30 Impact Minerals Ltd Annual Report 2022 At Apsley, metal assemblages typical of the core (Cu-Au) and the so-called upper phyllic zone (W, Sn, Bi) which lies directly above the core of many porphyry copper-gold deposits, can be readily identified in the drilling data and help define the areas for follow up work. Follow up area T1, is a zone of overlap between the core assemblage and the upper phyllic zone assemblage in the north west of the halo. Area T2 is a large zone defined mainly by the upper phyllic zone and strong alteration present in Hole APIPT001 in the centre of the halo. Area T3 may represent a target at depth in the south east corner of the halo (Figure 7.4). However, the widespread nature of the drilling and also the low levels of copper and in particular gold reported are insufficient at this stage to provide more definitive vectors to ore. This interpretation of the zonation at Apsley is based on a widely used model for the levels of metals present around porphyry copper-gold deposits NEXT STEPS The Apsley target was drilled because of the strong combined geophysical and geochemical anomalies. The results, whilst very encouraging are not as definitive as required for immediate follow up drilling. Further drilling is required, possibly to some depth, in several areas. However, further studies on the nature and composition of the alteration minerals are required first in order to determine further vectors to ore. During the year Impact received several unsolicited approaches to evaluate the Commonwealth project. In August 2022 Impact reached an agreement to sell a 75% interest in the project to unrelated company Burrendong Resources Pty Ltd. Burrendong is aiming to conduct an IPO in 2023. COMMONWEALTH AND SILICA HILL DEPOSITS The focus on porphyry copper exploration during the year lead to no work being done at the Commonwealth and Silica Hill deposits where Mineral Resources containing 88,800 ounces of gold and 3.3 million ounces of silver have been defined (ASX Release August 22nd 2019). The Mineral Resources were prepared in accordance with the JORC 2012 Code by independent resource consultants Optiro and are stated in the tables below. The Inferred Resource for the Commonwealth deposit at a cut-off of 0.5 g/t gold is: COMMONWEALTH (MAIN SHAFT TO COMMONWEALTH SOUTH) Resource Classification Cut-off 0.5 g/t gold Tonnes Gold (g/t) Contained gold (oz) Silver (g/t) Contained silver (oz) Zinc (%) Lead (%) Copper (%) Inferred 912,000 2.4 70,800 44 1,300,000 1.20% 0.50% 0.08 A separate Inferred Mineral Resource (included within the overall resource) has also been calculated for a high grade massive sulphide lens at Main Shaft alone to demonstrate the high grade nature of such deposits which are the principal target for Impact’s exploration programme. The Main Shaft Inferred Resource is: MAIN SHAFT MASSSIVE SULPHIDE LENS Resource Classification Cut-off 0.5 g/t gold Tonnes Gold (g/t) Contained gold (oz) Silver (g/t) Contained silver (oz) Zinc (%) Lead (%) Copper (%) Inferred 142,000 4.5 20,600 161 737,500 4.6 1.7 0.2 Review of Operations continued
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