Impact Minerals (ASX:IPT) reports new discovery at Silica Hill prospect with bonanza silver and gold grades

Impact Minerals has reported new drilling results from the Silica Hill prospect at its Commonwealth Gold–Silver Project in New South Wales, with assays confirming bonanza grade silver and high grade gold mineralisation outside the existing mineralised envelope.

The latest results relate to two drill holes from a six hole, 1,239m Phase 1 diamond drilling program funded by Kuniko under an earn in and joint venture agreement, where Kuniko can earn up to a 70% interest in the project.

The company said discovery hole CMKNI004 was drilled approximately 100m outside the existing mineralised envelope and below a fault, confirming a significant expansion of the mineralised system, which remains open in all directions.

Highlights

• CMKNI004 returned 84m @ 0.6 g/t Au and 123 g/t Ag from 226m.
• The intercept included 3.4m @ 4.1 g/t Au and 2,947 g/t Ag from 227.5m.
• A 0.5m massive sulphide vein returned 20,603 g/t Ag and 27 g/t Au from 230m, alongside 1.5% Pb and 3.3% Zn.
• A separate high grade zone returned 2m @ 8.3 g/t Au from 205m and remains open up hole.
• CMKNI003 returned 50m @ 1.0 g/t Au and 59 g/t Ag from 74m.
• Assays from holes 5 and 6 are expected within two weeks.

CMKNI004 intersected mineralisation below the current block model, with the company stating the position of the hole suggests displacement of the system along a reverse fault.

Impact said mineralisation remains open at depth, along strike and down dip, with the fault interpreted as a structural control and potential fluid conduit.

CMKNI003 was drilled as a step out hole and returned 50m @ 1.0 g/t Au and 59 g/t Ag from 74m, including 17m @ 113 g/t Ag from 47m and 20m @ 2.1 g/t Au from 103m, with the company stating the hole confirmed continuity between historical intercepts while extending mineralisation into an area of limited previous drilling.

Impact previously defined JORC (2012) Inferred Mineral Resources at Commonwealth and Silica Hill totalling 88,800oz of gold and 3.3Moz of silver, including zinc and lead credits, with the company stating these resources are within approximately 250m of surface and remain open at depth and along strike.

Impact Managing Director Dr Mike Jones said:

“This is a breakthrough drill result for Silica Hill and also the greater Commonwealth Project. The new intercept is located below a fault which has cut off the near surface mineralisation and therefore opened a large and exciting new area for drilling.”

Assays from holes 5 and 6 are expected within two weeks, with a Phase 2 drilling program scheduled to commence in June targeting extensions and potential higher grade zones at depth.

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