Caligula – A Significant Copper Target at the Arkun Project, WA

A large and significant target for porphyry copper-gold mineralisation has been identified at Impact Minerals Limited’s (ASX:IPT) 100% owned Arkun Project located 150 km east of Perth in the emerging mineral province of southwest Western Australia (Figure 1).

• A large and significant target for porphyry copper mineralisation has been identified in soil geochemistry data and Mobile Magneto-Telluric (MMT) data at the Caligula Prospect.
• A 5 km by 1 km soil geochemistry anomaly contains the key metal assemblage of copper- silver-cobalt+/-tellurium-bismuth-molybdenum, all indicators of porphyry copper mineralisation such as is found at Boddington and Calingiri in the same region of Western Australia. Gold assays are expected in February.
• The geochemistry anomaly coincides with numerous conductors identified in the MMT data that may represent disseminated or massive sulphides.
• Infill and extensional soil geochemistry surveys, together with a detailed interpretation of the MMT data, are underway to define the extent of Caligula and identify specific drill targets more fully.
• A follow-up aircore drill programme is to be undertaken as soon as practicable, which will also include the recently discovered Hyperion and Swordfish REE prospects.

The conductors were identified in recently acquired helicopter-borne Mobile Magneto-Telluric (MMT) data from one of the first surveys of this cutting-edge technology to be flown in Australia.

Caligula adds to Impact’s previously reported large Rare Earth Element soil geochemistry anomalies identified at Hyperion, located 15 km to the west, and Horseshoe, located 20 km to the east, and emphasises the significant exploration potential for a range of battery and strategic metals at the Arkun project (Figure 4 and ASX Releases 4th January 2024 and 1st June 2023).

Impact Minerals’ Managing Director, Dr Mike Jones, said, “The discovery of the Caligula Prospect is yet another significant and exciting breakthrough in our exploration at Arkun following the recent discovery of the Hyperion and Swordfish Rare Earth Element Prospects. It is one of the first of the many geochemical and geophysical targets we have at the project where we have actually been able to define the size and scale of the anomalies more fully and, given we have at least a dozen more similar areas to follow up, I am confident of more significant anomalies to come at Arkun. We are working towards a maiden drill programme as quickly as possible, and we will aim to cover as many targets as possible, including Hyperion and Swordfish. We are very encouraged by our results so far.”

Figure 1. Location and regional geological setting of Impact’s Arkun and other projects shown in blue in the emerging mineral province of southwest Western Australia. Significant nickel deposits are shown in orange, lithium deposits in green and gold deposits in yellow.

Soil Geochemistry Results

The soil geochemistry results have defined an area of anomalous copper-in-soils that extends over about 5,000 metres north-south and up to at least 2,000 metres east-west. It is open to the east and the southwest (Figure 2 and Figure 4). The copper is associated with anomalous silver and cobalt and, in the southern part of the anomaly, also has a strong association with bismuth, tellurium and lesser molybdenum (Figure 2). Maximum and minimum values for the metals are given in Table 1.

This metal assemblage is characteristic of metals associated with porphyry copper deposits and this is encouraging for future exploration.

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