Impact Minerals and Kuniko Limited prepare to launch a 1,200-metre diamond drilling program at the Commonwealth Gold-Silver Project, aiming to unlock new high-grade mineralisation in NSW’s Lachlan Fold Belt.
- Kuniko completes Mobile MT survey and geochemical sampling
- 1,200-metre diamond drilling program scheduled for late January 2026
- Targets include extensions of known gold-silver resources and new anomalies
- Impact retains 30% free-carried interest to Decision to Mine
- Project hosts inferred resources of 88,800 oz gold and 3.3 million oz silver
Joint Venture Momentum Builds
Impact Minerals Limited (ASX – IPT) and its joint venture partner Kuniko Limited (ASX – KNI) are advancing exploration at the Commonwealth Gold-Silver Project in New South Wales, a promising asset situated within the prolific Lachlan Fold Belt. Following a series of geophysical and geochemical surveys, Kuniko is set to commence a significant diamond drilling campaign of approximately 1,200 metres starting in late January 2026.
The drilling program aims to test high-priority targets identified through recent Mobile Magnetotellurics (Mobile MT) airborne surveys and soil and rock chip sampling. These targets include extensions of previously delineated gold and silver resources, as well as newly identified geophysical anomalies that could indicate additional mineralisation.
A Project with Strong Potential
The Commonwealth Project is notable for its inferred resources of around 88,800 ounces of gold and 3.3 million ounces of silver, alongside significant zinc and lead credits. Impact Minerals’ Managing Director, Dr Mike Jones, highlighted the project's similarity to the world-class Eskay Creek Volcanogenic Massive Sulphide (VMS) deposit in Canada’s Golden Triangle, raising hopes for discovering new high-grade massive sulphide lenses.
Moreover, tantalising induced polarization (IP) anomalies beneath the project area suggest potential for a large porphyry copper system, akin to the nearby Boda-Kaiser discovery, which contains over 10 million ounces of gold. This adds a compelling dimension to the exploration upside, with Impact retaining a 30% free-carried interest through to any Decision to Mine.
Exploration Progress and JV Terms
Kuniko has rapidly progressed exploration activities, completing a 328 line-kilometre Mobile MT survey that revealed a 4-kilometre conductive corridor aligned with the Nindethana Fault. Complementary soil and rock chip sampling at targets such as Geenobby and Gladstone West have yielded encouraging results, including gold grades exceeding 6 grams per tonne and silver values above 28 grams per tonne.
Under the earn-in and joint venture agreement, Kuniko may earn up to 70% interest by spending $3 million over four years, with Impact maintaining a 30% free-carried stake until a Decision to Mine. This structure allows Impact to benefit from exploration success while minimising near-term capital expenditure.
Looking Ahead
The upcoming drill program represents a critical step in validating the exploration model and potentially expanding the resource base. Results from this campaign will be closely watched by investors and industry observers, as they could significantly influence the project’s valuation and development trajectory.
With the drilling scheduled to commence imminently, the next few months promise to be pivotal for the Commonwealth Project and its stakeholders.
Bottom Line?
As drilling kicks off, all eyes will be on the assays to gauge whether Commonwealth can deliver a new chapter of high-grade discoveries.
Questions in the middle?
- Will the drilling confirm extensions of the known high-grade gold and silver zones?
- Could the IP anomalies lead to the discovery of a significant porphyry copper system?
- How will Kuniko’s expenditure and JV progress influence Impact’s strategic options?