Kuniko (ASX:KNI), the joint venture partner of Impact Minerals (ASX:IPT), has successfully intersected sulfide mineralization in the initial drill holes at the Commonwealth gold-silver project in New South Wales. The first phase of drilling, covering 1,200 meters, aimed to evaluate the extension potential of gold-silver mineralization in the Commonwealth Main, Silica Hill, and Commonwealth South areas.

In drill hole CMKNI001, a 3.7-meter interval of massive sulfides was intersected within a 47.3-meter-wide zone of disseminated and veinlet sulfides; drill hole CMKNI002 encountered a 2.9-meter interval of massive sulfides within a 41.9-meter similar zone. These signs of sulfide mineralization provide positive signals for resource expansion.

Kuniko plans to commence a second phase of drilling upon completion of the first phase to verify and expand the resources and test new targets identified by the recent Mobile Magnetotelluric (MobileMT) survey. The magnetotelluric survey revealed a 4-kilometer-long conductive corridor extending beyond the existing resource area, significantly broadening the exploration prospects for the Commonwealth project.

Mike Jones, Managing Director of Impact Minerals, commented: "The first phase of drilling is a 'good start' and is expected to be completed within the next two weeks. These down-dip extensions reinforce the potential for the main lode lens to continue at depth and along trend towards Commonwealth South, and we look forward to the assay results expected in April." Jones added: "Kuniko has indicated it will accelerate planning for a larger second phase campaign, supported by its recent A$3.75 million placement, aimed at verifying and expanding the resource and testing new high-priority MobileMT targets—results that could significantly enhance the value of Impact's retained interest in the project."

The Commonwealth gold-silver project is located in the Lachlan Fold Belt of New South Wales. Under an earn-in and joint venture agreement, Kuniko can earn up to a 70% interest. The discovery of sulfide mineralization lays the groundwork for the project's subsequent development.