EIS Funding of $180,000 Awarded for Drilling at Caligula, a Significant Copper Target at the Arkun Project, WA

Impact Minerals Limited's (ASX:IPT) is pleased to announce that it has been awarded $180,000 under the WA Government’s Exploration Incentive Scheme (EIS) to co-fund drilling of the Caligula copper prospect at the company’s 100% owned Arkun Project located 150 km east of Perth in the emerging mineral province of southwest Western Australia (Figure 1 and ASX Release January 4th 2024).

• Co-funding of up to $180,000 awarded under the WA Government’s EIS scheme to drill the large and significant Caligula copper target identified in soil geochemistry data and Mobile Magneto-Telluric (MMT) data.
  
• Caligula comprises a 5 km by 1 km soil geochemistry anomaly containing copper-silver-cobalt+/- tellurium-bismuth-molybdenum associated with numerous conductors identified in the MMT data that may represent disseminated or massive sulphides.
• Infill and extensional soil geochemistry surveys have been completed to help define specific drill targets with assays due this Quarter.
• The statutory approvals process for a drill programme has now commenced.
• The aircore drill programme at the Hyperion Prospect, which forms part of IPT’s broader Arkun Project, has been completed. Hand-held XRF data is being interpreted to help select samples for assaying, with results expected later this Quarter.

Caligula is 15 km west of the Hyperion Rare Earth Element prospect anomaly, where an aircore drill programme was recently completed (ASX Releases January 4th 2024 and April 19th 2024). The Arkun project was also recently expanded with three new tenement applications (Figure 1 and ASX Release March 14th 2024).

Impact Minerals’ Managing Director, Dr Mike Jones, said, “This award validates our exploration programmes at Arkun over the past few years. Caligula is one of many geochemical and geophysical targets we have at the project and so the information we will gain from the proposed drill programme will add immensely to our knowledge of this poorly exposed and poorly explored area. We will now start the statutory approvals process for the drilling. We have just completed our maiden drill programme at Hyperion to test for Rare Earth Elements and are interpreting the handheld XRF data to select samples for assaying, and we are looking forward to those results”.

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 Caligula prospect comprises 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). 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). Details about the soil geochemistry results were included in the ASX Release of January 24th 2024.

Click here for the full ASX Release

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