Golden Cross Resources is encouraged by Impact Minerals’ announcement regarding the first drill hole completed at the Mulga Tank Joint Venture, 200 km northeast of Kalgoorlie in Western Australia. Impact is drill testing EM anomalies within the Minigwal Dunite. The preliminary observations from this first hole indicate the presence of nickel-copper mineralisation and provide support for Impact’s proposed models.

Impact Minerals (ASX:IPT) has sent the following information to its shareholders and interested parties:

  • Narrow zones of high grade disseminated and veins of remobilised massive nickel-copper sulphides have been discovered in the first drill hole to test the first of seven EM conductors;
  • The EM anomaly is not explained by these sulphide zones and there are noblack shales or other possible sources for the conductor present. This indicates that the conductor is off-hole. A down-hole EM survey will commence withindays to more accurately locate the anomaly;
  • The disseminated sulphide zones are up to 6 m thick and have returned assays with a grade range of between 0.5% and 2% nickel and 0.1% to 0.8% copper from spot readings taken with a hand-held XRF machine. Similarly the narrow veins of remobilised nickel copper sulphide which are up to 30 cm long and 5 cm wide have returned assays of up to 8% nickel and 5% copper;
    Investors should note that these assay results are the averages of a number of spot readings and that the mineralisation does not occur over mineable widths.
  • The drill hole was not at an optimal orientation to intersect either the conductor,nor the veins of massive sulphide which are vertical; and
  • The geology and mineralisation discovered in this first hole confirm the very high prospectivity of the project for the discovery of a significant massive nickelcoppersulphide deposit.

For further information please visit the ASX or IPT websites to review the full announcement.