Impact Minerals Limited (ASX:IPT) resumes drilling at Commonwealth under Kuniko joint venture

After a prolonged lull, drill rigs are once again turning at Impact Minerals Limited’ Commonwealth Gold Silver Project in New South Wales, marking a return to field activity under the Earn In and Joint Venture Agreement with Kuniko Limited, which can earn up to a 70% interest in the project.

The commencement of diamond drilling signals a shift from target generation to testing, following geophysical and geochemical programs that have materially expanded the exploration footprint across the project area.

Highlights

• Phase 1 diamond drilling program of approximately 1,200 m underway at Commonwealth Main, Silica Hill and Commonwealth South
• Program designed to test extensions to known high grade gold silver mineralisation and priority geophysical targets
• MobileMT™ airborne survey defined a roughly 4 km long conductive corridor extending beyond current resources
• Existing JORC (2012) Inferred Mineral Resources total 88,800 oz of gold and 3.3 million oz of silver, with zinc and lead credits
• Resources are shallow, within approximately 250 m of surface, and remain open along strike and at depth
• Copper values increase at depth in parts of the system
• Kuniko can earn 51% by spending $1.5 million within 2 years, rising to 70% with a further $1.5 million over the following 2 years

Impact has previously defined JORC (2012) Inferred Mineral Resources at Commonwealth and Silica Hill, totalling 88,800 oz of gold and 3.3 million oz of silver, including significant zinc and lead credits.

These resources sit within approximately 250 m of surface and remain open both at depth and along strike, providing a ready platform for the current drilling campaign.

Kuniko has commenced a Phase 1 diamond drilling program of about 1,200 m to explore extensions of high grade gold silver mineralisation at Commonwealth Main, Silica Hill and Commonwealth South.

The program follows completion of a MobileMT™ airborne geophysical survey, together with soil and rock chip geochemistry, which significantly expanded the exploration footprint and identified a roughly 4 km long conductive corridor extending beyond the currently defined resources.

The drilling will test down plunge and along strike extensions to known mineralisation, as well as priority geophysical targets generated by the MobileMT™ survey.

In parallel, recent soil and rock chip sampling at Gladstone West and Geenobby returned high grade gold silver results, creating additional walk up drill targets across the broader project area.

Impact Managing Director Dr Mike Jones said

“It is extremely pleasing to see the drill rigs turning again at Commonwealth after a long hiatus. Kuniko has moved quickly and methodically, and the new geophysical data indicates that the mineralised system could extend well beyond the current resource areas.”

Geologically, copper values increase at depth in parts of the system, highlighting the potential for a deeper porphyry copper gold source beneath the high sulphidation, gold rich mineralisation, creating a dual exploration focus that combines near surface resource extensions with deeper system scale targets.

From a corporate perspective, the earn in structure provides Impact with leveraged exposure to exploration success, with Kuniko able to earn an initial 51% interest by spending $1.5 million within 2 years and increase its stake to 70% by committing a further $1.5 million over the subsequent 2 years.

Impact retains a 30% free carried interest until a Decision to Mine, at which point it can elect to contribute, dilute down to 10% or convert to a 2% Net Smelter Royalty.

Additional priority targets have been identified across the project area, particularly at Gladstone West and Geenobby, supporting Impact’s view that Commonwealth sits within a highly prospective portion of the Lachlan copper gold district.

With defined resources already in place and drilling now underway, Commonwealth enters a new phase focused on testing continuity, depth potential and broader system scale.

Results from Kuniko’s maiden program will provide the next layer of technical clarity as Impact advances the project through this joint venture framework, balancing exploration momentum with disciplined capital exposure.

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