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Impact Minerals hits high-grade gold and identifies new massive sulphide body at Commonwealth

The results from Main Shaft and Silica Hill prospects are likely to increase resources at the project north of Orange.
Drilling at Commonwealth project
An updated resource estimate is expected by the end of Q1 in 2018

Impact Minerals Limited (ASX:IPT) has received high-grade gold hits from six diamond drill holes at the Commonwealth project in NSW and has identified a new massive sulphide body.

The high-grade results have confirmed significant extensions to mineralisation at the Main Shaft and Silica Hill prospects with both still open along trend and at depth.

These results have also identified a second massive sulphide body below Main Shaft at the project about 100 kilometres north of Orange.

READ: Impact Minerals hits multiple massive sulphides at Commonwealth project

Further drilling is required to further define both prospects and Impact plans to update the resource model by the end of the March quarter of 2019.

At Main Shaft there were four diamond drill holes completed to test for extensions at depth and along trend from the previously identified gold and silver-rich massive sulphide lens.

All four holes intersected varying widths of massive and/or semi-massive sulphide mineralisation at the upper eastern contact of the Commonwealth porphyry.

 

The second massive sulphide unit, which was intersected in one hole in this program, lies immediately below the lower western contact of the Commonwealth porphyry.

High-grade results

Among the results from Main Shaft are:

- 5.7 metres at 3.8 g/t gold, 347 g/t silver, 10.8% zinc and 3.7% lead from 52.1 metres down hole; including 0.7 metres at 15.6 g/t gold, 245 g/t silver, 8.6% zinc and 1.9% lead; and 0.5 metres at 4.9 g/t gold, 917 g/t silver, 10.2% zinc and 4.6% lead from 56.9 metres.
- 4 metres at 3.3 g/t gold 129 g/t silver, 7% zinc and 1.9% lead from 96.4 metres; including 2.1 metres at 5.1 g/t gold, 239 g/t silver, 12.8% zinc and 3.5% lead.
- 2.6 metres at 7.9 g/t gold, 164 g/t silver, 5.3% zinc and 3.1% lead from 96.9 metres; and
- 1.7 metres at 1.8 g/t gold 72 g/t silver 1.5% zinc 0.5% lead from 49.3 metres in a historically poorly drilled area within 30 metres of surface.

Second massive sulphide results

Best result from the second massive sulphide unit was 1 metre at 3.1 g/t gold, 57 g/t silver, 9.4% zinc and 4.3% lead from 143 metres downhole; including 0.3 metres at 0.8 g/t gold, 150 g/t silver, 30.2% zinc and 13.6% lead.

Cross section showing the upper and lower massive sulphide units at Main Shaft.

The massive sulphide unit is the first confirmed presence of a high-grade gold-rich massive sulphide unit below the Commonwealth porphyry.

It occurs within a copper-rich mineralised horizon that is up to 50 metres thick and has been intersected in 12 previous drill holes.

Silica Hill extensions

At Silica Hill assays from two diamond drill holes at Silica Hill confirm extensions to gold and silver mineralisation for 200 metres to the east and mineralisation is open down plunge.

Best result was 5.5 metres at 1.3 g/t gold and 170 g/t silver from 212 metres downhole, including 0.5 metres at 2.5 g/t gold and 773 g/t silver.

Mineralisation is open at depth, in particular to the west, and this is a key target for follow-up drilling.

READ: Impact Minerals substantial shareholder lifts interest to 14.4% with on-market trades

Assays from two diamond holes at Commonwealth South are expected within two weeks.

Potential to increase resource

All of these results indicate potential to increase inferred resources at Commonwealth for the overall resource, which extends from Main Shaft to Commonweath South, and for the higher grade massive sulphide resource within it, at Main Shaft.

A concept plan of the Commonwealth project.

The inferred resource stands at 720,000 tonnes at 2.8 g/t gold, 48 g/t silver, 1.5% zinc, 0.6% lead and 0.1% copper.

A maiden resource estimate for Silica Hill will be included in the upcoming updated resource.

The company plans to undertake further drilling at all prospects early in 2019.

Impact has now completed the sale of its Pilbara gold project to Pacton Gold Inc (CVE:PAC) and has received the remaining C$325,000 cash and issue of 2.125 million Pacton shares with a current value of $750,000.

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