Impact Minerals (ASX:IPT) reports Kuniko (ASX:KNI) has secured a 51% interest in its Commonwealth-Silica Hill Gold-Silver-Copper Project in New South Wales.
Kuniko reached the initial expenditure requirement of $1.5 million 12 months ahead of schedule under its joint venture agreement with Impact, demonstrating accelerated exploration progress since commencing work in September 2025.
Impact Minerals Managing Director Mike Jones describes Kuniko as “an excellent collaborative partner”.
“[Kuniko has] undertaken an aggressive exploration program, including an innovative MobileMT survey, surface geochemistry, and a phase one drilling program that delivered excellent results, including an outstanding intercept of 0.5m at 27 grams per tonne gold and 2% silver at Silica Hill,” Jones says.
The Commonwealth Project sits approximately 100km north of Orange within the Lachlan Fold Belt. The project comprises two genetically related deposits: Commonwealth, a polymetallic volcanogenic massive sulphide-style system, and Silica Hill, an epithermal stockwork vein system.
Kuniko Managing Director Maja McGuire says securing majority ownership reflects Kuniko’s confidence in Commonwealth.
“The speed at which we have deployed capital into exploration, including through the current drilling campaign, to reach the 51% ownership milestone is a clear demonstration of our confidence in the project and its significant growth potential,” McGuire says.
Phase one drilling at Commonwealth also identified other targets, with follow-up rock chip sampling and soil geochemistry completed at the Geenobbys and Gladstone prospects, among others.
Phase two drilling is currently underway, focused on extending the resource with an upgraded project mineral resource estimate (MRE).
Under the JV agreement, Kuniko retains the right to increase its interest to 70% through a further $1.5 million of exploration expenditure over the next two years.
Meanwhile, Impact maintains a free-carried 30% interest until a decision to mine.
Impact says regional targeting reviews will be undertaken this month, while assay results from phase two diamond drilling are expected in September.
The company also intends to explore the 4km conductive corridor, historic undrilled shafts at Walls and Stringers, and deliver an upgraded MRE for Commonwealth during the remainder of the year.
Impact Minerals is focused on discovering and developing strategic, battery, and precious metals projects across Australia.
Write to Paula Fabe at Mining.com.au
Images: Impact Minerals
