Impact Minerals (ASX:IPT) confirms Kuniko’s 51% Commonwealth interest
Impact Minerals has announced that Kuniko has earned a 51% interest in the Commonwealth-Silica Hill Gold-Silver-Copper Project in New South Wales after expending $1.5m under the Earn-in and Joint Venture Agreement, with the expenditure completed in 12 months following an accelerated exploration program across the project area.
Highlights
Kuniko has earned a 51% interest in the Commonwealth Project after expending $1.5m.
A Mobile MT survey highlighted a 4 km conductive corridor with multiple high-priority exploration targets within 1 km of the Commonwealth Project.
Phase 1 drilling at Silica Hill returned 0.5m at 20,603 g/t silver and 27 g/t gold.
Phase 2 drilling is underway, with assay results scheduled for September.
Kuniko retains the right to increase its interest to 70% through a further $1.5m of exploration expenditure over the next 2 years.
An upgraded Project Mineral Resource Estimate is scheduled for H2 2026.
Under the Earn-in and Joint Venture Agreement, Kuniko may earn 51% by spending $1.5m within 2 years and increase its interest to 70% by spending a further $1.5m within a further 2 years.
Kuniko has also issued 3,125,000 shares to Impact, with the announcement stating a current value of approximately $100,000.
Under the agreement, Kuniko will free-carry Impact’s 30% interest to a Decision to Mine, at which point Impact may elect to contribute or dilute to 10% and receive a 2% NSR.
Since commencing work in September 2025, Kuniko has completed exploration including Mobile MT, surface geochemistry and drilling.
The Mobile MT survey highlighted the 4 km conductive corridor, while follow-up rock chip sampling and soil geochemistry have been completed at Geenobbys, Gladstone and other targets.
Phase 1 drilling at Commonwealth South included the Silica Hill result of 0.5m at 20,603 g/t silver and 27 g/t gold.
Impact Managing Director Dr Mike Jones said,
“Kuniko is now undertaking Phase 2 drilling, and we are looking forward to the results over the coming weeks.”
The Commonwealth-Silica Hill Project is located approximately 100 km north of Orange, New South Wales, within the Lachlan Fold Belt and comprises 2 genetically related deposits located within 200 metres of each other.
Commonwealth Main and Commonwealth South comprise a polymetallic VMS-style system with high-grade gold, silver and zinc mineralisation, including massive sulphide lenses with strong base metal credits.
Silica Hill is an epithermal stockwork vein system hosting high-grade silver mineralisation with abundant silver sulphosalts and broad zones of disseminated and stringer sulphides.
Impact has previously reported JORC 2012 Inferred Mineral Resource Estimates at Commonwealth and Silica Hill.
The announcement also identifies multiple untested targets, including Silica Hill East, Geenobbys and Gladstone, where geophysical and geochemical anomalies remain untested by drilling.
The current work program includes Phase 2 drilling focused on extending the resource, with an upgrade to the Project Mineral Resource Estimate by the end of 2026.
The scheduled activities also include an August regional targeting review integrating geology, geochemistry, gravity and MobileMT datasets, September assay results from Phase 2 diamond drilling, H2 2026 targeting over the 4 km conductive corridor and the Walls & Stringers historic undrilled shafts, and an upgraded Project Mineral Resource Estimate in H2 2026.
Impact states that the joint venture allows it to retain a free-carried 30% interest until a Decision to Mine is made and to continue focusing its resources on its High Purity Alumina projects, where pilot-scale studies are now commencing.