Impact Minerals Starts Phase 2 Drilling Targeting High-Grade Extensions at Commonwealth

Phase 2 Drilling Targets High-Grade Extensions

Kuniko Limited, the joint venture partner in Impact Minerals’ (ASX:IPT) Commonwealth-Silica Hill Gold-Silver Project, has mobilised its drill rig to commence Phase 2 diamond drilling. This next phase aims to build on the strong momentum from Phase 1, which achieved a 100% success rate with all six holes intersecting mineralisation. The initial program will cover approximately 1,300 metres across six holes, focusing on extending high-grade zones at Silica Hill, Commonwealth Main Shaft, and Commonwealth South.

Silica Hill Emerges as a Key Growth Area

Phase 1 drilling revealed a new mineralised zone at Silica Hill, located about 100 metres outside the existing resource envelope. Highlights include an 84-metre intercept averaging 2.6 g/t gold equivalent, featuring a bonanza-grade 0.5-metre massive sulphide vein with 347 g/t gold equivalent, including 27 g/t gold and an extraordinary 20,603 g/t silver. These results have opened up a new area for follow-up drilling, with Phase 2 targeting extensions up-dip, down-dip, and along strike, as well as deeper high-grade zones. This discovery underscores the potential for Silica Hill to significantly augment the project’s resource base.

Continuity at Commonwealth Main Shaft and South

Phase 1 also confirmed extensions to high-grade polymetallic mineralisation at Commonwealth Main Shaft and Commonwealth South. Notable intercepts include 8 metres at 8.6 g/t gold equivalent at the Main Shaft and 7.1 metres at 9.7 g/t gold equivalent at Commonwealth South, with both zones remaining open at depth. Phase 2 drilling will test down-plunge and down-dip extensions to these shoots, seeking to expand the known mineralised footprint.

Exploration Upside Beyond Current Targets

Beyond the immediate Phase 2 program, Kuniko has commissioned Resource Potentials to conduct a regional targeting review integrating historical geophysical and geochemical data. This has generated new high-priority drill targets along a 4-kilometre conductive corridor, including previously undrilled areas around historic shafts at Walls and Stringers, which have shown encouraging grades in shallow historic drilling but remain largely untested at depth. Additional drilling across this corridor is planned for mid-July, adding potential scale to the exploration campaign.

Joint Venture Structure and Upcoming Milestones

Under the earn-in and joint venture agreement, Kuniko may earn up to a 70% interest by funding $3 million in exploration over four years, while Impact Minerals retains a 30% free-carried interest to a Decision to Mine. Key upcoming milestones include Phase 2 assay results expected in September 2026 and an upgraded Mineral Resource Estimate slated for Q4 2026. This resource upgrade will incorporate the new high-grade discoveries and extensions from Phase 1 and 2 drilling, potentially reshaping the project’s valuation and development trajectory.

Impact Minerals’ Managing Director Dr Michael Jones highlighted the strategic significance of the Silica Hill discovery and the broader exploration upside, noting the project’s location within the prolific Lachlan Fold Belt and its proximity to major mining operations. With Impact maintaining significant exposure through its free-carried interest, the company stands to benefit from any resource expansion without immediate capital outlay.