Impact Minerals Limited : - Company Update

Impact Minerals Limited (ASX: IPT) provides the following update on the Company's activities.

Broken Hill Project

Drill Programme at Broken Hill

Drilling at Impact's Broken Hill project located in western New South Wales has progressed considerably in the past few weeks despite on-going numerous delays from continuing excessive wet weather which has prevented access to the drill sites. Further rain is expected over the next three days.

RC drilling is still in progress at Platinum Springs and Red Hill with two rigs on site. First assays have been received from Platinum Springs and from some aircore holes from Little Broken Hill Gabbro. Unfortunately, a significant batch of samples has been lost by the couriers in transit to the laboratory and despite an extensive search it has yet to be located. Re-sampling of the relevant drill holes is in progress. A meaningful interpretation of the results is not yet possible but further assays are expected shortly.

Drilling at Red Hill and Platinum Springs should be finished by the end of this week if weather conditions allow. Both RC rigs will then move to the Little Broken Hill Gabbro target.

Withdrawal from Strategic Alliance with Wyloo Metals Limited & Castillo Copper Limited

Impact has elected to withdraw from the proposed Strategic Alliance with Wyloo Metals Limited and Castillo Copper Limited which was formed to jointly market the silver-lead-zinc rights of Impact's large ground holdings and the other two companies' ground holdings in the Broken Hill area (ASX Release 24th February 2020).

A deal that maximised returns to Impact's shareholders did not materialise during the period of the Memorandum of Understanding. Impact has amassed a considerable amount of intellectual property about the potential for silver-lead-zinc mineralisation, or so-called 'Broken Hill-style' of mineralisation, on its extensive land position over the past few years and the company will now pursue its own strategy for these metals.

Purchase of Silver City Minerals Interest in EL7390.

As part of this strategy Impact is pleased to announce that it has purchased Silver City Minerals Limited's (ASX:SCI) 20% interest in the silver-lead-zinc rights to EL7390 for a consideration of $20,000 cash (ASX Release 23rd October 2015). The purchase is subject only to Ministerial approval, which is expected within two months.

Impact now owns 100% of all mineral rights to its entire tenement portfolio at Broken Hill and ends a long and complex history of joint ventures on the tenement inherited by Impact when it first purchased an interest in the project.

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