Kuniko Limited (ASX:KNI) phase 2 drilling to commence at Commonwealth–Silica Hill Project

Kuniko is preparing to advance its exploration program at the Commonwealth–Silica Hill Gold–Silver Project in central New South Wales, with a Phase 2 diamond drilling campaign scheduled to begin in early July 2026.

This program follows the completion of Phase 1 drilling, which intersected mineralisation in all six drill holes and identified a new mineralised zone at Silica Hill approximately 100 metres beyond the previously known footprint.

Phase 2 drilling is designed to test down-dip, down-plunge, and along-strike extensions to known high-grade mineralisation, while integrating historical geophysical and geochemical datasets to refine targets and identify additional drill sites.

Highlights

• Phase 2 drilling scheduled for early July 2026, following successful Phase 1 results.
• Project Mineral Resource Estimate (MRE) upgrade targeted in H2’26.
• Phase 1 intercepts included 84m @ 2.6 g/t AuEq from 226m at Silica Hill, including 3.4m @ 50 g/t AuEq and a 0.5m massive sulphide vein grading 347 g/t AuEq.
• Priority drilling to focus on Commonwealth Main Shaft, Commonwealth South, and the newly discovered Silica Hill zone.
• Drill rig secured with Titeline Drilling; initial six-hole program totalling approximately 1,340m, with scope to scale.

The Commonwealth Project is located approximately 100 km north of Orange in the Lachlan Fold Belt, a Tier 1 gold province hosting operations including Cadia–Ridgeway, Northparkes, and Cowal.

The project comprises two deposits: Commonwealth Main and Commonwealth South, a polymetallic VMS-style system with massive sulphide lenses rich in gold, silver, and zinc, and Silica Hill, an epithermal stockwork system with high-grade silver and associated base metals. Exploration upside exists at untested prospects including Silica Hill East, Geenobbys, and Gladstone.

Phase 2 drilling is designed to extend the known mineralised footprint, with CMKNI004 at Silica Hill intersecting 84m @ 2.6 g/t AuEq from 226m, including 3.4m @ 50 g/t AuEq and a 0.5m massive sulphide vein grading 347 g/t AuEq, and mineralisation remaining open up-dip, down-dip, and along strike.

Commonwealth Main Shaft drilling targets down-plunge and down-dip continuity beneath CMKNI001, which returned 8m @ 8.6 g/t AuEq, while Commonwealth South will test extensions to a confirmed high-grade gold shoot, including 3.1m @ 21.6 g/t AuEq from CMKNI006.

Titeline Drilling, engaged for Phase 2, previously completed the Phase 1 program and brings experience in the Lachlan Fold Belt.

Kuniko Managing Director Maja McGuire said:

“The Phase 1 drilling program exceeded expectations, with mineralisation intersected in all six drill holes and delivering new priority high-grade targets, including a significant new discovery at Silica Hill. Importantly, results validated the continuity of the known mineralised system and also identified a new mineralised zone approximately 100 metres beyond the existing footprint, demonstrating the substantial growth potential of the Project,”

In parallel, Kuniko has engaged Resource Potentials to conduct a regional targeting review integrating historical MobileMT surveys, geochemical, and geological datasets to prioritise additional drill targets.

Phase 2 assays are expected in September 2026, with a Project MRE upgrade targeted for December 2026.

The combination of drilling, targeting, and resource evaluation provides a structured framework for expanding the mineralised footprint and evaluating further discovery potential across the Commonwealth–Silica Hill Project.