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- Bonanza grades up to 20,603 g/t silver and 27 g/t gold returned
- Hit represents a very high-grade polymetallic intercept
- Interpreted to be part of a feeder-style structure within the Silica Hill system
- Results demonstrate co-existence of very high-grade vein-hosted mineralisation
Impact Minerals (ASX: IPT) is ramping up drilling at the Silica Hill prospect after hitting “bonanza” grade silver and gold in a diamond drill program at the Commonwealth project in NSW.
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Very high-grade precious and base metals assays have been returned from two drill holes at the Silica Hill prospect, part of a recently completed six-hole diamond drill program.
The assays have confirmed previously reported visual estimates of mineralisation and follow on from high-grade massive sulphide mineralisation identified at Commonwealth itself earlier this year.
Hole four in the recently completed program intersected a 0.5m massive sulphide vein returning 2.1% silver (20,603 g/t), 27 g/t gold, with 1.5% lead and 3.3% zinc from 230 m.
MD, Dr Mike Jones, said the very high-grade polymetallic intercept is interpreted to be part of a feeder-style structure within the Silica Hill system.
“This is a breakthrough drill result for Silica Hill and also the greater Commonwealth project,” Dr Jones said.
“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.
“The extremely high-grade massive sulphide gold and silver vein is similar to another lower-grade vein we previously intersected above the fault and we believe these could be feeder veins for the narrower high-grade veins in the system.”
The drill program was funded by Kuniko (ASX:KNI) under an earn-In and joint venture agreement where Kuniko can acquire up to a 70% interest in the project.
“The more extensive parts of the Silica Hill system could well be hidden at depth and we are looking forward to Kuniko’s follow up drill program which will start in June,” Dr Jones said.
A larger phase two drilling program will commence in June, targeting extensions and potential higher-grade zones at depth.
IPT is up 8.33% to 5.2¢. Mkt cap $24.93M.
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