Impact Minerals Limited (ASX: IPT) announced on 9 July 2026 that its joint venture partner, Kuniko Limited (ASX: KNI), is set to commence Phase 2 diamond drilling at the Commonwealth–Silica Hill Gold–Silver Project in central New South Wales. Impact Minerals Limited is an Australian mineral exploration company primarily focused on discovering new mineral deposits, including gold, silver, copper, and nickel, across its diverse portfolio of assets. The drill rig has already mobilised to site, marking the next stage of exploration for the promising project.
The initial Phase 2 program comprises approximately 1,300 metres across six holes, strategically designed to follow up on highly successful Phase 1 results. Key targets include the new very high-grade gold-silver discovery at Silica Hill, located approximately 100 metres outside the existing resource envelope, where mineralisation remains open in all directions. Additionally, the program aims to extend high-grade intercepts previously identified at Commonwealth Main Shaft and Commonwealth South. This program is scalable, with scope for expansion based on ongoing geological review, and its results are intended to be incorporated into a planned upgrade to the Project’s Mineral Resource Estimate (MRE) in the fourth quarter of 2026.
Under the terms of the binding earn-in and joint venture agreement, Kuniko may earn up to 70% of the project by funding $3 million in exploration over four years. Impact Minerals will retain a significant 30% free-carried interest to a Decision to Mine. Dr Michael Jones, Managing Director of Impact Minerals, expressed satisfaction with Kuniko’s accelerated exploration, particularly noting the high-grade vein at Silica Hill as a key target. He further stated his belief that the program will test the thesis that Commonwealth and Silica Hill sit atop a much larger system, offering significant upside for shareholders.
