Impact Minerals Limited (ASX:IPT) has started drill testing five target areas identified from geophysical and geochemical data at its Clermont gold project in Central Queensland.
The project is in the Drummond Basin, a prolific epithermal gold-silver belt which hosts several world class gold deposits such as Pajingo (Vera-Nancy) (>5 million ounces), Mt Leyshon (>3 million ounces) and Mt Wright (>1 million ounces).
A recently completed induced polarisation (IP) survey identified multiple northeast trending anomalies that coincide with outcrops of gold-bearing quartz veins.
The resistivity data suggests that the quartz veins extend over a strike length of at least 6,000 metres.
Five priority areas for drilling
Importantly, a total of 98 rock chip samples taken from over the 6,000 metres of strike returned assays of up to 8.1 g/t gold with 35 samples returning assays of more than 0.1 g/t gold and 10 returning assays greater than 1 g/t gold.
The IP data together with the soil and rock chip geochemistry data have been used together with previous drilling data where appropriate to identify five priority areas for drilling.
Impact’s drill program will comprise up to 2,000 metres of reverse circulation drilling and is anticipated to be completed by mid-August with first assay results also at about that time.
Last week, Impact signed a binding letter of intent (LOI) to joint venture its Broken Hill project in New South Wales with BlueBird Battery Metals Incorporated (CVE:BATT).
Under the terms of the farm-in, Bluebird has the right to earn a 75% interest in the Broken Hill project by payments of cash and shares and exploration expenditures totalling C$5.525 million.