Impact Minerals (ASX:IPT) has reported significant progress at its Commonwealth Gold–Silver Project in New South Wales under its earn-in and joint venture agreement with Kuniko (ASX:KNI).
Kuniko has completed an airborne MobileMT survey along with soil and rock-chip geochemistry programs, generating multiple high-priority exploration targets.
An initial Phase 1 diamond drilling program of approximately 1,200m is scheduled to commence in late January to early February, subject to mobilisation.
The drilling will test extensions of known gold and silver mineralisation at Commonwealth Main, Silica Hill and Commonwealth South, as well as new geophysical and geochemical anomalies.
Impact retains a 30% free-carried interest to a decision to mine, providing exposure to any new discoveries arising from the upcoming drill program.
At the time of reporting, Impact Minerals' share price was $0.068.