Kuniko Confirms High-Grade Massive Sulphides at Commonwealth Main Shaft

Strong Early Drilling Validates Commonwealth Potential

Kuniko Limited (ASX:KNI) has confirmed high-grade massive sulphide mineralisation at its Commonwealth Main Shaft in New South Wales, delivering assay results that reinforce the project's prospectivity within the Lachlan Fold Belt. The first two holes of its maiden Phase I diamond drilling program returned standout grades, including 3.8 metres at 6.5 g/t gold, 385 g/t silver, and 11.5% zinc, extending mineralisation down-dip from historical intercepts and defining clear targets for follow-up.

Hole CMKNI001 intersected 8.0 metres averaging 3.3 g/t Au, 186 g/t Ag, 5.6% Zn, 2.2% Pb and 0.12% Cu from 94.7 metres, with a higher-grade core of 3.8 metres at 6.5 g/t Au and 11.5% Zn. Meanwhile, CMKNI002 returned 4.0 metres at 0.8 g/t Au and 9.2% Zn from 103 metres, including a base metal-rich zone with 22% zinc and 2.4% copper. These results confirm continuity of mineralisation and the presence of a polymetallic volcanic massive sulphide (VMS) system with strong precious and base metal credits.

All Holes Intersect Sulphides, Silica Hill Shows New Zones

Importantly, all six holes drilled in Phase I intersected visible sulphide mineralisation, a solid outcome that supports the potential for a larger mineralised system. Assays for the remaining four holes are pending and expected imminently. At the nearby Silica Hill prospect, drilling has already defined a new mineralised zone approximately 100 metres beyond previous boundaries, highlighting the district-scale opportunity Kuniko is pursuing.

These findings build on Kuniko's earlier work, including a recent confirmation of new sulphide zones and the identification of a 4-kilometre conductive corridor via mobile MT surveys, which have expanded the exploration footprint with multiple walk-up drill targets.

Project Backdrop and Strategic Implications

The Commonwealth project lies within the prolific Lachlan Fold Belt, a Tier-1 mining jurisdiction hosting major operations like Newmont's Cadia-Ridgeway and Evolution Mining's Northparkes and Cowal. Kuniko's polymetallic system shares geological similarities with the world-class Eskay Creek deposit in Canada, known for its high-grade VMS and epithermal mineralisation. This analogy underscores the potential scale and richness of the Commonwealth system.

Kuniko holds a binding earn-in and joint venture agreement with Impact Minerals (ASX:IPT), which retains tenure ownership while Kuniko manages exploration. Historical JORC Inferred Mineral Resource Estimates exist for Commonwealth and Silica Hill, but Kuniko has not independently verified these and plans to update them following further technical work.

Next Steps and Market Expectations

With assays pending for four holes and Phase II drilling preparations underway, Kuniko is positioned to accelerate exploration. The company aims to test larger step-outs and newly identified zones to expand the mineralised footprint. Managing Director Maja McGuire emphasised the significance of extending mineralisation down-dip and along plunge, highlighting the opportunity to define a larger continuous system.

Investors will be watching how upcoming assay results and the scale of the Phase II program shape Kuniko's resource potential and project valuation, especially given the strong grades and polymetallic nature of the system. Commodity price movements for gold, silver, zinc, lead, and copper will also influence the project's economic attractiveness.