The overall intercept for hole CMIPT011 is 48.6 metres at 137 g/t silver and 0.5 g/t gold from 122 metres.
Assays for the third diamond hole at Silica Hill are pending as drilling continues at the Welcome Jack prospect.
Dr Mike Jones, managing director, commented: “To get grades this good in this particular part of the system is very encouraging for further high-grade mineralisation at depth.
“We look forward to further drilling as we continue in our search to uncover what lies beneath Silica Hill”.
Drill hole results
CMIPT011 is the second of three holes drilled at Silica Hill.
The first hole, CMIPT043 produced 68 metres at 0.5 g/t gold, 43 g/t silver, 0.2% zinc and 0.1% lead or 1.3 g/t gold equivalent from 99 metres.
The second hole, CMIPT011 has produced 48.6 metres at 137 g/t silver and 0.5 g/t gold or 2.5 g/t gold equivalent from 122 metres depth.
This included the upper silver rich part of 1.75 metres at 1,785 g/t silver, 1.8 g/t gold from 147.7 metres including 0.9 metres at 3,146 g/t silver and 2.4 g/t gold.
It also included a lower gold rich zone of 23 metres at 224 g/t silver, 1.0 g/t gold from 147.7 metres including 1.1 metres at 4.7 g/t gold and 23 g/t silver.
Significant silver-gold mineralisation has now been intersected over an area of 200 metres by 100 metres and down to a depth of 100 metres below surface.
Next steps at Silica Hill
Drilling at Silica Hill consisted of three diamond holes with assays from the third hole still pending.
The third hole intersected the widest zone of mineralisation being a 70 metre thick zone of vein and disseminated sulphide mineralisation.
Down hole electromagnetic surveys will now be completed at Silica Hill.
All data from Silica Hill and the other prospects tested in this drill programme is now being compiled to prioritise follow up drilling.
Analysis
Assays from the second diamond hole at Silica Hill show exceptional silver grades and indicate that the silver and gold grade is increasing with depth.
Furthermore, assays from the third hole, which intersected the widest mineralised zone of the three holes are pending and will be highly anticipated as Impact looks to uncover an economic resource.
The company will continue to be leveraged to exploration upside as it awaits assays and diamond drilling continues at the Welcome Jack prospect.
The share price climbed higher again intra-day on the news, currently trading at $0.035.
The Commonwealth project and also Impact’s Broken Hill platinum-copper-nickel project are part of the investment agreement between Impact and Squadron Resources Pty Ltd.
Squadron is part of the Minderoo Group which represents the philanthropic and business interests of Andrew and Nicola Forrest.
Squadron has 90 days to make a decision to invest a further $1 million into either or both projects, which could provide Impact with valuable funding.
http://www.proactiveinvestors.com.a…1-ounces-of-silver-at-commonwealth-70824.html
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