A new article from space.com:
http://space.com/scienceastronomy/060601_big_crater.html
The authors have used airborne radar imaging and sensitive gravity measurements to infer that a very large impact crater lies under half a mile of ice in the Wilkes Land region of East Antarctica. These measurements suggest that the crater has a diameter of 300 miles. This would be more than twice the size of Chicxulub, the crater that led to the demise of the dinosaurs.
If this mass anomaly does indeed turn out to be of impact origin, then it would certainly be cause for major disruption in Earth’s biosphere. The most obvious extinction event without a known cause is the Permian-Triassic, the so-called “Great Dying” that eliminated about 90 percent of all marine species and 70 percent of terrestrial vertebrate species.
My problem with this speculation is that other evidence simply does not support asteroid impact for End Permian. To my knowledge, the strata at the end of the Paleozoic Era (aprox. 251 million years ago) do not show any evidence of rare metals (eg. iridium) or shocked quartz. Both of these have been found in abundance at the Cretaceous-Tertiary boundary. Also, chances are not great that a meteorite would actually hit continental crust since oceanic crust, which is recycled every 200 million years, comprises 60% of the Earth’s crust. Maybe someone with more knowledge on this subject can comment.