Kuniko secures 51% interest in Commonwealth Project

• Kuniko achieved 51% ownership of the Commonwealth Project ahead of schedule by completing a $1.5 million expenditure commitment.
• The company share price was down at $0.02 following recent operational updates.
• Kuniko stated that the milestone supports its strategy to accelerate resource growth and advance district-scale exploration.

Kuniko (ASX:KNI) secured a 51% ownership and control stake in the Commonwealth-Silica Hill Gold-Silver-Copper Project after completing its initial $1.5 million expenditure commitment.

The milestone was achieved more than 12 months ahead of schedule following exploration activities that included mobile MT surveys and phase 1 drilling.

"The company appreciates the strong support received from both existing and new shareholders," said Kuniko Managing Director Maja McGuire.

The completion of the earn-in gives the company authority over exploration strategy and sets up a target to upgrade the project mineral resource estimate by December.

Following the announcement, the Kuniko share price was down at $0.02.

The company retains an option to increase its interest in the project to 70% through an additional $1.5 million in exploration spending over the next two years.

Kuniko continues to review regional datasets and plan upcoming phase 2 diamond drilling assay results, expected in September.