Impact Minerals Ltd Annual Report 2022 27 Review of Operations continued During the year a programme of 17 reverse circulation drill holes were completed at the Apsley porphyry copper-gold prospect, part of the Company’s 100% owned Commonwealth project in the Lachlan copper-gold province in New South Wales (ASX Release 23rd August 2021 and Figure 7.1). The prospect lies about 15 km south of the recent significant Boda-Kaiser porphy copper discovery (Alkane Resources Ltd ASX:ALK). The drill holes, which are the first ever holes to be drilled at Apsley, tested a number of specific coincident IP geophysical and soil geochemistry anomalies at widely spaced reconnaissance intervals (ASX Releases 10th August 2020, 16th February 2021, 12th March 2021, 16th April 2021 and 23rd August 2021). A very large halo of copper was defined which is interpreted to possibly be part of the outer zone of a large alteration system around an alkaline porphyry copper-gold deposit similar to the Ridgeway deposit (155 Mt at 0.73 g/t gold and 0.38% copper Newcrest Mining Limited (ASX: NCM)) 100 km south of Apsley and hosted by rocks of the same age and geochemistry as at Apsley. The halo is defined by copper values of more than 100 ppm copper in continuous zones up to nearly 250 metres thick and potentially extending over an area of at least 1,000 metres by 1,000 metres in size (Figure 7.2). There are numerous thinner zones up to about 80 metres thick that contain between 200 ppm and 250 ppm copper and these include one to four metre thick zones of higher grades of up to 4,700 ppm copper related to zones of narrow quartz-sulphide veins. The halo also contains widespread low-level molybdenum (Figure 7.2). Figure 7.1: Location and geology of Impacts Commonwealth Project in NSW. 7. COMMONWEALTH PROJECT, NSW (IPT 100%) The halo constitutes a significant inventory of copper and very recently published scientific work about the Ridgeway deposit has shown that similar grades of copper up to 200 ppm define a halo that extends only 200 metres to 300 metres away from the high grade core of the deposit (Figure 7.3). From a presentation by Prof. D Cooke, Centre for Ore Deposit and Earth Science (“CODES”) at UTAS at geohug.rocks The size of the halo is also very significant given the reconnaissance nature of the drill programme which was done at very broad spacings
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