Announcement PDF ASX ANNOUNCEMENT Date: 22 September 2014 Number: 366/220914 BONANZA GOLD GRADES AT COMMONWEALTH SOUTH New semi-massive sulphide lens in CMIPT017 at Commonwealth South returns: 7 m at 25.5 g/t gold, 62 g/t silver, 3.8% zinc, 1.6% lead and 0.1% copper from 88 m: including: 4 m at 41.8 g/t (1.3 ounces per tonne) gold, 93 g/t silver, 5.5% zinc, 2.3% lead and including: 1 m at 61 g/t (2 ounces per tonne) gold, 140 g/t silver, 5.9% zinc and 2.7% lead. Further bulk mineable mineralisation with high grade gold in CMIPT014: 21 m at 2.9 g/t gold, 21.6 g/t silver, 1.2% zinc and 0.6% lead from 53 m including 2 m at 6.7 g/t Au, 61.6 g/t Ag, 3.8% Zn, 3.2% Pb from 53 m; and also including 4 m at 6.0 g/t Au, 25 g/t Ag, 1.4% Zn, 0.3% Pb from 72 m. Mineralisation open to the south and up and down dip. Follow up IP and soil surveys to commence next month. Follow up drill programmes required. More assays from Impact Minerals Limited (ASX:IPT) maiden drill programme at its100% owned Commonwealth Project located 90 km north of Orange in NSW have further extended the high-grade, near surface deposit at Commonwealth South (Figures 1, 2 and 3). Reverse circulation (RC) drill hole CMIPT017 returned: 7 m at 25.5 g/t gold, 62 g/t silver, 3.8% zinc, 1.6% lead and 0.1% copper from 88 m down hole (about 50 m below surface): including: 4 m at 41.8 g/t (1.3 ounces per tonne) gold, 93 g/t silver, 5.5% zinc, 2.3% lead from 90 m & including: 1 m at 61 g/t (2 ounces per tonne) gold, 140 g/t silver, 5.9% zinc, 2.7% lead from 91 m. This intercept, which is in fresh rock, lies above a previously reported intercept in CMIPT09 of 5 m at 5.3 g/t gold, 18 g/t silver, 0.8% zinc and 0.2% lead from 94 m and including 1 m at 16 g/t gold, 27 g/t silver, 0.6% lead and 1.3% zinc (see Figure 1, long section and Figure 2 cross section and announcement dated 2nd September 2014). This zone of mineralization occurs at the upper contact of the host rhyolite unit and is open at depth and along trend to the south. 26 Richardson Street West Perth Western Australia 6003 Tel +61 (8) 6454 6666 Facsimile +61 (8) 6454 6667 Email info@impactminerals.com.au www.impactminerals.com.au Figure 1. Long Section between Main Shaft and Commonwealth South Prospects showing drill hole locations, gold and silver mineralisation, IP anomalies and Impact’s drill intercepts in yellow boxes. Drilling by previous explorers at Commonwealth South also discovered a very high-grade gold intercept of 2 m at 77 g/t in drill hole PHC4 (Figure 1). Together with these new results, this is very encouraging for the discovery of further very high-grade shoots within the Commonwealth South deposit at shallow depths suitable for open pit mining. A laboratory duplicate of the sample with 61 g/t gold returned a value of 59 g/t gold which is an acceptable repeat. Further re-assays and re-sampling of the interval are in progress. Figure 2. Cross section on 6,392,590 mN showing the location of the new massive and semi-massive sulphide layer at the top of the host rhyolite unit. Note that the massive sulphide includes extensive pyrite as well as sphalerite, galena and lesser chalcopyrite. In addition RC drill hole CMIPT014 has returned (Figure 1): 21 m at 2.9 g/t gold, 21.6 g/t silver, 1.2% zinc and 0.6% lead from 53 m including 2 m at 6.7 g/t Au, 61.6 g/t Ag, 3.8% Zn, 3.2% Pb from 53 m; and also including 4 m at 6.0 g/t Au, 25 g/t Ag, 1.4% Zn, 0.3% Pb from 72 m. The two zones of higher-grade mineralisation occur at the upper and lower contacts of the host rhyolite unit. Newly Discovered Semi-Massive and Massive Sulphide Lenses Importantly, these new assays come from two separate semi-massive and massive sulphide layers, discovered by Impact for the first time at Commonwealth South where previously only disseminated and vein-hosted mineralisation was known. Both these newly discovered sulphide zones are open at depth and along trend and it is possible that they are at the edge of much larger lenses of high-grade massive sulphide similar to that at the Main Shaft Prospect. Further drilling is required to test this. The mineralisation at Commonwealth South was detected by the IP survey completed earlier in the year and this was an important exploration breakthrough made by Impact (Figure 1, and announcement dated 13th June 2014). The results of Impact’s maiden drill programme have further confirmed this correlation with all 7 drill holes completed within the IP anomaly at Commonwealth South returning significant sulphide mineralisation (Figure 1). Accordingly further IP surveys (and soil geochemistry surveys) both along strike to the south (and north of Main Shaft) are required to help refine drill targets for the follow up drill programme (Figure 3). These surveys will commence next month and will also cover the very prospective Doughnut porphyry copper-gold target identified by Impact in a soil geochemistry survey 2 km to the north. Here Impact has identified a large zoned elliptical zinc-lead-copper-gold-silver soil anomaly that is 1.2 km by 750 m in dimension similar to those associated with a number of major porphyry coppergold deposits around the world. This area has not been previously explored (see announcement dated 1st July 2014). The results of Impact’s drill programme and the IP survey suggest that there may be a sub-horizontal or shallow plunge to the mineralisation at Commonwealth. This is encouraging for the discovery of a shallow deposit that may be mined by open pit methods. Other Results Assays from two other drill holes at the edge and within the Commonwealth South deposit also identified thick intercepts of lower grade gold and other metals. CMIPT016 returned 24 m at 0.8 g/t gold, 11 g/t silver and 0.4% zinc from 59 m including 3 m at 3.3 g/t gold. CMIPT015 returned 22m at 0.6 g/t gold, 10 g/t silver and 0.3% zinc from 84 m including 6 m at 1.3g/t gold. One hole was drilled at Coronation to test beneath a small pit that contained visible chalcopyrite. A mineralised structure was intersected that returned 8 m at 0.2% zinc. Further work, including a ground IP survey, is required before further drilling in this area. Assays from three drill holes are awaited. Interpretation of other results including assays is in progress. Managing Director Dr Mike Jones said: “These significant gold results continue to be very encouraging for the discovery of a significant deposit at Commonwealth. This is the first systematic drill programme beneath the near surface highgrade mineralisation and our intention was to try to define the orientation of the mineralisation in order to allow further step out drilling at depth. This is being achieved.” “The first discovery of massive sulphide mineralisation at Commonwealth South is also very exciting for Impact with the potential for further extensions to the south and at depth” he said. “Further ground IP and soil geochemistry surveys will commence next month to help define the follow up drill targets. In addition our maiden drill programme has only tested a very small part of the 20 km long mineralised trend within Impact’s licences and includes the recently recognised and undrilled Doughnut target 2 kilometres to the north. This area has strong copper-in-soil responses and is also a priority target for follow up work including the IP surveys”. “Whilst this work is in progress, we will also be preparing for our maiden drill programme at the Broken Hill nickel-copper-PGE project for which Impact was awarded this week a grant of $125,000 from the New South Wales Government. We have some exciting targets to test at Red Hill” Dr Jones said. Dr Michael G Jones Managing Director The review of exploration activities and results contained in this report is based on information compiled by Dr Mike Jones, a Member of the Australian Institute of Geoscientists. He is a director of the company and works for Impact Minerals Limited. He has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). Mike Jones has consented to the inclusion in the report of the matters based on his information in the form and context in which it appears. Figure 3. Geology of the Commonwealth area showing drill holes completed so far and the location of the IP Survey Lines and soil geochemistry results. Table 1. Summary of Drill Holes Impact Collar ID CMIPT001 CMIPT002 CMIPT003 CMIPT004 CMIPT005 CMIPT006 CMIPT007 CMIPT008 CMIPT009 CMIPT010 CMIPT011 CMIPT012 CMIPT013 CMIPT014 CMIPT015 CMIPT016 CMIPT017 Prospect Commonwealth South Silica Hill Main Shaft Footwall Main Shaft Commonwealth South Main Shaft Deep IP Western IP Commonwealth South Deep Commonwealth South Main Shaft Downplunge Silica Hill Main Shaft Up Plunge Main Shaft northern extension Commonwealth South Commonwealth South Commonwealth South Commonwealth South Drill type Easting Northing RC Diamond Depth Dip Azimuth Metres Metres Drilled Drilled Diamond 692283 6392646 130 -60 240 RC/Diamond 692495 6393017 301 -60 315 73 RC 692136 6392868 62 -70 240 62 Diamond 692210 6392915 147 -60 235 RC 692318 6392626 108 -58 240 108 RC 692299 9392960 324 -70 240 90 234 RC 692615 692117 150 -66 240 94 56 RC 692418 6392688 315 -70 240 98 217 RC 692351 6392605 160 -60 240 160 RC 692198 6392934 138 -63 225 138 RC 692408 6393015 142 -60 250 142 Diamond 692216 6392862 109.7 -55 240 692182 6392956 148 -50 225 148 692293 6392696 118 -60 240 118 692289 6392728 129.5 -60 240 70 692310 6392665 120 -57 240 120 692351 6392606 120 -49 240 120 692236 6392877 130 -68 240 130 692214 6393000 193.3 -58 225 48 691682 6393753 112 -53 240 112 692213 6392914 183.8 -74 235 RC RC Diamond RC RC CMIPT018 Main Shaft RC CMIPT019 Main Shaft Diamond CMIPT020 Coronation RC CMIPT021 Main Shaft Diamond 130 227.8 147 109.7 59.5 145.3 183.8 ABOUT THE COMMONWEALTH PROJECT The Commonwealth Mine, a high grade massive sulphide deposit, was discovered in 1900 and mined intermittently until the 1930’s. Early production amounted to 470 oz of gold from 480 tons of oxide ore. A blast furnace was installed in 1905 and 6,476 t was mined at a grade of 6 g/t gold, 150 g/t silver, 2% copper, 15% zinc and 7% lead. Operations were suspended in 1908 following flooding and there are no records of significant mining activity since. The project has received little exploration attention in the past 25 years. Previous drilling was focused on 300 m of strike between the Commonwealth Mine and the Commonwealth South Prospect and only 66 drill holes for 3,695 m at an average depth of only 56 metres were completed. Recent work by Impact (and Invictus) has included detailed re-logging of available diamond core that for the first time has applied a consistent geological framework to the rock types and alteration in the area. This work has been used to produce new maps and cross sections for the area. Impact’s work has identified significant potential for both further high grade massive sulphide deposits at depth and along strike from the Commonwealth Mine and importantly bulk tonnage lower grade disseminated gold and silver mineralisation that either was not recognised or was ignored by the early miners and previous explorers. In addition it is interpreted that there are at least two mineralised horizons in the rock sequence. Exploratory underground drill holes completed in the 1980’s discovered high grade mineralisation (remnant ore) which is still present at the Commonwealth Mine. Drill intercepts included: 7 m at 5.3 g/t gold, 346 g/t silver, 9.2% zinc and 3.2% lead in CM85-1; and 3 m at 8 g/t gold, 158 g/t silver, 2.9% zinc and 0.8% lead in CM85-2. A long section with previous drill results for gold and silver shows that mineralisation between the Commonwealth Mine and the Commonwealth South Prospect is continuous and that two high grade shoots are present with values of more than 50 gram*metres gold equivalent (Figure 2). In particular the long section and cross sections show high grade drill intercepts over robust widths that are open at depth and along strike and which confirm the potential for bulk tonnage mining at Commonwealth. These intercepts include: At the Commonwealth Mine: 9.8 m at 8.4 g/t gold and 357 g/t silver from 54.2 m in CW29; 4.7 m at 5.5 g/t gold and 253 g/t silver from 54.3 m in CW30; and 17 m at 3.5 g/t gold and 206 g/t silver from 41 m in EMC06. At Commonwealth South: 30 m at 6 g/t gold and 17 g/t silver from 24 m including 2 m at 77.3 g/t gold in PHC4; 26 m at 2.5 g/t gold and 20 g/t silver from 32 m in PHC9; and 6.9 m at 3.4 g/t gold, 72 g/t silver, 2.2% zinc and 1% lead from 30 m and 5.5 m at 3.8 g/t gold, 45 g/t silver, 0.8% zinc and 0.3% lead from 44 m in CW20. APPENDIX 1 - SECTION 1 SAMPLING TECHNIQUES AND DATA Criteria JORC Code explanation Commentary Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. Rock chip samples Random grab samples were taken at surface which represented favourable geology and alteration to known mineralisation in the region. Samples are variably weathered. Soil Samples About 250g of soil was taken from 15-20cm below surface and sieved to - 2mm size. Samples put in plastic snap seal bags. Samples were subsequently sieved to -250 micron at SGS Laboratories for assay by aqua regia digest. RC Drilling Reverse Circulation (RC) percussion drilling was used to produce a 1m bulk sample (~25kg) which was collected in plastic bags and representative 1m split samples (12.5%, or nominally 3kg) were collected using a riffle splitter and placed in a calico bag. The cyclone was cleaned out with compressed air at the end of each hole and periodically during the drilling. Holes were drilled to optimally intercept interpreted mineralised zones. Diamond Drilling Diamond drilling was used to produce drill core either with a diameter of 63.5 mm (HQ) or 47.6 mm (NQ). Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used Rock chip samples Representative samples at each sample site weigh between 0.8 and 1.2 kg. Sample sites were chosen due to historic rock and soil assay results and the geophysical surveys conducted on the Commonwealth Project. Historic rock sample methods are unknown but are considered immaterial. Soil Samples and Drill Samples Sample representivity was ensured by a combination of Company Procedures regarding quality control (QC) and quality assurance / testing (QA). Examples of QC include (but are not limited to), daily workplace and equipment inspections, as well as drilling and sampling procedures. Examples of QA include (but are not limited to) collection of “field duplicates”, the use of certified standards and blank samples approximately every 50 samples Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information Rock chip samples Rock samples were sent to SGS Perth where they were crushed, dried and pulverised (total prep) to produce a 25-30 g sub-samples for analysis initially by Aqua Regia digest with ICP-MS finish for base metals then by four acid digest with an ICP/AES finish for ore grade base metal samples and lead collection fire assay with AAS finish for gold. Soil Samples Soil samples were sent to ACME Laboratories in Vancouver for analysis by aqua regia digest or to SGS Laboratories in Perth for analysis by the MMI digest. RC and diamond drill samples RC samples and cut samples of core were submitted to ALS in Orange, NSW. Laboratory sample preparation involved: sample crushed to 70% less than 2mm, riffle/rotary split off 1 kg, pulverise split to >85% passing 75 microns. RC samples analysed by MEICP41 or MEOG46 for ore grade samples, aqua region digest with ICP OES analysis and AA24 fire assay with AAS finish. Historical diamond and RC samples were sent to Fox Anamet, Brookvale NSW where gold was determined by fire assay, base metals by DCP and AAS methods. Weathered samples contained gossanous sulphide material and fresh samples containing visible pyrite, galena, sphalerite and chalcopyrite. Sampling techniques Criteria Drilling techniques Drill sample recovery JORC Code explanation Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). Diamond drilling accounts for about 50 % of the drilling and comprises NQ (47.6 mm diameter) and HQ (63.5 mm diameter) sized core. Impact diamond core is triple tube and is oriented. Historical diamond core was not oriented. RC drilling accounts for about 50% of the drilling and comprises 4 inch hammer. Method of recording and assessing core and chip sample recoveries and results assessed Diamond core recoveries for all holes are logged and recorded. Recoveries are estimated to be approximately >97% for the Commonwealth Project. No significant core loss or sample recovery problems are observed in the drill core or historic reports. RC samples were visually checked for recovery, moisture and contamination. Measures taken to maximise sample recovery and ensure representative nature of the samples Diamond core is reconstructed into continuous runs on an angle iron cradle for orientation marking. Depths are checked against the depth given on the core blocks and rod counts are routinely carried out by the driller. The RC samples are collected by plastic bag directly from the rig-mounted cyclone and laid directly on the ground in rows of 10. The drill cyclone and sample buckets are cleaned between rod-changes and after each hole to minimise down-hole and/or cross contamination. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. No sample bias has been established. Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Geological logging of samples followed company and industry common practice. Qualitative logging of samples included (but not limited to); lithology, mineralogy, alteration, veining and weathering. Diamond core logging included additional fields such as structure and geotechnical parameters. Magnetic Susceptibility measurements were taken for each 1m RC sample and each 1m diamond core interval. For diamond core, information on structure type, dip, dip direction, texture, shape and fill material has been recorded in the logs. RQD data has been recorded on selected diamond holes. Handheld XRF analysis was completed at 50 cm and 1 m intervals on diamond core and for every metre for RC samples. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. All logging is quantitative, based on visual field estimates. Systematic photography of the diamond core in the wet and dry form was completed. Chip trays with representative 1m RC samples were collected and photographed then stored for future reference. The total length and percentage of the relevant intersections logged All diamond drill holes were logged in full. All RC chips samples were geologically logged by Impact’s on-site geologist on a 1m basis, with digital capture in the field. Detailed diamond core logging, with digital capture was conducted for 100% of the core by Impact’s on-site geologist. If core, whether cut or sawn and whether quarter, half or all core taken. All core samples were sampled by half core. Selected intervals of quarter core will be selected for check assays if required. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. RC samples were split using a riffle splitter. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Company procedures were followed to ensure sub-sampling adequacy and consistency. These included (but were not limited to), daily work place inspections of sampling equipment and practices, as well as sub-sample duplicates (“field duplicates”). Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. Laboratory QC procedures for rock sample assays involve the use of internal certified reference material as assay standards, along with blanks, duplicates and replicates. The QC procedure for historical diamond and RC samples is unknown but considered immaterial. Logging Sub-sampling techniques and sample preparation Commentary Criteria Quality of assay data and laboratory tests Verification of sampling and assaying Location of data points Data spacing and distribution JORC Code explanation Commentary Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. Sample duplicates from the historical drilling were taken from selected intervals and compared to the original assay. Quarter core was taken for diamond samples and riffle resplits for RC samples. Whether sample sizes are appropriate to the grain size of the material being sampled. The samples sizes at Commonwealth are considered appropriate since gold has been identified as predominantly fine-grained by thin section analysis which would indicate the nugget effect is minimal. The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. An industry standard fire assay technique for samples using lead collection with an Atomic Absorption Spectrometry (AAS) finish was used for gold and aqua regia digest for base metals and silver. The quality of historical drill sample assays is unknown, however this is considered immaterial at this stage of exploration. For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. No geophysical tools were used to determine material element concentrations. A handheld XRF was used for qualitative analysis only. Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established. For the rock chips, quality control procedures for assays were followed via internal laboratory protocols. Accuracy and precision are within acceptable limits. The quality control of historical drill sample assays is unknown, however this is considered immaterial at this stage of exploration. The verification of significant intersections by either independent or alternative company personnel. Significant intersections from drilling have not been verified by independent or alternative companies. This is not required at this stage of exploration. The use of twinned holes. Two twin diamond holes versus historic RC holes have been drilled at Commonwealth South and Main Shaft. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Primary assay data for rock chips has been entered into standard Excel templates for plotting in Mapinfo and Target. All historical drill data has been entered digitally by previous explorers and verified internally by Impact. Discuss any adjustment to assay data. No significant adjustments have been required. Accuracy and quality of surveys used to locate drillholes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Recent drill holes have been located by DGPS. Historical drill holes and mine shafts have been verified by DGPS. Specification of the grid system used. The grid system for Commonwealth is MGA_GDA94, Zone 55. Quality and adequacy of topographic control. Standard government topographic maps have been used for topographic validation. The DGPS is considered sufficiently accurate for elevation data. For the diamond holes, down-hole single shot surveys were conducted by the drilling contractor. Surveys were conducted at 6m, 18, 30m and then approximately every 30m down-hole. For the RC drill holes, downhole dip surveys were taken at approximately 30m intervals and at the bottom of the hole. Data spacing for reporting of Exploration Results. Drill spacing of drill holes ranges between 10 and 30 m which is considered adequate for Exploration Results. Criteria JORC Code explanation Commentary Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. Drill spacing of drill holes ranges between 10 and 50 m and may be considered adequate for Mineral Resource and Ore reserve estimation procedures. However estimations of grade and tonnes have not yet been made. Whether sample compositing has been applied. Sample compositing has been applied for quoting drill composite results only. Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. Drilling is oriented sub-perpendicular to the mineralised trend and stratigraphic contacts as determined by field data and cross section interpretation. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. No significant sample bias has been identified from drilling due to the optimum drill orientation described above. Where present, sample bias will be reported. Sample security The measures taken to ensure sample security. For rock samples, chain of custody is managed by Impact Minerals Ltd. Samples for Commonwealth are delivered by Impact Minerals Ltd personnel to ALS in Orange, NSW or to SGS Perth for prep and assay. Whilst in storage, they are kept in a locked yard. Tracking sheets have been set up to track the progress of batches of samples. Security of historic drill samples is unknown however is considered immaterial. Audits or reviews The results of any audits or reviews of sampling techniques and data. A review of the sampling techniques and data both of historic drill holes and of Impact’s procedures has been completed by Optiro Consultants of Perth, WA. Orientation of data in relation to geological structure SECTION 2 REPORTING OF EXPLORATION RESULTS Criteria Mineral tenement and land tenure status Exploration done by other parties JORC Code explanation Commentary Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The Commonwealth Project currently comprises 3 exploration licences covering 315 km2. The tenements are held 100% by Endeavour Minerals Pty Ltd, a subsidiary company of Impact Minerals Limited. No aboriginal sites or places have been declared or recorded in areas where Impact is currently exploring. There are no national parks over the license area. The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. The tenements are in good standing with no known impediments. Acknowledgment and appraisal of exploration by other parties. A total of 66 drillholes have been completed over 300 m strike between the Commonwealth main shaft and Commonwealth South by previous explorers to an average depth of 53 m. Deposit type, geological setting and style of mineralisation. The Commonwealth and Commonwealth South deposits are considered gold-rich volcanic hosted massive sulphide (VMS) deposits that occur at and below the contact with a porphyrictic rhyolite and overlying volcanic sedimentary rocks. The mineralisation may have been overprinted by epithermal mineralisation. Geology Criteria Drill hole Information Data aggregation methods JORC Code explanation Commentary A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:  easting and northing of the drill hole collar  elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar  dip and azimuth of the hole  down hole length and interception depth  hole length. See Table in text. In repo