IPT identifies significant copper target at Caligula Prospect, WA

Project Name: Arkun Project

Project Location: Western Australia (WA), Australia

Project Stage: Exploration

ProjectBank Summary: Impact Minerals Limited (ASX: IPT) has identified a large and significant target for porphyry copper mineralisation at the Caligula Prospect within the Arkun Project, WA. The target, defined through soil geochemistry and Mobile Magneto-Telluric (MMT) data, spans a 5 km by 1 km area and includes key metal assemblages of copper, silver, cobalt, tellurium, bismuth, and molybdenum. Infill and extensional soil geochemistry surveys, along with a detailed interpretation of the MMT data, are underway to better define the extent of the Caligula anomaly and identify specific drill targets.

Impact Minerals Highlights:

• Large porphyry copper target at Caligula:

  • Soil geochemistry anomaly covers 5 km by 1 km area.

  • Includes copper-silver-cobalt-tellurium-bismuth-molybdenum assemblages.

• Coinciding geophysical anomalies:

  • Numerous conductors identified in MMT data.

  • Conductors may represent disseminated or massive sulphides.

• Ongoing exploration efforts:

  • Infill and extensional soil geochemistry surveys in progress.

  • Detailed interpretation of MMT data to identify specific drill targets.

  • Follow-up aircore drill program planned, including newly discovered Hyperion and Swordfish REE prospects.

MD/CEO Statement: Dr. Mike Jones, Managing Director of Impact Minerals, commented: "The discovery of the Caligula Prospect is a significant and exciting breakthrough in our exploration at Arkun, following the recent discoveries at the Hyperion and Swordfish Rare Earth Element Prospects. Caligula is the first of many geochemical and geophysical targets at the project where we have defined the size and scale of the anomalies more fully. With many more areas to follow up, we are confident of additional significant anomalies at Arkun. We are expediting work programs to identify specific drill targets and plan to commence a maiden drill program as soon as practicable in 2024."