Impact Minerals (ASX:IPT) and Kuniko (ASX:KNI) have entered into a joint venture agreement for Kuniko to earn up to 70% of the Commonwealth Gold-Silver Project in New South Wales following due diligence.
Kuniko has issued 3.1 million shares to Impact, which under the terms of the agreement will secure a 51% stake by spending $1.5 million on exploration within two years.
A further $1.5 million spend over the next two years would increase its interest to 70%.
Upon completion, Kuniko will free-carry Impact’s remaining 30% interest in the project until the parties come to a decision to mine, where Impact will either contribute or dilute to 10%.
Impact Managing Director Mike Jones says Kuniko is currently preparing for its first stage of exploration at the Commonwealth Project, intending to refine Impact’s previously identified targets.
“Given the recent record gold and silver prices, it is an ideal time to explore increasing the gold and silver resources at Commonwealth, considering it is the only project in Australia similar to the world-class Eskay Creek gold-silver mine in the renowned Golden Triangle of British Columbia,” Jones says.
“The joint venture is part of Impact’s strategy to monetise its non-core portfolio and follows the sale of the Blackridge project earlier this year.
“It frees up time and funds to continue focusing on the Lake Hope High Purity Alumina project, as well as further exploration at Broken Hill.”
Prospective for porphyry copper-gold, epithermal gold, volcanogenic massive sulphide deposits, the Commonwealth Project spans a 565km2 area holding an inferred resource of 88,800 ounces of contained gold and 3.3 million ounces of contained silver.
Impact Minerals is a mineral explorer focusing on establishing itself as a ‘key player’ in the high purity alumina industry.
The company will be attending the International Mining and Resources Conference and Expo (IMARC), held in Sydney from 21-23 October 2025.
Mining.com.au is a media partner for this event.
Write to Maddison Elliott at Mining.com.au
Images: Impact Minerals
