Impact Minerals (ASX:IPT) has discovered “massive” sulphides and “high-grade” precious and base metal assays at its Commonwealth Gold-Silver Project.
Impact made the finding after completing the first two out of six diamond drill holes at the site, which is 100km north of Orange in New South Wales’ Central Tablelands.
Kuniko (ASX:KNI) funded the drill program through an earn-in and joint venture agreement that allows Kuniko to earn up to a 70% interest in the project.
Impact reveals that the assays appear to confirm earlier visual estimates of “massive sulphide mineralisation”.
A MobileMT airborne geophysical survey and soil and rock chip geochemistry programs have significantly expanded the exploration footprint across the project, identifying a roughly 4km-long conductive corridor that extends beyond currently defined resources.
Impact earlier predicted that the Commonwealth and Silica Hill projects could contain a total inferred mineral resource of 88,800 ounces of gold, 3.3 million ounces of silver, and “significant” zinc and lead deposits.
These resources are within just 250 metres of surface level and remain open at depth and along the strike. There is potential for further porphyry copper-gold at greater depths that are beneath high-sulphidation and gold-rich volcanogenic massive sulphide mineralisation.
“With additional assay results from the remaining four holes, all of which show visible mineralisation, anticipated soon, Kuniko is poised to start a major phase-two program,” Impact Managing Director Mike Jones says.
“We are optimistic that this will lead to a substantial increase in resources at Commonwealth, considering the project’s similarity to the renowned Eskay Creek deposit in British Columbia’s Golden Triangle.”
The earn-in and joint venture agreement allows Kuniko to earn a 51% stake through investing $1.5 million within two years. Kuniko’s shareholding can increase to 70% by spending an extra $1.5 million within two years.
Impact Minerals is a high-purity alumina, gold, and silver exploration company with assets in New South Wales and Western Australia.
Write to Richard Szabo at Mining.com.au
Images: Impact Minerals
