Impact Minerals Limited

ASX ANNOUNCEMENT

Date: 13 November 2014 Number: 375/131114

Impact Minerals Limited (ASX:IPT) is pleased to announce the commencement of the Company's maiden drill programme to test a number of targets for high grade nickel-copper-platinum group metal deposits at the Broken Hill Joint Venture Project in New South Wales.

The programme will comprise about 1,500 m of diamond drilling at the Red Hill Prospect and will take about two to three weeks to complete. Impact was recently awarded a grant of $125,000 under the N.S.W. State Government's Co-operative Drilling Funding Programme for this work.

Impact recently earned a 51% in the rights to nickel-copper-PGE mineralisation from Golden Cross Resources Limited (GCR) and has elected to earn an 80% interest by spending a further $200,000. This will be completed during this programme.

Drilling at the Red Hill Prospect

The Red Hill Prospect

The host ultramafic intrusive unit at Red Hill, which outcrops over an area of about 500 sq metres, has a nickel-rich core and copper-precious metal-rich margins (Figure 1 and announcement dated 21 May 2014). This is a common feature in many major nickel-copperprecious metal sulphide deposits around the world.

The centre of the unit is marked by nickel-in-soil values greater than 10,000 ppb and up to 16,100 ppb nickel (MMI digest) that is 100 m wide and 300 m long. This is a priority area for drilling.

Both the western and, in particular, the eastern margins of the unit are marked by copperin-soil results greater than 2,500 ppb and up to 16,200 ppb copper (MMI digest) that are up to 200 m wide and 600 m long (Figure 1). Within these margins there are a further three priority areas for follow up work that contain greater than 20 ppb platinum+palladium+gold-in-soil results (fire assay) covering several hundred square metres and which contain rock chip samples with high grade nickel, copper and precious metal assays (Figure1):

1. At the Red Hill Shaft, mined to a depth of about 40 m in the early 1900's, grab samples from outcrops around the shaft returned up to 16 g/t platinum, 12.1 g/t palladium, 4.2% nickel, 7.7% copper, 1.3 g/t gold and 221 g/t silver. Rock chip samples from a surface excavation about 50 m long located 100 m to the south of the shaft returned up to 1 g/t platinum, 2.6 g/t palladium, 0.9% nickel, 0.8% copper, 1.8 g/t gold and 3.3 g/t silver.
2. At Simons Find, rock chip samples returned up to 0.7 g/t platinum, 1.7 g/t palladium, 0.4% nickel, 0.1% copper, 1.9 g/t gold and 6.6 g/t silver.
3. In the south east corner of the intrusion, grab samples from weathered rocks associated with some surface diggings returned up to 22% copper, 0.2% nickel, 0.8 g/t gold and 91.1 g/t silver.

The soil geochemistry survey was completed by Impact at a spacing of 50 m by 50 m and submitted for analysis by the MMI partial digest (nickel and copper) and fire assay (platinum, palladium, gold and silver) (see Appendix 1).

For more information, please visit http://doc.irasia.com/listco/au/impactminerals/press/p1411113.pdf.

© Copyright 1996-2019 irasia.com Ltd. All rights reserved.

DISCLAIMER: irasia.com Ltd makes no guarantee as to the accuracy or completeness of any information provided on this website. Under no circumstances shall irasia.com Ltd be liable for damages resulting from the use of the information provided on this website. TRADEMARK & COPYRIGHT: All intellectual property rights subsisting in the contents of this website belong to irasia.com Ltd or have been lawfully licensed to irasia.com Ltd for use on this website. All rights under applicable laws are hereby reserved. Reproduction of this website in whole or in part without the express written permission of irasia.com Ltd is strictly prohibited. TERMS OF USE: Please read the Terms of Use governing the use of our website.