Impact Minerals (ASX:IPT) is expediting work programs to identify specific drill targets with follow-up aircore (AC) drilling to be launched soon at the Caligula prospect, as part of its wholly owned Arkun Project in Western Australia.
An infill and extensional soil geochemistry survey is in progress to better define the scale and size of Caligula, and, a detailed interpretation of the airborne magnetic, EM and MMT data is also in progress.
Impact intends to drill Caligula and other significant targets such as Hyperion, Swordfish, and other target areas as soon as practicable in 2024. The drilling timing will depend on statutory approvals and, in particular, landholder consent, but it is planned for Q2 to Q3 this year.
The $34.37 million market capitalisation company says drilling is being designed after the company announced today (24 January 2024) it has flagged a ‘large, significant’ target for porphyry copper mineralisation in soil geochemistry data.
The company notes the 5km by 1km anomaly contains the key metal assemblage of copper-silver-cobalt +/ tellurium, bismuth, molybdenum, which are all indicators of a porphyry copper mineralisation.
Managing Director Dr Mike Jones says the discovery at Caligula is another ‘significant’ and ‘exciting’ breakthrough for the company’s exploration at Arkun following the discovery of the Swordfish and Hyperion prospects.
“It is one of the first of the many geochemical and geophysical targets we have at the project where we have actually been able to define the size and scale of the anomalies more fully and, given we have at least a dozen more similar areas to follow up, I am confident of more significant anomalies to come at Arkun.
We are working towards a maiden drill program as quickly as possible, and we will aim to cover as many targets as possible, including Hyperion and Swordfish. We are very encouraged by our results so far.”
Impact says the identification of the Caligula prospect with its potential for a large porphyry copper+/- gold deposit is an exciting breakthrough at Arkun, given the surrounding region hosts one world-class porphyry gold-copper deposit at Boddington and one very large porphyry copper-molybdenum deposit at Calingiri.
Impact Minerals is an explorer which manages ‘extensive’ tenement holdings within Australia.
The company’s Arkun Project is centred about 200km southeast of Perth and comprises 8 tenements covering a total area of 1,900km-square between the towns of Quairaiding, Corrigin, and Brookton.
As of 30 September 2023, Impact Minerals had $1.138 million cash and cash equivalents at hand, according to its latest quarterly reports.
Images: Impact Minerals