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- Assays confirm previously reported visual estimates.
- Recent bonanza-grade silver-gold mineralisation intersected at Silica.
- Drilling funded by Kuniko under earn-in agreement.
- Follow up drilling to commence in July.
Impact Minerals (ASX:IPT) has confirmed recent visual drilling highlights with the receipt of high-grade precious and base metals assays from the Commonwealth South prospect at the Commonwealth gold–silver project in New South Wales.
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The positive results from the final two drill holes from Commonwealth South follow-up high-grade massive sulphide and vein mineralisation at both the Commonwealth deposit and the Silica Hill prospect.
This includes recent bonanza-grade mineralisation intersected at Silica Hill, with grades up to 20,603 grams per tonne silver and 27 g/t gold returned in a discovery hole.
The current program is funded by Kuniko (ASX:KNI) under an earn-in and joint venture agreement where Kuniko can earn up to a 70% interest.
Impact MD, Dr Mike Jones, said the phase one drill program has already identified meaningful high-grade extensions to polymetallic mineralisation across the Commonwealth-Commonwealth South-Silica Hill.
“These final results cap off a very successful first drill programme for Kuniko. We have had a major breakthrough in extending the mineralised system at Silica Hill with a very high-grade intercept of 0.5 metres at 27 g/t gold and 2% silver in an area that is open in all directions, as well as extending the resource at Commonwealth and Commonwealth South,” he explained to shareholders.
“We have always believed in the potential, and this has been borne out by the results. We are looking forward to the follow-up drill programme due to start in July.”
The latest results confirm the prospects are part of the same large mineralising system with breakthrough results at Silica Hill and also now demonstrating continuity of mineralisation from Commonwealth to Commonwealth South at depth.
Kuniko has now secured a diamond drill rig and plans to commence its phase two expanded drilling program in early July, targeting larger step-out extensions, potential higher-grade zones at depth and in particular the newly identified Silica Hill discovery.
In addition, a regional targeting review is underway, including a Mobile MT survey completed by Kuniko, and geochemical data to define new targets for drilling.
Dr Jones told shareholders, Commonwealth is a very unusual gold-rich VMS system in Australia with strong similarities to the world-class Eskay Creek deposit in the famed Golden Triangle of British Columbia.
“With defined resources already in place and compelling deeper copper targets, this drilling program marks an important step in unlocking the full potential of the project.”
IPT closed up +2.08%, at 4.9¢. Mkt cap $24.93M.
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