Impact Minerals’ (ASX:IPT) partner Kuniko (ASX:KNI) has intersected wide sulphide zones outside the current resource model at the Commonwealth-Silica Hill Gold-Silver Project in New South Wales.
The phase-two drilling campaign, comprising 1,324m across five holes, demonstrated vertical continuity of roughly 100m beyond the existing mineralised block model at the Silica Hill deposit.
Visual observations include a 70m sulphide zone in hole CMKNI010 and individual veins up to 50cm thick in CMKNI011.
Managing Director Mike Jones says the latest drilling indicates “there is much more of the system still to define”.
“Earlier assays showed [the system] can carry very high grades of gold and silver, so the priority now is to confirm the grades and continuity of these new zones, which remain visual observations until the laboratory results are in,” Jones says.
“The emerging two-lode model provides a clear framework for the next round of drilling and the planned resource update, and it is good to see Kuniko testing both the known extensions and the broader potential.”
The program builds on phase-one hits, including 0.50m @ 27 grams per tonne gold and 20,603g/t silver. Impact says assays for the latest holes are expected within four to six weeks and will inform an updated mineral resource estimate targeted for December 2026.
Under the joint venture, Kuniko earned a 51% interest in the Commonwealth-Silica Hill Project by spending $1.5 million on exploration. The company can earn a further 19% by spending an additional $1.5 million within two years, after which Impact’s remaining 30% interest will be free carried through to a decision to mine.
“This partnership allows Commonwealth to advance at Kuniko’s cost while Impact retains a substantial interest in any success and keeps its own resources focused on our high-purity alumina strategy,” Jones notes.
Impact Minerals is focused on discovering and developing strategic, battery, and precious metal projects across Australia.
Write to Paula Fabe at Mining.com.au
Images: Impact Minerals
