Impact Minerals’ (ASX:IPT) joint venture partner Kuniko (ASX:KNI) will begin phase two diamond drilling at the Commonwealth-Silica Hill Gold-Silver Project in central New South Wales next month.
Phase two drilling will target extensions to mineralisation at the Silica Hill, Commonwealth Main Shaft, and Commonwealth South prospects, following up on phase one results.
Recent drilling at Silica Hill uncovered a new mineralised zone located 100m beyond the existing mineralisation footprint. Mineralisation remains open up and down dip, as well as along strike.
Key highlights from phase one drilling include 84m @ 2.6 grams per tonne gold equivalent from 226m, including 3.4m @ 50g/t gold equivalent, and a ‘bonanza-grade’ interval of 0.5m @ 347g/t gold equivalent at Silica Hill.
Phase one drilling also returned 7.1m @ 9.7g/t gold equivalent, including 3.1m @ 21.6g/t gold equivalent from Commonwealth South.
All six drillholes completed during phase one intersected mineralisation, representing a 100% success rate for the campaign.
Kuniko has secured a drill rig with Titeline Drilling for phase two, targeting an initial six-hole campaign across 1,340m. The program has scope to expand.
A targeting review is currently being conducted with Resource Potentials. The review will integrate historical geophysical and geochemical datasets and define new drill targets across the project area.
Impact Managing Director Michael Jones says the company is pleased to see Kuniko “accelerating exploration drilling at Commonwealth following the successful phase one program”.
“The very high-grade vein discovered there — 0.5m at 27g/t gold and 2% silver — has opened a new area for drilling below the existing deposit and is a key target for the phase two program commencing early July,” Jones says.
“We have always believed Commonwealth and Silica Hill sit atop a much larger system, and this next program will test that thesis.
“With Impact holding a 30% free-carried interest to a decision to mine, there is significant upside for shareholders. This validates our strategy of unlocking value in legacy exploration assets as we advance the Lake Hope High Purity Alumina (HPA) Project and our investment in the Alluminous HPA processing technology.”
Kuniko may earn up to 70% of the project by funding exploration under a binding earn-in and joint venture agreement with Impact.
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: Impact Minerals
