Impact expands land holding around Commonwealth project

THE DRILL SERGEANT: Impact Minerals (ASX: IPT) has expanded its land holding around the company’s high-grade gold-silver-base metal Commonwealth project in New South Wales from eight square kilometres to 315sqkm.

The expansion is the result of two new 100 per cent-owned exploration licences being granted and follows a review of previous exploration data both at Commonwealth and the surrounding area within the mineralised Molong Volcanic Belt.

 

Geology and mineral occurrences in the Molong Volcanic Belt and
showing Impact’s licences that now cover 315sqkm. Source: Company
announcement

 

“Impact now has 100 per cent-ownership of a large ground holding in one of the most prolific mineralised areas in Australia,” Impact Minerals managing director Dr Mike Jones said in the company’s announcement to the Australian Securities Exchange.

“Our work at Commonwealth and a review of previous exploration data in the surrounding area has shown that there has been limited exploration in the northern part of the Molong Volcanic Belt.

“There is significant potential for the discovery of a number of different mineral deposit styles in our new licences, in particular porphyry copper-gold deposits similar to the nearby world-class Cadia-Ridgeway mining centre as well as volcanogenic massive sulphide deposits similar to the 300 million tonne Windy Craggy copper-gold-silver deposit in British Columbia.”

Impact believes potential for porphyry copper-gold-silver deposits exists due to the number of copper, gold and silver occurrences both at Commonwealth and within the company’s new licences, which are hosted in granite and porphyry intrusive rocks.

At Silica Hill, close to Commonwealth, Impact has recently identified a pyrite-silica alteration zone 300m thick associated with a previously unrecognised quartz-feldspar porphyry intrusion.

Here, a significant silver-and gold-in-soil anomaly covering at least 200m by 200m has also been identified in previous soil geochemistry data.

Further assays from soil and rock chip samples taken during recent field checking are due within a few weeks.

Impact said this data will be used to identify additional drill targets for a maiden drill program at Commonwealth, which is anticipated to commence later this Quarter.

Email: info@impactminerals.com.au

Website: www.impactminerals.com.au