Impact Minerals : Diamond Drill Programme Underway at the Hopetoun Project

ASX ANNOUNCEMENT

Date: 23 March 2022

only	DIAMOND DRILL PROGRAMME UNDERWAY AT THE
HOPETOUN JOINT VENTURE PROJECT, WA
• Diamond drilling of the Top Knotch copper-gold target is underway to follow up alteration
use	zones identified in previous RC Drilling that could not reach target depth.
• A second target Silverstar will also be tested in this programme with Statutory Approvals in
progress for a further 4 drill ready targets at the project.
• The Hopetoun Project covers an interpreted extension of the Ravensthorpe greenstone belt
which contains multiple mines and deposits of lithium, nickel and copper-gold.

A diamond drill programme is now underway at Impact Minerals Limited's (ASX: IPT) Hopetoun Project located 25 km south of the Ravensthorpe mining centre in Western Australia (Figure 1).

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Figure 1. Image of airborne magnetic data over the Ravensthorpe-Hopetoun area showing the interpreted extension

of the Ravensthorpe greenstone belt south of the Jerdacuttup Fault.

26 Richardson Street West Perth Western Australia 6005

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onlyThe drill programme will further test the Top Knotch copper-gold target where a previous reverse circulation (RC) drill programme intersected four metres of modest pyrite at the very end of the deepest drill hole, and within a zone of extensive potassic alteration with variable low-level copper that is at least 75 metres thick (Figure 2).

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Figure 2. Cross section from the Top Knotch Prospect showing the soil geochemistry responses and highlighting the sub-horizontal zones of alteration and copper which are increasing in intensity down hole. The location of the diamond drill hole is also shown.

The alteration minerals (K-feldspar and biotite), copper values (up to 250 ppm as measured with a handheld XRF instrument) and sulphide intensity all increase down hole and are open at depth and along trend (ASX Release 22nd December 2021 - assays pending).

onlyThe target could not be tested further because of extremely difficult drilling conditions for the RC drill rig in the transported overburden (Figure 2 and ASX Release 22nd December 2021). It is anticipated that the diamond drill rig will be able to penetrate this cover sequence.

The Top Knotch target was identified in proprietary geophysical data and ionic leach soil geochemistry data by Impact's joint venture partner. The ionic leach soil geochemistry data highlights a weak to modest copper-gold-silver anomaly with stronger responses in the pathfinder elements cobalt-barium-thallium (see Figure 2 and JORC Table for further information).

useABOUT THE HOPETOUN JOINT VENTURE PROJECT

The Hopetoun project is one of four recently announced joint venture projects where Impact is earning an 80% interest (Figure 3 and ASX Release 8th December 2021).

The project contains six drill ready targets of which two, Top Knotch and Silverstar, are fully permitted

personalfor drill testing (Figure 1). Silverstar will also be tested in this drill programme with statutory approvals being sought for the other targets, likely to be drilled later in the year.

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Figure 3. Location of Impact's projects in Western Australia.

onlyThe Hopetoun area has received very little exploration because of a perception that much of the area is underlain by mundane Proterozoic gneisses. In addition also there is extensive younger cover which has hindered previous explorers.

However a review of the regional airborne magnetic data over the area suggests that much of the gneiss terrane may comprise a reworked Archaean granite-greenstone terrane as shown in Figure 1.

Indeed the area may be an extension of the Ravensthorpe greenstone belt to the north which contains numerous mines and deposits of lithium (Mt Cattlin mine, Galaxy Resources Ltd, ASX:GXY), nickel

usesulphide (the dormant RAV 8 mine and associated deposits), copper-gold (including the Kundip historic mining centre where recent exploration has returned exceptional copper-gold results, Medallion Metals Ltd, ASX:MM8), zinc-lead-copper (Trilogy deposit ASX:MM8) as well as nickel laterite (First Quantum Minerals TSX:FM) (Figure 1).

The drill ready targets identified at Hopetoun include targets for nickel-copper-gold-silver and lithium.

personalCOMPLIANCE STATEMENT

This report contains new Exploration Results for seven soil geochemistry samples.

Dr Mike Jones

Managing Director

The review of exploration activities and results contained in this report is based on information compiled by Dr Mike Jones, a Member of the Australian Institute of Geoscientists. He is a director of the company and works for Impact Minerals Limited. He has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). Mike Jones has consented to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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APPENDIX 1 - SECTION 1 SAMPLING TECHNIQUES AND DATA

	Criteria		JORC Code explanation		Commentary

Sampling techniques

Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.

Soil samples of a weight of about 250 grams were taken from a depth of about 15-20 cm below surface. They were sieved on site to -2 mm and placed in plastic snap seal bags for transport to the laboratory.

The ionic leach method is predicated on a model whereby mobile metal ions migrate to surface via capilla action and evapo-transpiration and therefore have the ability to migrate through transported cover provid it has been in place for some time (>1 million years).

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				The soil samples were taken on 50 to 100 metre spacings along gazetted roads and tracks across various
				targets. Enough samples were taken to establish the background values of the metals and elements that
		Include reference to measures taken to ensure sample representivity and		can be used to determine levels of anomalism. The background values were estimated as the mean of
		the appropriate calibration of any measurement tools or systems used		the lowest Quartile of data. This value was then divided back into the assay result to give a "times
				background" value or so-called Response Ration. It is a straight forward method of determining relative
				levels of anomalism for multiple metals and elements.
		Aspects of the determination of mineralisation that are Material to the
		Public Report. In cases where 'industry standard' work has been done this
		would be relatively simple (e.g. 'reverse circulation drilling was used to
		obtain 1 m samples from which 3 kg was pulverised to produce a 30 g		The soil samples were taken using industry standard procedures.
		charge for fire assay'). In other cases more explanation may be required,
		such as where there is coarse gold that has inherent sampling problems.
		Unusual commodities or mineralisation types (e.g. submarine nodules)
		may warrant disclosure of detailed information
Drilling techniques		Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air
		blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or		N/A
		standard tube, depth of diamond tails, face-sampling bit or other type,
		whether core is oriented and if so, by what method, etc).
Drill sample recovery		Method of recording and assessing core and chip sample recoveries and		N/A
		results assessed
		Measures taken to maximise sample recovery and ensure representative		Standard field procedures for soil samples were used.
		nature of the samples
		Whether a relationship exists between sample recovery and grade and
		whether sample bias may have occurred due to preferential loss/gain of		No sample bias has been established.
		fine/coarse material.