Impact Minerals (ASX:IPT) has commenced a significant diamond drilling program at its Commonwealth Gold-Silver Project, marking a pivotal moment in its joint venture with Kuniko (ASX:KNI).
The Phase 1 exploration initiative, comprising approximately 1,200 meters of drilling, aims to test high-grade extensions at Commonwealth Main, Silica Hill, and Commonwealth South.
The program follows a period of intensive preliminary work, including a sophisticated MobileMT airborne geophysical survey and extensive soil sampling, which identified a massive four-kilometer-long conductive corridor.
The discovery suggests that the mineralised system extends far beyond previously defined boundaries.
The Commonwealth Project already boasts a JORC (2012) inferred mineral resource of 88,800 ounces of gold and 3.3 million ounces of silver.
However, geologists believe the true potential of the site remains untapped, as the current resources are shallow—within 250m of the surface—and remain open at depth.
Increasing copper values at deeper levels suggest the presence of a substantial porphyry copper-gold source beneath the known volcanogenic massive sulphide mineralisation.
Dr. Mike Jones, Managing Director of Impact Minerals, expressed significant optimism regarding the project's revival after a long hiatus.
Under the current earn-in agreement, Kuniko has the opportunity to earn up to a 70% interest in the project.
At the time of reporting, Impact Minerals' share price was $0.058.