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- Phase two drilling to start next month at the Commonwealth–Silica Hill
- Drill rig secured early for July start
- Drilling to target extensions to mineralisation
- Initial priority campaign of six diamond drill holes
Impact Minerals (ASX:IPT) is on target to kick-off phase two diamond drilling at the Commonwealth–Silica Hill gold–silver project in NSW next month.
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Joint venture partner, Kuniko (ASX: KNI) has secured the drilling rig for the program ahead of schedule.
Under the terms of the binding earn-in and JV agreement, Kuniko may earn up to 70% of the project by funding exploration.
The program is set to follow-up compelling recent drill results and a significant new mineralised zone discovery at Silica Hill – located approximately 100m beyond the existing mineralisation footprint,
That discovery remains open up-dip, down-dip and along strike and will be followed-up by the initial priority campaign of six diamond drill holes for approximately 1,340m, with scope to materially scale.
MD, Dr Michael Jones, said a targeting review is underway with resource potentials to integrate historical geophysical and geochemical datasets and define new drill targets across the broader project area.
“We are pleased to see Kuniko accelerating exploration drilling at Commonwealth following the successful phase one program, which identified significant step-outs to mineralisation, particularly at Silica Hill.
“The very high-grade vein discovered there – 0.5 metres at 27 g/t gold and 2% silver – has opened a new area for drilling below the existing deposit and is a key target for the phase two program commencing early July.
Dr Jones said Impact has always believed Commonwealth and Silica Hill sit atop a much larger system and this next program will test that thesis.
“With Impact holding a 30% free-carried interest to a decision to mine, there is significant upside for shareholders. This validates our strategy of unlocking value in legacy exploration assets as we advance the Lake Hope high purity alumina project and our investment in the Alluminous HPA processing technology.”
Commonwealth–Silica Hill is located within the Lachlan Fold Belt, a tier-one mining region that hosts major operations including Cadia–Ridgeway (Newmont), Northparkes, and Cowal (Evolution Mining).
IPT is steady at 4.6¢. Mkt cap $23.89M.
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