Statutory Approvals Received for Commonwealth Drill Program
Perth, May 30, 2017 AEST (ABN Newswire) - All statutory environmental approvals have now been received for the follow up drill programme at Impact Minerals Limited (
ASX:IPT) 100% owned Commonwealth Project 100 km north of Orange in New South Wales.
Clearing of access tracks and drill pads will commence this week with the drill programme to commence on completion of the current Share Purchase Plan.
The drill programme will test a signficant number of targets along trend and at depth from the high grade mineralisation discovered in the Commonwealth-Silica Hill area as well as new targets in the immediate surrounding areas.
Under the Share Purchase Plan and related Shortfall Offer, which closes on 9 June 2017, existing Shareholders on the Company's register of Shareholders as at Wednesday, 10 May 2017, can subscribe for new fully paid ordinary shares in the Company at an issue price of $0.018 each In addition there are three free attaching options exercisable at $0.04 each, on or before 15 June 2020 for every two New Shares issued. Further details are in the announcement dated 11 May 2017.
About the Commonwealth Project
The Commonwealth Project forms part of Impact's extensive 100% owned land holding of 1,000 sq km in the Lachlan Foldbelt, home to numerous gold and copper mines including the giant Cadia deposit near Orange (40 million ounces of gold and 12 million tonnes of copper).
At Silica Hill significant gold and silver mineralisation has been intersected in six drill holes and covers an area of 200 metres by 100 metres down to a depth of 120 metres below surface and with an average true thickness of at least between 50 metres and 70 metres. The mineralisation is open in all directions including up dip (Figure 1, refer to link below).
Four drill holes out of the six have also returned gram-times-metre intercepts of more than 100 gram.metres. These are robust and significant results for potential bulk mining and indicate the potential to significantly increase the resources at the Commonwealth Project, which currently stand at 720,000 tonnes at 2.8 g/t gold, 48 g/t silver, 1.5% zinc and 0.6% lead (see announcement 19 February 2015).
In detail, these thick widths of mineralisation actually comprise numerous narrow veins and vein stockworks of high grade gold and very high grade silver hosted by the Silica Hill rhyolite that contain lower grade disseminated gold and silver.
For example, Hole CMIPT046 returned an intercept of;
- 41 metres at 2 g/t and 176 g/t silver from 61 metres including 30 individual assays of varying widths of between 2 g/t and 24 g/t gold and 12 individual assays with more than 500 g/t silver including
- 1 metre at 12.2 g/t gold and 680 g/t silver including 0.3 metres at 23 g/t gold and 1,110 g/t silver;
- 1 metre at 5.3 g/t gold and 924 g/t silver;
- 1.7 metres at 3.8 g/t gold and 1,176 g/t silver; and
- 0.7 metres at 1.5 g/t gold and 855 g/t silver.
(To see announcements dated 5 December 2016 and 22nd February 2017, refer to link below).
Impact's work has shown that the mineralisation at Commonwealth-Silica Hill is part of a gold-rich VMS system (volcanogenic massive sulphide) and has strong similarities to the Eskay Creek Mine in Canada (>4 million ounces of gold and 150 million ounces of silver).
To view the full release including tables, figures and appendix 1, please visit:
http://abnnewswire.net/lnk/O9MNCD52
To view the referenced Impact Minerals prior ASX announcements, please visit:
http://www.abnnewswire.net/lnk/FNYQ8P7Q
About Impact Minerals Limited
Impact Minerals Limited (ASX:IPT) is an exploration company listed on the ASX in November 2006. The Company manages extensive tenement holdings (>2,000 km2) within Australia featuring significant potential for high-grade mineral deposits of gold, silver, lead, zinc, copper, nickel and PGM's. The Directors of the Company have extensive experience in mineral exploration and a strong history of exploration success, business development and corporate management. Impact Minerals intends to build wealth for its shareholders through a vigorous campaign of project generation and evaluation with a view towards profitable mining operations.
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