Announcement PDF ASX ANNOUNCEMENT Date: 21 September 2017 Number: 545/250817 FURTHER HIGH GRADE RESULTS AT SILICA HILL Further drill assays from the on-going drill programme at Impact Minerals Limited’s (ASX:IPT) emerging gold-silver discovery at the Silica Hill Prospect, part of the 100% owned Commonwealth Project 100 km north of Orange in New South Wales, continue to confirm and expand the bulk-tonnage potential close to the near-surface high grade massive sulphide resource at Main Shaft, with only 10% of the target area tested to date close to surface. In addition the closed spaced drilling completed to date has elucidated further important structural controls on high grade shoots as well as the broad vertical and lateral metal zonation within the stockwork vein system (Figures 1 and 2). East-west trending structures have now been identified as an important control of the high grade zones and shoots within the overall north east trending zone of mineralisation, and it has been shown that the entire vertical extent of the mineralised system has been preserved from an upper barren silica-pyrite zone that passes progressively down and laterally through low grade silver +/- gold veins; higher grade gold and silver veins; and a lower zinc-lead-copper zone containing “feeder veins” of massive base metal sulphides that also have high grade gold and silver in places. Hole CMIPT063 has returned: 98 metres at 0.7 g/t gold and 53 g/t silver (1.5 g/t gold equivalent) from 58 metres down hole including 31 metres at 1.3 g/t and 70 g/t silver (2.2 g/t gold equivalent) from 58 m down hole which includes; 0.6 metres at 0.8 g/t gold and 2,090 g/t silver and 0.2% zinc (28.5 g/t gold equivalent) from 85.4 m; and 0.3 metres at 6.2 g/t gold, 149 g/t silver, 8.4% zinc, 3.9% lead and 0.2% copper (16.5 g/t gold equivalent – “feeder vein” – see announcement 4th August 2017); and 10 metres at 0.5 g/t gold and 232 g/t silver (4.1 g/t gold equivalent) from 146 m which includes: 1 metre at 0.7 g/t gold and 1,285 g/t silver (18.8 g/t gold equivalent) from 150 metres; and 1.2 metres at 0.3 g/t gold, 37 g/t silver, 1.6% zinc, 1.1% lead and 0.1% copper (2.6 g/t gold equivalent) from 166.8 metres 26 Richardson Street West Perth Western Australia 6005 Tel +61 (8) 6454 6666 Facsimile +61 (8) 6454 6667 Email info@impactminerals.com.au www.impactminerals.com.au >0.5 g/t gold equivalent >1 g/t gold equivalent Figure 1. Overview of the Silica Hill Prospect showing drill hole locations and east-west trending goldrich zones within a north east trending corridor defined by a gold-silver-molybdenum-in-soil anomaly. Note that the drilling has only tested the near surface portion of 10% of the target area. Drill hole 63 was drilled above CMIPT060, an RC hole that failed to reach depth and ended in mineralisation at 88 metres and which returned: 37 metres at 1.0 g/t gold and 31 g/t silver (1.4 g/t gold equivalent) from 51 metres. Drill holes CMIPT64 and 65 were also drilled above Hole 60 and intersected stockworks of narrow veins as previously reported. These holes were sampled at practical sample widths of about 1 metre and have returned significant widths of anomalous gold and silver assays showing that they are part of the upper lower grade silver+/- gold part zone of the system. Hole 64 returned 84 metres at 0.3 g/t gold and 18 g/t silver and hole 65 returned 62 metres at 0.5 g/t gold and 17 g/t silver, with individual one metre samples returning up to 75 g/t silver. Drill hole CMIPT071 is in progress to test below these strongly anomalous intercepts to test the lower gold-rich zone and also in particular to also test down dip extension of the high grade base metal massive sulphide veins in Hole 63. Hole 61 also intersected a zone of narrow veins with silver and returned 10 metres at 86 g/t silver. This hole is interpeted to have been drilled between two east-west structures as detailed below. Further assays are expected within three weeks. Discussion An intial interpretation of these results combined with detailed logging of the diamond core, shows that the overall north east trending corridor of mineralisation at Silica Hill is resolving into several mineralised domains related to east-west trending, steeply south dipping structures (Figure 1). The intersection of the east-west and north east trending structures appears to be a strong control on the higher grade portions and shoots of the mineralised system. At least two east-west structures have been identified, each over at least 400 metres of strike and both open along trend and at depth. One structure occurs along the southern contact of the Silica Hill rhyolite and includes the high grade assays from Holes 43 and 11 (e.g. 23 metres at 1 g/t gold and 224 g/t silver including 0.9 metres at 2.4 g/t gold and 3,146 g/t silver - see announcement 22 February 2017 for details). A second east west structure occurs 50 m to 75 m to the north and is defined in part by extensive low grade molybdenum with lesser tin and shown as the “molybdenum corridor” on Figure 1. The metal assemblage is interpreted as futher evidence that the mineralising fluids may be sourced from a late stage intrusive at depth. Further drilling will also test these structures along trend and at depth. Figure 2. Cross section looking north west from Main Shaft to the south and Silica Hill to the north (see Figure 1 for location). Three components to the mineralised system are evident: an upper zone of weakly mineralised gold-silver veins; a middle zone of high grade gold-silver +/- base metal veins and a lower zone of massive sulphide and increasing copper-gold-silver at depth. Drilling to date at Silica Hill has only tested 10% of the combined soil-geochemical and IP geophysical target area. Larger spaced step out drilling is now being planned and a second RC rig is being sourced to help expedite the programme. This work will also include testing beneath Hole 51 which intersected a variably developed stockwork of narrow quartz-sulphide veins with anomalous silver and gold over the entire 270 metre length of the drill hole with three better developed zones 25 metres, 50 metres and 30 metres thick (Figures 1 and 2). Together, these results and previous work demonstrate a mineralised system that extends over at least 700 metres of strike and a vertical extent of at least 400 metres (Figure 2). The drill programme is ongoing and will continue to test this very large system which clearly has the potential to host a major deposit. About the Drill Programme A total of 21 drill holes for 3,432 metres have been completed in this phase of drilling and comprising 11 diamond holes for 2,321 metres and 10 Reverse Circulation (RC) holes for 1,111 metres. Two more diamond drill holes are planned before the drill rig will be converted to a multi-purpose rig to allow it to also drill by reverse circulation (RC). This will take about four weeks and occur in October. A second RC rig, which has to be small and/or track mounted because of the terrain, is also being sourced. As previously announced, a previous RC drill rig did not perform to standard and was removed from site. In particular the drill holes deviated significantly from the planned orientation and accordingly four drill holes were abandoned, mostly at the drill company’s cost. About the Commonwealth Project The Commonwealth Project forms part of Impact’s extensive 100% owned land holding of 1,000 sq km in the Lachlan Foldbelt, home to numerous gold and copper mines including the giant Cadia deposit near Orange (40 million ounces of gold and 12 million tonnes of copper). At Silica Hill significant gold and silver mineralisation covers an area of 200 metres by 100 metres down to a depth of 120 metres below surface and with an average true thickness of at least between 40 metres and 70 metres. The mineralisation is open in all directions including up dip. Four drill holes have also returned gram-times-metre intercepts of more than 100 gram.metres and a fifth hole returned an intercept of greater than 50 gram.metres. These are robust and significant results for potential bulk mining and indicate the potential to significantly increase the resources at the Commonwealth Project, which currently stand at 720,000 tonnes at 2.8 g/t gold, 48 g/t silver, 1.5% zinc and 0.6% lead (see announcement 19 February 2015). In detail, these thick widths of mineralisation actually comprise numerous narrow veins and vein stockworks of high grade gold and very high grade silver hosted by the Silica Hill rhyolite that contain lower grade disseminated gold and silver. For example, Hole CMIPT046 returned an intercept of 41 metres at 2 g/t and 176 g/t silver from 61 metres including 30 individual assays of varying widths of between 2 g/t and 24 g/t gold and 12 individual assays with more than 500 g/t silver including 1 metre at 12.2 g/t gold and 680 g/t silver including 0.3 metres at 23 g/t gold and 1,110 g/t silver; 1 metre at 5.3 g/t gold and 924 g/t silver; 1.7 metres at 3.8 g/t gold and 1,176 g/t silver; and 0.7 metres at 1.5 g/t gold and 855 g/t silver. (see announcements dated 5th December 2016 and 22nd February 2017). 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). Dr 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. Impact Minerals confirms that it is not aware of any new information or data that materially affects the information included in the previous market announcements referred to and in the case of mineral resource estimates, that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. DRILL HOLE DATA FOR 2017 DRILL PROGRAMME Hole_ID CMIPT050 CMIPT051 CMIPT052 CMIPT053 CMIPT054 CMIPT055 CMIPT056 CMIPT057 CMIPT058 CMIPT059 CMIPT060 CMIPT061 CMIPT062 CMIPT063 CMIPT064 CMIPT065 CMIPT066 CMIPT067 Hole_Type Max_Depth DDH 356.6 DDH 271.9 RC 149 RC 141 RC 81 RC 96 RC 174 RC Abnd 60 RC 198 RC Abnd 60 RC Abnd 93 DDH 170 RC Abnd 59 DDH 199 DDH 252 DDH 159 DDH 177 DDH 152 CMIPT068 CMIPT069 CMIPT070 CMIPT071 DDH DDH DDH DDH East 692342 692436 693659 693537 693536 692250 692381 692412 692412 692388 692389 692343 692390 692388 692388 692390 692392 692339 North 6393009 6393318 6393306 6393317 6393320 6392810 6393020 6393020 6393019 6393020 6393020 6393009 6393021 6393021 6393022 6393021 6393021 6393011 RL Dip Azimuth Prospect 391 -57 230.3 Main Shaft 551 -47 200.3 Silica Hill 475 -47 275 Welcome Jack 498 -75 270 Welcome Jack 498 -70 110 Welcome Jack 341 -65 310 Main Shaft 404 -55 270 Silica Hill 405 -70 250 Silica Hill 405 -80 245 Silica Hill 402 -70 320 Silica Hill 402 -75 322 Silica Hill 391 -52 284 Silica Hill 403 -75 346 Silica Hill 402 -70 300 Silica Hill 402 -70 330 Silica Hill 403 -55 220 Silica Hill 403 -70 355 Silica Hill 391 -60 25 Silica Hill Main Shaft 250 692139 6393064 384 -65 245 North 171 692393 6393022 403 -45 320 Silica Hill 162 692340 6393012 391 -45 280 Silica Hill In progress Silica Hill SIGNIFICANT ASSAYS FOR HOLES REPORTED Hole Id From To Interval Au PPM Ag PPM Zn PPM Pb PPM Cu PPM Au Eq g/t* Cutoff CMIPT058 61 108 66 146 5 38 0.04 0.03 24 16 213 107 NSA NSA NSA NSA CMIPT059 56 60 4 1.63 11 1261 NSA NSA 1.80 0.5 g/t AuEq CMIPT060 51 88 37 1.03 31 457 156 NSA 1.44 0.5 g/t AuEq CMIPT061 52.8 154 63 155 10.2 1 0.08 1.71 86 30 NSA NSA NSA NSA NSA NSA 1.62 2.10 0.5 g/t AuEq 1 g/t AuEq CMIPT062 48 59 11 0.18 14 230 NSA NSA 0.40 0.2 g/t AuEq CMIPT063 including including also including including also including including 58 58 85.4 100.5 114.35 146 150 166.8 156 89 86 118 114.65 156 151 169 98 31 0.6 17.5 0.3 10 1 1.2 0.66 1.27 0.81 0.82 6.22 0.53 0.66 0.32 53 70 2090 14 149 232 1285 37 1761 507 1800 2770 84200 4442 8270 16587 972 185 411 1440 39200 2700 9220 11052 104 NSA 154 101 1740 380 868 1262 1.55 2.20 28.50 1.28 16.54 4.09 18.81 2.62 0.5 g/t AuEq 1 g/t AuEq 1000 g/t Ag 1 g/t AuEq 5 g/t Au 1 g/t AuEq 1000 g/t Ag 1% Zn CMIPT064 including 47 57.5 131 82 84 24.5 0.30 0.68 18 15 341 659 NSA NSA NSA NSA 0.54 0.88 0.5 g/t AuEq 0.5 g/t Au CMIPT065 including 48 48 110 65 62 17 0.45 1.21 17 16 390 1068 NSA 237 NSA NSA 0.68 1.42 0.5 g/t AuEq 0.5 g/t Au 10 g/t Ag* 10 g/t Ag* Gold equivalent calculations are based on the following metal prices in US Dollars: Gold $1320/oz; Silver $17.30/oz; zinc 1.40/lb; lead $1.07/lb; copper $2.90/lb. 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). Hand-held XRF Handheld XRF analysis was completed with an Olympus INNOV-X 40Kev RAP Geochem Analyser instrument at 50 cm and 1 m intervals on diamond core and for every metre for RC samples. For individual veins or samples that are specifically reported, several readings are taken to establish an average. Investors should note that the analyses are semi-quantitative and are a guide only to the metal content. Laboratory assays are used in preference where available. 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 Sampling techniques Criteria Drilling techniques Drill sample recovery JORC Code explanation Commentary 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 subsamples 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. 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, facesampling 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. Logging Criteria Sub-sampling techniques and sample preparation Quality of assay data and laboratory tests Verification of sampling and assaying JORC Code explanation Commentary 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. 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 re-splits 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 Olympus Innov-X XRF 40KeV instrument was used for semi-quantitative analysis only. The sampling interval was two times 20 second intervals. Calibration is carried out at the start of the sampling procedure each time the machine is turned on and appropriate standards are used every 25th sample. Elements analysed include:Ag, As, Se, Ca, K, S, Sb, Sn, Cd, Sr, Rb, Pb, Hg, W, Cu, Ni, Co, V, Ti, Fe, Mn, P, Cr, Mo, U and Ta. 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. Criteria Location of data points JORC Code explanation Commentary 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. 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. Data spacing and distribution 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 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 volcan