March 2022 Quarterly Report

Impact Minerals (ASX:IPT) has released its March 2022 quarterly report.

1. BROKEN HILL PROJECT (IPT 100%-IGO earning 75%)
   • A large strong EM conductor 420 m by 85 m in dimension identified 350 m below surface at the Platinum Springs prospect in joint venture with IGO.
   • The conductor is about 1,000 metres along trend from, and with similar conductance to, a narrow drill intercept of massive sulphide which returned: 0.6 metres at 11.5 g/t platinum, 25.6 g/t palladium, 1.4 g/t gold, 7.6% copper, 7.4% nickel and 44.3 g/t silver from 57.1 metres down hole
   • The conductor lies within a possible feeder zone for the extensively mineralised nine-kilometre long Moorkai Trend and is a prime drill target.
2. HOPETOUN PROJECT (IPT earning 80%)
   • Diamond drilling of the Top Knotch and Silverstar copper-gold-silver targets commenced and still in progress.
   • The Hopetoun Project interpreted to cover an interpreted extension of the Ravensthorpe greenstone belt which contains multiple mines and deposits of lithium, nickel and copper-gold.
3. JUMBO (IPT earning 80%)
   • High priority targets for nickel-copper-Platinum Group Elements (PGM) (3), lithium-caesium-tantalum (LCT) pegmatites (3), Rare Earth Metals (REE) and extensive areas of anomalous rubidium identified in a reconnaissance soil geochemistry survey.
   • The soil anomalies occur over significant areas of at least several hundred metres. Further anomalies are expected with more comprehensive coverage of the project area.
   • Very high success rate of anomaly identification targets validates Impact’s targeting methodology working in conjunction with its joint venture partner.
4. OTHER PROJECTS
   • Arkun Ni-Cu-PGM, WA (IPT 100%)
     • Land Access Negotiations in progress with about 30 land holders.
     • Follow up soil geochemistry completed at Beau. Results due in May.
   • Narryer-Dalgaranga
     • No work done.
5. CORPORATE
   • Placement completed raising $2 million before costs.
   • $1.7 million cash as at 31st March 2022

1. BROKEN HILL PROJECT

A significant electromagnetic (EM) conductor was identified in the extensive ground EM survey that is still in progress at the company’s Broken Hill Project in NSW and which is being funded by joint venture partner IGO Limited (ASX:IGO) (Figure 1 and ASX Releases 9 th November 2021 and 27th January 2022).

The new EM conductor has been modelled to have a high conductance of about 8,000 siemens and with the top edge of the modelled EM plate centred at a depth of about 350 metres below surface. It has a length of about 420 metres and extends for at least 85 metres down dip moderately to the south.

The conductor is considered prospective for massive sulphide mineralisation based on its discrete dimensions and modelled high conductance. It is a priority target for follow-up work.

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