Impact Minerals Limited (ASX:IPT), an Australian exploration company focused on precious and base metal projects, has announced a significant new discovery at its Silica Hill prospect, part of the Commonwealth Gold-Silver Project in New South Wales. The company reported “bonanza-grade” silver and gold assays from two drill holes, confirming a substantial expansion of the mineralised system. This drilling programme was funded by Kuniko Limited (ASX:KNI) under an earn-in and joint venture agreement.
Highlighting the results, drill hole CMKNI004 intersected a 0.5-metre massive sulphide vein returning exceptionally high grades of 20,603 g/t silver and 27 g/t gold, along with 1.5% lead and 3.3% zinc from 230 metres. This intercept occurred within a broader zone of 84 metres grading 0.6 g/t gold and 123 g/t silver from 226 metres. Importantly, this discovery lies 100 metres outside the existing mineralised envelope and below a fault, indicating a significant extension to the system, which remains open in all directions. Further impressive results from infill and step-out hole CMKNI003 included 50 metres at 1.0 g/t gold and 59 g/t silver from 74 metres.
Impact Minerals’ Managing Director, Dr. Mike Jones, commented that this represents a “breakthrough drill result” for Silica Hill, opening a large new area for further exploration. He noted the extremely high-grade massive sulphide vein suggests potential feeder-style structures at depth. The company anticipates assays from the remaining two drill holes (CMKNI005 and CMKNI006) within the next two weeks. A larger Phase 2 drilling program is scheduled to commence in June, targeting extensions and higher-grade zones at depth within the broader Commonwealth Project, which already holds JORC (2012) Inferred Mineral Resources of 88,800 ounces of gold and 3.3 million ounces of silver.
