New drill assays and detailed studies on core from the Silica Hill Prospect at Impact Minerals’ 100% owned Commonwealth Project 100km north of Orange in New South Wales, Australia further demonstrate the large-scale and high-grade nature of the mineralised system in the area.
|Simplified conceptual model for the mineralised system around Commonwealth: a high sulphidation volcanogenic massive sulphide deposit related to a porphyry copper-gold system at depth. Image source: Impact Minerals|
Managing Director Dr Mike Jones said that the recent discovery of high-grade gold and very high-grade silver veins at Silica Hill are a further breakthrough for Impact.
“This demonstrates the system extends over an area of at least 500m by 500m in dimension and also to considerable depth. We are also recognising different units within the Silica Hill rhyolite that are an important control on the mineralisation and may also be the upper parts of a deep-rooted intrusion that could be mineralised over a significant vertical extent. This augers well for our 2018 drill programme”, said Mr Jones.
The robust and significant results delivered from Silica Hill from the 2017 drill programme continue to demonstrate the potential for bulk mining and 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.
Large areas of this system still remain untested by drilling and it is evident that there is significant exploration upside in the area. The nature of the mineralisation at Silica Hill with the extensive visible silver minerals proustite and pyrargyrite is unique in Australia and a detailed review and synthesis is in progress of all the drill hole data including assays, hand held XRF data and geological and structural data with the aim of identifying further controls on the mineralisation.
This work has been used to identify the next round of drill targets with the next drill programme to commence as soon as practicable. Statutory approvals for new drill pads have been lodged and negotiations are in progress to extend the Land Access Agreement with the main land holder at Commonwealth-Silica Hill.
A resource update will be completed following the completion of the next drill programme in Q3-Q4 this year.