Impact Minerals Limited: Half Yearly Report ended 31 December 2017
Perth - Your directors of Impact Minerals Ltd. (ASX:IPT) submit the financial report of the consolidated entity for the half-year ended 31 December 2017.Review of Operations
Commonwealth Gold-Silver-Base Metal Project, N.S.W. (Impact 100%)
The Commonwealth Project comprises three 100% owned exploration licences that cover about 315 km2 of the highly prospective Lachlan Fold Belt about 100 km north of Orange in NSW. The belt is host to many major gold-silver-copper mines including the Cadia-Ridgeway deposits that contain at least 25 million ounces of gold and 5 million tonnes of copper.
Impact's drill programme has continued to test extensions to the gold-silver system at Silica Hill. Hole CMIPT56 has returned 15 metres at 4.0 g/t gold and 61 g/t silver including 3 metres at 10 g/t gold and 20 g/t silver, the highest gold assay to date at Silica Hill and there is significant potential for a continuation of higher grade veins at depth and along trend (refer ASX release dated 20 July 2017).
Interpreted edges of a base metal-rich "feeder" vein was identified in Hole CMIPT063 which returned 0.3 m at 6.2 g/t gold, 149 g/t silver, 8.4% zinc, 3.9% lead and 0.2% copper and there are continuing indications of an underlying porphyry copper-gold system (refer ASX release dated 21 September 2017).
Extensive zones of gold and silver-bearing veins have been encountered in the upper lower grade parts of the system.
Recent drill results from deeper in the system have intersected high grade gold and exceptionally high grade silver values within 150 metres of surface. Hole CMIPT077 returned 22 metres at 1.7 g/t gold and 276 g/t silver including 0.3 metres at 1.8 g/t gold and 4,200 g/t silver (132 ounces) and also 0.8 metres at 13.6 g/t gold and 40 g/t silver (refer ASX release dated 13 February 2018).
Drill hole CMIPT072 has intersected disseminated pyrite with silver-bearing veins in places 350 metres down dip from previous mineralisation within the Silica Hill rhyolite (refer ASX release dated 12 December 2017). Assays are pending. The style of mineralisation is similar to that seen close to high grade vein systems closer to surface and this is encouraging for the presence of mineralisation over 500 metres down dip.
Pilbara Gold Project W.A. (Impact 100%)
Nine new 100% owned exploration licences covering 1,300 km2 prospective for Witwatersrand-style conglomerate hosted gold have been applied for in the East Pilbara. The licences are adjacent to ground held by Novo Resources Corp. (TSX:NVO) including the Beatons Creek Deposit (>500,000 oz gold). The tenements are likely to be granted in Q2 2018.
More than 90 kilometers of prospective Fortescue Group conglomerates have been identified on Impact's licence applications. The conglomerates are similar to those that occur in the Witwatersrand Basin of South Africa where the majority of the gold-bearing reefs are only 1 to 2 metres wide and easily missed.
Rock chip results of up to 11.2 g/t gold occur at the Glen Herring Prospect 10 km west of Marble Bar in a gold-pyrite conglomerate that extends for 25 kilometres. A single diamond hole at Shady Camp Well returned 0.9 metres at 0.6 g/t gold that has not been followed up. Other gold-bearing conglomerates have been identified on or adjacent to Impact's licences.
Impact is conducting on-ground reconnaissance exploration to ascertain access conditions and to determine the best sampling approach for gold both in nugget form as well as finely disseminated gold, both of which occur in the East Pilbara.
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About Impact Minerals Limited:
Impact Minerals Ltd. (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. 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.
Contact:
Impact Minerals Ltd.
T: +61-8-6454-6666
F: +61-8-6454-6667
www.impactminerals.com.au