Impact Minerals (ASX:IPT) Managing Director Mike Jones says the company is pleased to see drill rigs actively progressing the Commonwealth Gold-Silver Project in New South Wales following a “long hiatus” of exploration.
The company’s joint venture partner Kuniko (ASX:KNI) has begun phase one drilling at Commonwealth, which will extend for 1,200m to uncover extensions of mineralisation at the Commonwealth Main, Silica Hill, and Commonwealth South prospects.
Commonwealth is under an earn-in agreement with Kuniko to earn up to 70% interest in the asset.
As reported by Mining.com.au, Kuniko recently conducted an airborne electromagnetic survey at the project, unveiling a north-northwest to south-southeast trending structural corridor lasting 4km at Commonwealth.
Impact identified Commonwealth and Silica Hill to host an inferred resource of 88,800 ounces of gold and 3.3 million ounces of silver in September 2025.
The company says this resource includes zinc and lead credits, located around 250m below surface and remains open at depth and along strike.
“Kuniko has moved quickly and methodically, and the new geophysical data indicates that the mineralised system could extend well beyond the current resource areas,” Jones says.
“Commonwealth is a very unusual gold-rich VMS (volcanogenic massive sulphide) system in Australia with strong similarities to the world-class Eskay Creek deposit in the famed Golden Triangle of British Columbia.
“Additionally, Kuniko has identified several other priority targets for drill testing across the project area, particularly at Gladstone West and Geenobby, which are along trend from Alkane Resources’ (ASX:ALK) Boda-Kaiser porphyry-copper gold deposit containing over 10 million ounces of gold equivalent.
“All of these results support Impact’s thesis that the Commonwealth Project is located in a highly prospective part of the world-class Lachlan copper-gold district.”
Trading Economics reports the price of gold at US$4,942 ($6,993) per ounce, representing a 68.77% increase to the commodity’s spot price for this year over year.
Impact is attending the RIU Explorers Conference in Fremantle, Western Australia, held from 17-19 February 2026. Mining.com.au is a media partner for the conference.
Write to Maddison Elliott at Mining.com.au
Images: Impact Minerals
