Things are starting to get interesting for Impact Minerals in its copper-gold porphyry hunt in NSW. An ongoing drilling campaign at the Apsley prospect has identified characteristics similar to Alkane Resources’ revered Boda discovery that hit a 1,167-metre mineralised drill intersection grading 0.55 g/t gold and 0.25 per cent copper. First assays out of Apsley are anticipated in three weeks.
Impact commenced the first ever drilling campaign at Apsley in March this year to test colliding IP geophysical and soil geochemical anomalies.
The widely spaced reconnaissance drilling is targeting four traverses that are between 200m and 400m apart with one to three drill holes on each traverse. A total of 9 reverse circulation scout drill holes for 2,500m have been completed to date.
Impact reports that hand-held XRF scanning is showing widespread alteration that is typical of the outer distal zones of a porphyry copper system. Intriguingly, the initial analysis also appears to suggest the results are consistent with the inner, more proximal zones of porphyry copper systems, according to the company.
Some of the strongest alteration comes from the central part of the drilled-out area and follow up drilling will be completed there as part of the current campaign, together with the testing of three other targets.
Curiously, management says the upper zones of the nearby Boda gold-copper porphyry discovery made by Alkane Resources are characterised by weak to modest alteration with significant copper and gold mineralisation only appearing at depth.
The Boda discovery brought a renewed focus to the already renowned Lachlan Fold Belt in mid-2019 and saw Alkane’s share price rocket from under 20c per share to as high as $1.54 by September last year.
The IP anomalies being targeted by the current campaign occur within the core zone of a large 2,000m by 500m soil geochemistry anomaly defined by copper-gold-platinum-palladium, which Impact believes to be characteristic of alkalic porphyry deposits in the Lachlan Fold Belt such as the Cadia-Ridgeway mine operated by mining giant Newcrest Mining.
In production since the 1990s, Cadia is one of the largest open-cut mines in Australia, boasting over 40 million ounces of gold and over 10 million tonnes of copper in resources.
The soil anomaly at Apsley is surrounded by a larger halo of zinc-lead and manganese which management says is consistent with numerous significant copper-gold porphyry deposits around the world.
First assays for precious and base metals together with trace elements such as molybdenum, antimony and bismuth are expected to be received within three weeks. The assay results may help identify higher grade zones at depth and along trend.
With both gold and copper trading at near-decade highs, Impact is likely to be sweating on the results of the ongoing drilling campaign as it begins to home in on what is shaping up to be an interesting geological story in one of the hottest mining neighbourhoods in Australia.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
By Matt Birney
