Impact Minerals announced that assay results from the final drilling phase at company’s 100% owned Commonwealth Project has confirmed the significant extensions to the mineralisation at the Commonwealth South.
It comes after the company completed the drilling of final two of eight diamond drill holes. The results have materially extended the down plunge extent of high grade mineralisation at the southern end of the Commonwealth deposit to near the surface resource both along trend and at depth. As per the results announced by the company, the deposit contains numerous narrow high grade veins commonly carrying grades of between 10 g/t and more than 30 g/t gold.
In addition, the company confirmed the second, lower zone of mineralization below the main zone of Commonwealth rhyolite with increasing gold grades at depth which is open. The lower zone of mineralisation at Commonwealth South reportedly comprises a 9 metres to 15 metres thick zone of alteration and weak zinc, lead and iron sulphide but with increasing grades, and gold in particular with depth.
On numbers front, the drill hole in the lower zone of mineralization returned 12.5 metres at 0.6 g/t gold, 3.7 g/t silver, 0.25% zinc from 116.5 metres down hole. In the upper, main zone of mineralisation located within the Commonwealth rhyolite unit, the drill hole has returned 8 metres at 5.1 g/t gold, 20 g/t silver, 1.3% zinc and 0.5% lead from 94 metres down hole.
Further, the company once again confirmed the geological similarities between the mineralisation at Commonwealth-Silica Hill and the Eskay Creek deposit in famous “Golden Triangle” of northern British Columbia, Canada. Impact’s Eskay Creek is positioned as a high sulphidation volcanogenic massive sulphide (VMS) deposit, a style of deposit only recognized in the past 30 years. However, the similarities between these two were drawn on the lines of host rocks, style of mineralization and the commodity contained like gold, silver sulphosalts, zinc, lead. The high grades of individual units and veins of commodity metals are also reported to be similar between Eskay Creek VMS and Commonwealth.
Impact Minerals stated All 8 diamond drill holes from the recent programme returned high grade mineralisation from the three main prospects, that include Main Shaft, Commonwealth South and Silica Hill. Moreover, Impact Minerals intends to drill these prospects more in 2019. It has been informed that detailed synthesis and interpretation of all data collected will be commenced with a view to a resource upgrade in early 2019 and to include a maiden resource estimate for Silica Hill.
Impact Minerals’ stock is trading flat on 3 December 2018 (12:29 PM AEST). The stock last traded at $0.011 with market capitalization of $14.54 million. However, the stock of Impact Minerals Limited (ASX: IPT) has witnessed a performance change of -42.11%, over the past one year.
This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.