Impact eyes the ‘jam’ in new porphyry IP doughnuts at Apsley
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Impact Minerals has identified multiple porphyry copper-gold drill targets on the back of induced polarisation data from its Apsley project in New South Wales.
A number of targets, which Impact (ASX:IPT) said were of significant size and depth, have been identified by chargeability and resistivity anomalies from the IP data at the project, which sits within the copper-gold rich Lachlan Fold Belt.
The IP anomalies occur within the core zone of a large 2000m-long by 500m-wide soil geochemistry anomaly defined by copper-gold-platinum-palladium, a metal assemblage characteristic of alkalic porphyry deposits such as that seen at Newcrest’s Cadia-Ridgeway gold-copper project also in the Lachlan Fold Belt.
The core is also surrounded by a halo of zinc-lead-manganese covering several square kilometres and defining a “zinc doughnut”– a feature which IPT said was well recognised and understood in porphyry copper-gold exploration and present around major deposits globally.
“These exceptional IP results, in particular the chargeability anomalies, are very exciting given they are coincident with our ‘text book’ soil geochemistry patterns that are characteristic of those around major porphyry copper-gold deposits around the world,” IPT managing director Dr Mike Jones said.
“The anomalies start close to surface, extend to considerable depth and appear to link up along trend, thus supporting our contention that the whole area is potentially part of one large mineralised system.”
A set of priority targets have been picked out and fast-tracked for drilling, with a drill rig secured and expected to begin work in early March once statutory approvals are received.
“These are now the most prospective targets in our entire portfolio and they warrant immediate drill testing,” Dr Jones said.
“We are charging forward as fast as possible and have already secured a drill rig, lodged the paperwork for the required statutory approvals and have people on the ground doing further field checking of the drill sites.
“We aim to drill these compelling targets as soon as we can and we are certainly very hopeful that we could be about to find the ‘jam’ in the middle of our zinc doughnut.”
Impact plans to do up to 3000m of reverse circulation drilling of the new priority targets.
IPT closed up 26.3% on the news on Tuesday.
This article was developed in collaboration with Impact Minerals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.