Impact Minerals to start Phase 2 Commonwealth-Silica Hill Project drilling

• Joint venture partner Kuniko has mobilised a drill rig to begin Phase 2 diamond drilling at the Commonwealth-Silica Hill Gold-Silver Project.
• The agreement allows Kuniko to earn up to a 70% stake in the asset by funding exploration.
• The campaign intends to follow up previous high-grade discoveries and upgrade the current project resource estimate.

Impact Minerals (ASX:IPT) has confirmed that its joint venture partner Kuniko (ASX:KNI) has mobilised a drill rig to commence an initial 1,300-metre Phase 2 drilling programme at the Commonwealth-Silica Hill Gold-Silver Project.

This exploration follows a Phase 1 campaign where all six completed holes successfully intersected gold and silver mineralisation, as shown in image_719864.png.

Under the binding joint venture terms, Kuniko can earn up to a 70% interest in the New South Wales asset by funding $3 million in exploration over four years.

Impact Minerals will retain a 30% free-carried interest in the project through to a formal decision to mine.

The upcoming six-hole diamond drilling programme is intended to test extensions of previous discoveries and expand the mineralised footprint.

Following the announcement, the Impact Minerals share price was unchanged at $0.042.

The companies stated that data from this drilling phase will be used to support an upgraded project mineral resource estimate planned for the fourth quarter of 2026.