east.

"The silver grades and minerals within the vein system we have discovered are exceptional and confirm the unique nature of this deposit in Australia.

"These are the highest assays returned so far at the project and they occur within robust zones of mineable width and grade.”

The nature of silver mineralisation is unique

All of the work to date by Impact indicates that the mineralised system at Silica Hill is very large with large areas remaining untested by drilling.

It is evident that there is significant exploration upside in the area.

Interestingly, the nature of the mineralisation at Silica Hill is unique in Australia with the extensive visible silver minerals proustite and pyrargyrite.

Planning for the next round of drilling is in progress

A detailed review and synthesis is in progress of all the drill hole data including assays, handheld XRF data and geological and structural data with the aim of identifying some of the controls on the mineralisation.

This work will be used to identify the next round of drill targets with the drill program to commence as soon as practicable.

READ: Impact Minerals major shareholder builds stake through $2 million note conversion

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