INSIDE UPDATE: Impact Minerals (ASX: IPT) has been on a drilling frenzy at the company’s emerging gold-silver discovery at the Silica Hill prospect, 100 kilometres north of Orange in New South Wales.
Impact Minerals has received high-grade gold and exceptionally high-grade silver assays form the southern mineralised zone at the Silica Hill prospect.
The assays were returned from three diamond drill holes, indicating that the grades of gold and silver, especially the gold, are increasing with depth below surface.
“These results are an exciting further breakthrough for us at Silica Hill as they indicate the mineralised system is getting better at depth and to the east,” Impact Minerals managing director Dr Mike Jones said.
“The silver grades and minerals within the vein system we have discovered are exceptional and confirm the unique nature of this deposit in Australia.
“These are the highest assays returned so far at the project and they occur within robust zones of mineable width and grade. We are excited for the 2018 exploration programme.”
Assays from CMIPT077 returned an intercept of:
22.5 metres at 1.7 grams per tonne gold and 276g/t silver from 166.7m down hole, including 0.3m at 1.8g/t gold and 4200g/t (135 ounces or 0.42%) silver from 174.4m.
The intercept also included:
0.8m at 13.6g/t gold and 40g/t silver from 187.7m.
These results confirmed the southern mineralised zone to be a steeply dipping mineralised vein system trending east-west and open down dip and down plunge to the south east.
Continuity of gold and very high-grade silver mineralisation from surface was confirmed by the assays from the other two diamond drill holes drilled up dip of CMIPT077.
21.8m at 0.6 g/t gold and 273g/t silver from 137.9m down hole, including 0.5m at 0.5g/t gold and 1,485g/t (48 ounces) silver from 143m and 0.4m at 1.6g/t gold and 6240g/t (200 ounces or 0.62%) silver from 148.5m.
75.3m at 0.4g/t gold and 62g/t silver from 75m down hole, including 10.8m at 1.4g/t gold and 243g/t silver from 134m, which included 4.3m at 2g/t gold and 566g/t silver from 134m, including 0.3m at 6.9g/t gold and 1,485g/t silver from 136m.
Subsequent drilling provided new assays and allowed for detailed studies on core from the Silica Hill prospect, which further demonstrated the large scale and high-grade nature of the mineralised system in the area.
Hole CMIPT72 is the eastern most hole Impact has drilled at Silica Hill.
The hole intersected two zones of strong silica-sulphide alteration with anomalous gold and silver values over a combined thickness of more than 200 metres down hole including a high-grade gold and silver vein within the upper zone indicating potential for more veins nearby, mostly to the south.
The upper zone in Hole CMIPT72 returned:
46m at 0.04g/t gold and 5g/t silver from 200m down hole, including 0.4m at 2.5g/t gold and 327g/t silver from 257.2m (known as the narrow vein).
The lower zone returned 67m at 0.3g/t gold and 1g/t silver from 402m down hole.
Detailed studies carried out on the drill core demonstrated that the two east-west trending mineralised structures at Silica Hill become more north west-south east orientated to the east and that the Silica Hill rhyolite is more extensive at depth to the south than previously recognised.
“Following the discovery of high-grade gold and very high-grade silver veins at Silica Hill, these new results are a further breakthrough for Impact as it demonstrates the system extends over an area of at least 500 metres by 500 metres in dimension and to considerable depth,” Jones said.
“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.”
Impact Minerals considers the results from drilling at Silica Hill continue to demonstrate the potential for bulk mining and to substantially increase the resources at the Commonwealth project, which currently stand at 720,000 tonnes at 2.8g/t gold, 48g/t silver, 1.5 per cent zinc and 0.6 per cent lead.
Large areas of this system still remain untested by drilling, however, the company believes this demonstrates there to be plenty of exploration upside in the area.
Impact Minerals Limited (ASX: IPT)
…The short story
26 Richardson Street
West Perth WA 6005
Ph: +61 (8) 6454 6666
Peter Unsworth, Dr Mike Jones, Paul Ingram, Markus Elsasser, Eamon Hannon