Impact Minerals - Company Update

Impact Minerals Limited (ASX:IPT) is pleased to provide an update on the company’s recent activities across its extensive portfolio of exploration projects in Western Australia.

• Diamond drill programme completed at Hopetoun: target shear zone intersected 60 metres up dip.
• First pass soil geochemistry surveys completed over priority targets at Hopetoun.
• Airborne EM survey completed over priority targets at the Arkun-Beau Ni-Cu-PGM Project.
• Soil geochemistry surveys completed at Beau and in progress at four other priority targets at Arkun following successful land access negotiations.
• Drill assay results awaited at Doonia.
• Negotiations in progress for the Commonwealth and Broken Hill projects in NSW.
• Renounceable rights issue to close on Friday 27th May 2022.

This work is part of the Company’s change in strategic focus from eastern Australia to the emerging mineral province of south west Western Australia following the recent Julimar PGE-Ni-Cu discovery (ASC:CHN) and also home to the world class Greenbushes lithium-tantalum mine (ASX:IGO and Figure 1).

Impact has assembled a significant number of projects in this highly prospective region, both 100% owned, (Arkun-Beau and Dinninup) and in joint venture (Hopetoun, Jumbo, Narryer and Dalgaranga). In addition, the company is in a joint venture at the Doonia gold project near Kambalda where drill results are awaited (Figure 1).

Current work programmes are aimed at defining drill targets at the flagship Arkun-Beau project and progressing with drill targets already defined at Hopetoun. The other projects are also being progressed via compilations of previous work and preliminary interpretations of the surface and bedrock geology with a view to identifying areas of interest for on-ground follow up exploration.

Funds from the current Renounceable Rights Issue, which closes this Friday, the 27th May 2022, will be used to fund this work which will include extensive drill programmes later in the year and into 2023.

Shareholders who still wish to participate and who have not yet received their entitlement forms, or who are unsure of the process to follow to apply for their entitlement, should contact the Impact office.

HOPETOUN

At Hopetoun, where Impact is earning an 80% interest in the project (ASX Release 8^th December 2021), six drill ready targets have been identified of which two, the Top Knotch and Silverstar copper-gold-silver prospects, are fully permitted for drill testing. Four diamond drill holes, two each at Top Knotch and Silverstar were recently completed (ASX Releases 19^th April 2022 and 22^nd April 2022).

At Silverstar, a second drill hole was recently completed to test the up-dip extension of a 25 metre thick (true width) shear zone with extensive alteration minerals and minor disseminated chalcopyrite-pyrrhotite mineralisation (ASX Release 22nd April 2022).

The second drill hole intersected the same shear zone at about 180 metres down hole and 60 metres up dip from the first hole. The shear zone is of a similar thickness and appearance in the second hole but in addition, one narrow zone of deformed quartz veins about 25 cm thick was intersected at 190 metres down hole which contains up to 5% molybdenite together with anomalous bismuth values up to 250 ppm as measured with a handheld XRF instrument (Figure 2).

The Company emphasises that these estimates are based on visual observations only and that chemical assays will be required to determine the absolute amounts of any metals present. The core is being transported to Perth where it will be logged and sampled in detail. Assays are expected in July.

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