Impact Minerals’ (ASX:IPT) joint venture partner Kuniko (ASX:KNI) has returned further ‘high-grade’ gold and silver assays from the final two drill holes at the Commonwealth South prospect within the Commonwealth Gold-Silver Project in New South Wales.
Assays confirm the visual estimate of mineralisation and follow-up of massive sulphide and vein mineralisation at the Commonwealth deposit and the Silica Hill prospect.
The Commonwealth Project is under an earn-in and joint venture agreement with Kuniko, which funded and conducted the drilling campaign. Kuniko will be able to earn up to 70% interest in the asset through this agreement.
Assays returned include 7.1m @ 8.4 grams per tonne gold, 42g/t silver, 1.5% zinc, and 0.7% lead from 79.9m, including 3.1m @ 18.6g/t gold, 76g/t silver, 3.4% zinc, 1.5% lead, and 0.4% copper; 12m @ 1g/t gold and 0.12% zinc from 96m, including 1m @ 4.4g/t gold and 11g/t silver from 101m; and 16m @ 0.6g/t gold, 0.15% zinc, and 804 parts per million copper from 89m.
Impact says phase one of drilling identified meaningful ‘high-grade’ extensions to polymetallic mineralisation across the Commonwealth-Commonwealth South-Silica Hill system.
Phase one drilling comprised six diamond drill holes, with Kuniko progressing to phase two expansion drilling in early July. Phase two will target larger step-out extensions, potential ‘higher-grade zones’, and the newly identified Silica Hill discovery, for which a diamond drill rig has been secured.
Impact Managing Director Mike Jones says the final results conclude a “very successful first drill program for Kuniko”.
“We have had a major breakthrough in extending the mineralised system at Silica Hill with a very high-grade intercept of 0.5 metres at 27g/t gold and 2% silver in an area that is open in all directions, as well as extending the resource at Commonwealth and Commonwealth South,” Jones says.
“We have always believed in the potential of the project, and this has been borne out by the results. We are looking forward to the follow-up drill program due to start in July.”
Impact Minerals is a high-purity alumina, gold, and silver exploration company with assets in New South Wales and Western Australia.
Write to Maddison Elliott at Mining.com.au
Images: Kuniko
