Impact Minerals’ (ASX:IPT) joint venture partner Kuniko (ASX:KNI) has intersected sulphide mineralisation from the first three holes of drilling at the Commonwealth Gold-Silver Project in New South Wales.
Intersections include 3.7m of massive sulphide within a broader disseminated and stringer sulphide interval of 47.3m from hole CMKNI001 and 2.9m of massive sulphide within a broader disseminated and stringer sulphide interval of 41.9m at hole CMKNI002.
Kuniko is covering 1,200m of drilling in phase one to test extensions to gold-silver mineralisation at Commonwealth Main, Silica Hill, and Commonwealth South.
Following completion of phase one, Kuniko intends to follow up the project with phase two drilling targeting resource validation and expansion, as well as drill testing at newly defined targets from a recent mobile magnetotellurics program.
The magnetotellurics survey identified a 4km conductive corridor extending beyond the defined resources, which has expanded the exploration footprint at Commonwealth.
Impact Managing Director Mike Jones says it has been an “excellent start” with phase one drilling, which is expected to be completed within the next two weeks.
“These down-plunge step-outs reinforce the potential for the Main Shaft lens to continue at depth and along trend towards Commonwealth South, and we look forward to the assay results expected in April,” Jones says.
“Importantly, Kuniko has indicated it will accelerate planning for a larger phase two campaign in parallel, supported by its recent $3.75 million placement, which is aimed at validating and expanding resources and testing new high-priority MobileMT targets – outcomes that could materially increase the value of Impact’s retained interest in the project.”
Located in the Lachlan Ford Belt in New South Wales, the Commonwealth Gold-Silver Project is under an earn-in and joint venture agreement with Kuniko. Kuniko will be able to earn up to 70% interest in the project.
Write to Maddison Elliott at Mining.com.au
Images: Kuniko
